Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1888-10-06
WHEAT Is TOO HIGH.
so SAYS THE WEEKLY REVIEW IS
SUED BY DUN & co.

The Cash Article Selling for More in Chi
cago Than in Liverpooi-The Business
Outlook Generally Favorabie-Bad News
from the Northwestern Wheat Crops
Railway Notes.
New York, Oct 6-R G. Dun & Co.'S
weekly review Of trade says: 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, it left the ma ket in such a state that
much higher prices for other options were
easily obtained. With December wheat at
5 IS at Chicago, there came heavy selling
and a sharp reaction. But the state OF the
market is still against all reason; cash wheat
sells for more at Chicago than 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 in
furious to legitimate trade, both foreign and
domestic and TO consumers in this country
it has already brought dearer -four and AN
advance in the price of bread.
At New York the sales Of wheat amounted
to los, 4iS, 600 bushels, more than three
times the entire visible supply, and prices
closed at S% cents higher than a week ago.
Corn advanced cents, with sales Of l3,00O,-
900 bushels, and oats fraction. The specu-
lative fever was felt in other markets, and
pork rose 81 per barrel, lard - cents, and
hogs IS cents per 100 pounds
The wool market has been steadily
strengthening, with advances mainly in Ohio
fleece and combing wool, but the average of
los qualities is hardly quarter of cent
e. ,..SNr,
time to be prudent in their pur bases.
Reports from the interior points are uni
formerly favorable outside Of the influence OF
yellow fever at the south, and even from
that quarter the commercial accounts are
more encouraging The interruption of
traffic has been serious and much harm has
been done, hut the resumption Of business is
now general, and merchants report improv-
ing collections.
The great branches OF industry are max
ing fair progress Reported dividends of
New England mills, mainly cotton, show
that the past year has been decidedly pros
porous and even In the woolen industry,
though there is much depression, production
in many departments is still large The de-
mand for iron increases, and at Philadelphia
the advance in pig iron is deemed equal to
| about s per ton while remarkable improve
ment is seen in the market for bar iron, 50
long depressed.
Foreign trade does not materially change
Imports continue little larger than year
ago, while material improvement in exports
| is not to be expected with the speculative
| prices now ruling here But the treasury
pours out money freely, having disburssd
during the past week $500, 900 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 advanc-
| ing prices paid much farther.
! 1t is also encouraging that, while the num-
! Der of failures is large the amount of liabili
ties for the third quarter of the year shows
| a great decrease-from S7S, or, $50 last year
| to SO, ia, 254 for the quarter just ended.
| Business failures during the last seven days
number for the United States, 1874; Canada,
| 81; total, I'll, as CT impaired to 20 last week,
and 2l2 for the corresponding week of last
/ wear