The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-04-20
SKY-RoCKETS IN SPECULATION
COTTON, OIL AND WHEAT GIVEN A
BIG BOOST 81 PLUNGERs.

The Expansive and Uplifting Force
Running to Speculation Rather
Than ProduetiOn-High Prices
in All Markets without n Larger
Demand for COMMUNICATIVE Rise
In the Price of Beef n Squeeze En-
Eineered by the Rig Packers.
New York, April s.-R. G. Dun & COS
weekly review tomorrow will say: I'm
every speculative department business is
growing, but this is really the least salts
factory feature of the situation. Cotton.
OIL and wheat climbed above the export
price, so that the marketing of products
abroad must be checked and money is ali
soroed' which ousht to be employed in
productive industry and in the distribu
uon OF products TO consumers. Every
pouy knows that oil has not risen 200 per
cent because II is intrinsically more val
uaole' nor is wheat actually worth more
tlah II was two or three weeks ago. but
me expansive and uplifting force has un-
lor Iuhately taken to speculation rather
'hah 10 production, and so we have high
er prices IN all speculative markets with
out larger demand for consumption.
mere Is no evidence that cotton is in
larger demand than il was when the price
was cent lower but prices have been so
10" Tor months that an upward movement
was easy without much reason, though
stocks here and abroad are 100000 bales
laIgtI than they We're at the same date
a. stI the greatest crop ever produced here
toiiOIe' ana spinners here and abroad have
saAeh ABOUT 10000 bales more than they
nave consumed. The rise tends to prevent
' ~ crease OF acreage, which is its one
reasonable excuse.
outside Of the speculative markets the
most important feature is the rise i'm the
price OF beef, which is largely due to the
control of prices of supply by strong
corporations. There ought to be but APP
parently is not, sufficient power i'm hands
OF the government TO meet any such con
spiracy against the public and the pro-
posal or Secretary Morton to admit Next
can cattle and cattle from Canada on easy
terms for the benefit of consumers. is
heartily commended, though it is not likely
10 nave much influence. The actual de-
crease in receipts of cattle at the four
chief western markets has been 200 900
mead during the first quarter of 1895, and
the quantity killed has been only $1,000
head less than last year. about 10 per cent
but facts have little to do with prices in
this case, as in the case of oil.
In iron and steel the situation is rather
disappointing, although the output con-
tinues large, as the demand for finished
products does not seem to increase. Struc-
tural forms re In large demand, but sales
of wire are about 30 per cent less than last
year. and in other branches there is no
perceptible gain. 1t is still an open ques-
ton whether the consumption will support
the manufacture at the present rate,
which is at least an eighth below the pres
ent maximum.
Some large textile mills have advanced
wages at Fall River about 10 per cent.
restoring the rates paid after the re-
auction in September 1898. Labor trou-
bles are comparatively less serious this
week, and the tendency is toward larger
returns for labor which will increase
the consuming power for other products
The cotton mills are encouraged by i'm
proving prices and are fairly busy.
THE money markets are comparatively
dull, and the accumulation from the in
terror continues, although there is no
material Increase in the commercial de-
mand. Foreign trade shows a heavy bal
ance due abroad, and gold would I'M
dOubtedly go out in large amount but for
the negotiation of bonds by the syndi-
cate. The government deficit for the
month thus far is over $4,000 600, and no
reason appears to exist that it will much
diminish.
THE failures for the first eleven days
of April amounted TO S3,413 765, of which
81 .424, 23S were of manufacturing and ST.
952,527 Of trading concerns. The failures
during the past week have been 24l in
the United States, against 2l9 last year,
and "a in Canada, against a last year"
Bradstreets tomorrow will say: THE
volume of general trade has maintained
the previous weeks proportions, and at
some points shows noteworthy increases
as compared with the total a year ago.
The reaction in petroleum prices appears
to have been overcome, and the tendency
is again upward, based on drop in stocks
from about 100000 barrels of Pennsyl-
vania oil in January 1894, to less than
100000 barrels of merchantable oil. So
marked and rapid has been the apprecla.
ton in prices of petroleum that speculs-
ton in it has been excited. Further ad-
vances in quotations are noted also for
wheat. on improved demand for export;
cotton, on widened consumption, present
and prospective; print cloths and other
cotton goods, because of higher raw cot
ton.
1.-The general trade conditions at the
south are no better and in some respects
are less satisfactory. Improvement in lie
mand is not announced at any point IN
Texas high winds and lack of rain have
hurt crop prospects and farmers in some
localities have not planted vet !"