Press and daily Dakotaian. (Yankton, Dakota Territory [S.D.]) 1880-1889, 1888-10-08
Weekly Trade Review.
THE GREAT WHEAT SPECULATION
THE FEATURES OF THE WEEK.
BUSINESS HAS IMPROVED,
In All Branches of Legitimate Trade the
Reports Grow More satisfactory
Money in Good Demand and Little
Complaint of Collections.

NEW YORK, Oct. 6.-R. q. Dan %
Co.'s weekly review of trade will say:
The great wheat speculation has been
the absorbing feature this week, for
though the September corner came to an
end with heavy losses for sellers, 1t left
the market in such a state that much
higher prices for other options were
easily obtained. With December wheat
at 81. 10 at Chicago there came heavy
selling and q sharp reaction, but the
state of the m..rket is still against all
reason. Cash wheat sells for more at Chi
a thai at Liverpool, and at one time
it would have paid to ship wheat back
from Antwerp to New York. The effects
of this wild speculation will be injurious
to legitimate trade, both foreign and
domestic, and to consumers in this cou
try 1t has already brought dearer flour
and an advance in the price of bread.
The speculative fever WAS felt in other
markets. Corn advanced &c and oats a
fraction. Pork rose 81 per barrel, lard
Sc, and hogs 25c per 100 pounds. Coffee
rose 1c and oil nearly 1c.
In cotton there was a decline of &c.
The wool market has been steadily
strengthening, with advances mainly in
Ohio fleece and rombing wool, but the
average of l08 qualities is hardly nc
higher than September 1st, and a
f%acturers continue to be prudent in their
purchases.
Reports from interior, points are uni
formly favorable, outside of the int1u-
enc of yellow fever at the south, and
even from that quarter the commercial
accounts are more encouraging. The
interruption of the traffic has been seri-
Gus and much harm has been done, but
the resumption of business is now gen
eral and merchants report improving col
lections.
Receipts of cotton are behind last year,
because the crop is a late one, but are
steadily increasing. AT Nashville and
some other points considerable strin-
gency resulted from interruption of re-
mittances and the self-defensive meas
ures of the banks, but the situation is
materially improving.
At many western points the present
effect of the advance in wheat is to
cause more active trade. But the tenor
of reports from that region is generally
encouraging. There is less complaint as
to collections. Money is in increasing
demand, and the volume of business is
charging. Outside of New York the
bank clearings show a gain of 100 per
cent. over last year, with q gain of 1913
PEI cent. here, but they are greatly
sHelied by speculation at Chicago and
other points.
The great branches Of industry are
making fair progress. Reported divi-
dends of New England mills, mainly cot!
ton, show that the past year has been
decidedly prosperous, and even in the
wooden industry, though there is much
depression, production in m~anySdepart-
ments is still large.
The demand for iron increases, and at
Philadelphia the advance in pig iron is
deemed equal to about 81 per ton, while
remarkable improvement is seen in the
market for bar iron, so long depressed.
Steel rails do not advance, but sales of
l6,000 IONS by eastern and $1,000 by
western mills are reported.
In the boot and shoe trade reports are
growing more satisfactory, though the
advance of ~ to 10 per cent. in hides and
leather is not yet generally answered by
improvement in prices of manufactured
goods, dealers being reluctant to pay
higher prices, and lacking faith that an
advance can be permanently maintained.
The stock market has witnessed much
selling and some reaction, and yet the av-
erage of prices is a shade higher thar a
week ago. But the advance of the Bank
of England rate TO 5per cent, and the
advance by the Bank of France to AZ
per cent, lead to some liquidation Of
foreign accounts in American securities,
and may cause more hereafter.
Foreign trade does not materially
change. Imports continue a little larger
than a year ago, while material improve
ment in exports is not to be expected
with the speculative prices now ruling
here.
The treasury pours out money freely,
having disbursed. during the past week
So, 800, 600 more than it has taken in, and
the large offerings of bonds indicate that
the disbursements can be kept up for
a considerable time without advancing
prices paid much farther.
1t is also encouraging that while the
number of failures is large the amount
OF liabilities for the third quarter of the
year shows a great decrease from s73,-
022, 566 last year to $22, ia, 254 for the
quarter just ended. Business failures
during the last seven days number fol-
the United States 1874, Canada 81, total
81, as compared with 220 last week and
2a2 for the corresponding week of last
year.