The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1895-05-25
DON'T BELIEVE IT.
Serious Injury to Wheat is Not
Credited.
Otherwise the Stock Markets
Would Surely Collapse.
IRON BUSINESS GAINS.
More Failures Than at Same
Time Last Year.

NEW YORK, May 25.-R. g. Dun &
Co.'S Weekly Review of Trade says:
If wheat has been so greatly injured
by the SHOWS and frosts in May that
the sudden rise of IL cents in two
weeks is justified, the calamity will
affect all business prospects. The
markets do not believe it, 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 had been known
when at this season for thirty years
prior to 1898, if current reports were
credited. Some injury has undOubted-
1y been sustained, but our own dis
patches do not show that it is really Sc
rious. The temper is to buy, regardless
of the visible requirements, in the faith
that prices are sure to rise. Western
receipts of wheat for three weeks
have been larger than last year in
spite of storms and frosts. But the rise
has practically stopped buying for
export as the similar rise did in April,
1894, which was followed by about the
lowest price then ever known.
Whether grain has been greatly in
jured or not foreign markets will take
early occasion to fortify themselves
from other sources. The weeks sales
here have amounted to 155, 900, 900
bushels, and accounts of damage
by frost and by insects are
SO mixed up that some traders
think the bugs must wear overcOats.
Corn rose 80 cents during the week,
though much of the corn killed may
be replanted; pork rose so cents per
barrel; lard cents per 100 pounds, and
oats 2 cents per bushel. Cotton also
advanced e of a cent during the
week, with sales of 1856, 200 bales,
current estimates putting the de-
crease in acreage at 1875 per cent,
and the crop at 1850, 900. Even
this with known commercial and
spinners' stocks, would give the world
for the year and quarter to consume
more American than it has ever con-
sumed in year and half. The iron
industry distinctly gains, and the i'm
provement is no longer confined to
prices of materials Better wages at
and west of Pittsburgh convince buy
ers that prices must rise, and there
have been larger sales of finished
products, witt about 81 per ton
better prices for structural forms
anu SlGCA DdES- WILLIE D6SSGACI
pig has risen to $11.5O at
Pittsburgh. The Thomas company
has advanced its anthracite pig so
cents, and higher freights made south
ern cost more at the east. Sales OF
rails to May l were 42O, 900 tons, and
deliveries $780, both larger than last
year. Nail works are combining and
a coke pool is expected to raise prices
soon. Pittsburgh banks note with
drawals for pay rolls in the past month
of 81, 385, 397, against 81, 865, SIS last
year by the same works. Orders this
year number 22,029 freight and
- passenger cars, 5000 more than
in the whole year 1894, but in
1892 and previous years the output was
over $4,000 freight cars. Anthracite
coal is decidedly stronger and copper
very firm at 1O15 cents for lake, though
the April output was about 2, 500 tons
larger than that of January. Pur-
chases of goods under the belief prices
must rise has kept textile mills fairly
busy, but the demand for cottons
seems Stacker on the whole and print
cloths are lie cent weaker. Failures
this week have been POT, against 189
last wear,