The Providence news. (Providence [R.I.]) 1891-1906, 1895-05-25
SPECULATION.
Money Supply Responsible
for Business Boom.
Advance in CereaIs-Higher Prices
for Leather, Shoes, and Iron.
NEW YORK, May as.-R. @. Dunn & Co

NEW YORK, May 25.-R. G. Dun e. Co,
In their weekly review OF trade, say:
IL wheat has been so greatly injured by
the SHOWS and frosts In May that the sud
den riso OF IL cents In two weeks Is justi-
fed, tho calamity Will affect all business
prospects. The markets do not believe IL,
for stocks do not collapse, iron, leather
and hides still rise, and no holders OF
wheat would sell at 80 cents, a lower price
than has been known Mt this season for ~
years prior TO 1898, II current reports were
credited.
The fact Is, that relief from long anxiety
and the abundance and cheapness OF
money for which industry and Legitimate
trade give as yet no adequate demand
have excited the speculative spirit beyond
all restraint. Tho hot fever will have
nothing to do with cold facts. The temper
Is TO buy regardless of visible require
mcnts, In the faith that prices are sure to
rise. Wild excitement I'm wheat, with
sales ia one day at Chicago alone OF 3O0,-
00O,0O0 bushels, about three times the
wheat there Is in tho country, and re-
newed frenzy In cotton, with sales In three
days exceeding the whole visible stock In
America, followed the furious rise In
stocks, in oil, and in hides and leather, at
once a recognition OF real improvement in
business and menace TO its progress.
boom In Food Products.
Western receipts for wheat for three
weeks have been larger than last year, In
spite Of storms and frosts. The weeks
sales here have amounted to 155, 900 600
bushels, and accounts Of damage by frost
and by insects are mixed up. On Thurs
day July rose TO S4L cents, but rcceded TO
81 a and closed Friday at 10 cents. Corn
rose 3A cents during the week, though
much Of the corn killed may be replanted.
Pork rose so cents barrel, lard D cents
per 100 pounds and oats cents.
The Iron Market.
The iron industry distinctly gains
There have been large sales of finished
products, with about 81 per ton better
prices for structural forms and steel bars
while bessemer has risen TO Sll. 80 at Pitts
burg and gray forge TO SO
Textiles Weak.
Purchasers of dry goods, in belief that
prices must rise, have kept textile mills
fairly busy, but the demand for cottons
seems Stacker on the whole, and print
cloths are l-l6 cent weaker. There Is no
Improvement In demand for woolcns.
tOttou tuNultcu - Ctilb lot lhc Mcths
with sales of $50, 200 bales.
Shoes Active.
Shipments Of shoes are heavy--in three
weeks 23S, 900 cases. The demand for some
kinds is active, but many shops have or
ders enough for two months and do not
want TO buy leather, which continues 10
rise. Hides have advanced over cents
the past month, but large imports arc ex-
pected.
business Failures.
Failures this week have been 207 in the
United States, against 1S3 last year.
Dominion Outlook Favorable.
Bradstreet's says: Higher prices for
many staples at Montreal, together with
cold weather part of the week, served to
check the demand and movement, but the
outlook remains favorable. The frosts did
little damage TO grain, either In Quebec or
Ontario, and Toronto merchants regard
business prospects as bright. In Prince
Edward Island the season is fully two
weeks ahead Of other years. The depres-
sion in Newfoundland continues severe,
and the Labrador fisheries have fallen off
because of difficulty in proc uring sup
plies. The weather has helped the crops
I'm Nova Scotia and better trade is antici-
pated. Only % failures in business are re-
ported from the Canadian Dominion this
xxaak