The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1895-06-15
oUN'S COMMERCIAL REVIEW.
The Tide of Business Rising With Aston
ishing Rapiditv-Each Advance Is Well

ishing Ra~piditv-Each Advance Is Well
Sustained. Proving the Fears of the More
Conservative ti,t the Improvement May
N"r he P-rmanrnr ;p he Grnundless-The
Upward h"-"In-nt-
New YORK, June S.-R. G. Dun &
Co.'S weekly review OF trade, issued to-
day, says:
The tide of business is rising, even
as it was falling just two years ago,
with surprising rapidity. The gain
has gone so far and so fast in some
branches, that the more conservative
fear it may not be maintained. But
the period of dizziness which
comes in each market after an
unusual rise brings as yet nothing
like a corresponding decline. Indus
tries gain much, halt, fall back a lit
tie, and then gain once more. The de-
mand for consumption steadily in
creases as the employment and wages
of the people increase. Demand for
money expands. one bank reporting 30
per cent. larger discounts for the coun-
try, and another % per cent. more
commercial loans than a year ago, and
all but two report some gain.
One serious question remains,
whether the crops will be full enough
to sustain a large business. But the
worst reports to-day are better by far
than the estimates recently current.
Wheat rose 9 cents, fell back 9 with
realizing, and has again risen 3, with
a western estimate of a crop 0,0OO, 600
bushels smaller than last year. 1t Is
pertinent to remember that Off
cial and most Of the unofficial
reports, down to a late period
last fall, put the yield about
so, 900, 900 bushels lower than
it is now known to have been. West
ern receipts were 264, 900 more than
last year and for five weeks have been
1911 OBI bushels, against 6,99l, $50 last
year, while Atlantic exports, flour in
Guided, 67O, 900 bushels smaller for the
week, have been in five weeks 7,7Ss,-
RS bushels, against 11,945,47S last
year. There is neither holding back
by farmers, nor anxious haste IN the
purchasing by foreigners, to support
belief in scarcity.
Cotton declined an eighth, with bet
ter weather at the south, but excite
ment and prices rose again with The
report of liz per cent. decrease in acre
age. Much greater decrease has been
called certain; but condition is re-
ported less favorable than last year.
With a tenth smaller yield per acre,
an acreage 11.6 per cent. less than last
year, the yield would still exceed
100, 900 bales, which, with heavy
stocks carried over, would forbid the
idea of famine. But a late crop is the
more exposed to injury. June began
with 9,553, 1893 bales already in sight,
and $500. $50 American remaining in
commercial stocks, while European
spinners held May 1 over 1000, 900
bales, according to Ellison.
Cotton mills are doing well with
very satisfactory orders already for
prominent lines, and the market is
strong with occasional further ad-
vances.
Iron pushes upward like the great
buildings into which so much of it
goes, and the advance in finished prod
ucts has become general. OF struc-
tural steel, H. 600 tons were turned out
in Nav by the Homestead works,
breaking the record. and prices rose
to l.3 cents for beams and IL for
angles.
Tin is weaker with a rise in the
worlds visible supply to 25,671 tons
about five months consumption; but
copper is stronger at 10& cents for
lake, and lead higher at 3.3 cents.
Shipments of boots and shoes are
still larger than in any previous year.
aud in most grades recent advances
are paid in large orders, but there is
some slackening in boots and women's
grain and buff shoes. Hides are higher
! at 9$< cents for western, and tanners
hesitate; but leather is stiff. In eX-
change the gain over last year is 27
per cent. though the decrease, COM
pared with 1S92-the latest year of full
business after Mays 81.
Railroad earnings for May are "A
per cent. larger than last year, a bet
ter gain than in any previous month,
but the decrease from 1898 is 1879 per
cent, and on substantially the same
roads was 1915 for April, 1919 for
March and 1873 for January, a Curl
ously uniform decrease. Activity in
stocks can -ot be expected with crops
in doubt and the average of prices
closed 81 cents per share lower for
railroad, and 4 per cent, for trust
Stocks of the great grain-carrying
roads have not changed so cents per
share in the average for four weeks,
Notwithstanding reports of serious in
jury.
The flow Of money hither from the
interior has not ceased, but has much
lessened, and banks report general in
crease in discounts for the south, and
in commercial loans here, mainly in
manufacturing paper. Foreign ex-
change is higher, exports showing IL
per cent. decrease for five weeks, while
imports show IA per cent. increase.
London has sold about 25, 200 shares OF
stock more than it has bought for the
week, but still bids largely for bonds.
Failures in four weeks of May show
liabilities of SO, 329, ISL, of which So
4O1, s75 were of manufacturing and S.
345, 2O6 of trading concerns. Last year
the total was SO. 7s7, 921, of which 81
O61, GO2 was of manufacturing and 81
PSI, $50 of trading concerns.
Failures for the week have been 195
in the United States, against PIC last