St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-07-13
RESOUuDING BOOM
HEARD ALL OVER THE LAND,
AND CONSTANTLY GROWING
IN STRENGTH.
GREAT VOLUME OF TRADE.
BUSINESS FLOOD INCREASING so
RAPIDLY THAT SOME FEAR
1T.
A YEARS. GLORIOUS OUTLOOK.
Over Crop Damage Exag-
Serated and Official Reports
DisreSarded.

NEW YORK, July 12.-R. G. Dun
& Co. S weekly review of trade, which
issues tomorrow, will say: "a bust
ness flood so strong and rapid that
the conservative fear it may do harm
is out of season in July. But the
seasons this year lap over and crowd
each other. May frosts and frights,
it is now evident, kept back much
business that would not naturally
have been finished before midsum-
mer, and the delayed accumulation
of one season gets in the way of eff
forts to begin another on time. But
the volume of business, however, it
may be assured, is remarka bly, large
for the month, even in a good year.
The exaggerated fears about crops
have passed, the syndicate is be-
lieVed both able and determined to
protect the treasury, and the time
draws near when the marketing of
new crops will turn into a national
balance if speculation does not him
der. The week has been notable for
sensational fall in wheat of Sc in
two days, followed by recovery of
sc, though neither accords any in
depreciation of the quite disregarded
government report. The sudden drop
in prices was the result of speculat-
i've rather than commercial inf1u-
ences, though exports not half as
large as last year, 1907, 645 blu (f1our
included) from Atlantic ports for
two weeks of July, against 4,227,915
last year, had their effect, as we'll
as Western receipts of 1874 bu,
against 2,156,91S last year.
ENORMOUS CORN YIELD.
The latest news indicates an enor-
nous crop Of corn, much the largest
grown if weather favors, but the
price is only &c lower than a week
ago. Cotton has not changed, though
speculation still turns wholly on
prospects, regardless of enormous
stocks carried over. In Europe the
manufacture lagS, but here it is
satisfactory. The weekly output of
iron was III ,194 tons, having risen
1870 tons in June and where fur
naces have gone into operation since
July 4. The rapid rise in prices has
brought into operation many addi-
tional works and there is a rush to
buy before prices advance further
Influential manufacturers are send
ing out warnings that the rise may
easily do mischief, and prices in
fact have advanced nearly per cent
in two weeks, but are 10 per cent
lower than in October, 1894 The de-
mand for structural forms is enor-
nous, including 5000 tons for No. 2
Broadway, and as much more here
and as much in Chicago on smaller
orders. Bessemer pig has advanced
to $14.40 at Pittsburg, and wire nails
to $1.55, both higher than in October,
1892; grey forge to $11.25, structural
beams to 1.5c, and angles to 1.35c.
Copper is SITTER at 10.70c, and lead
at 3.35c, but tin is slightly lower at
14c. Wool is still advancing, with
enormous sales, 12,714,000 for the
week, and in two weeks of July, g.
497 GA pounds were sold, against H.
9S6,550 in the same week of 1892. AS
the sales are about four times the
weekly consumption, it is obvious
that the market is essentially spec
ulative, but the rise abroad has set
the country ablaZe, so that Western
holders are asking even higher prices
than heretofore. But buying by
most manufacturers is already eff
fected, and at the prices now asked
for wool some manufacturers are
doubling whether a corresponding
vale for goods can be realized
THE LABOR SITUATION.
Labor controversies in wooden
mills have generally resulted against
the workers, although some advances
in wages have been obtained, but a
strike of carpet weavers at Phila-
delphia already affects several thous-
and and threatens to include a great
many more, an advance of TIC being
demanded, while the market for
goods is so dull and weak that man.
ufacturers unitedly refuse. Cotton
goods continue active and strong,
with comparatively little difficulty
taken little over 100000 bales in the
past three months, since cotton was
below &c, but with cotton bought
cheap for five months ahead, they
are able to do good business. Fail
ures this week have been 253 in the
United States, against 247 last year,
and So in Canada, against 40 last