The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-05-25
BULLS DRIVE OFF THE BEARS.
EVERYTHING IN THEIR FAVOR IN
THE GRAIN MARKET.

Reduced Export Ability of Foreign
Producers aud shorter Supplies OF
Importing Countries the strongest
Features of the Rise I'm whent-The
Damage by the Cold 10 Both whert
and Corn Believed to he Less Than
Reported ON the Exchanges.
New York. May 24.-Bradstreet's to-mor-
the stock market last week and this week.
row win say: The moderate reaction in
caused primarily by repeated frosts and
reports Of severe damage to sereal crops
and other farm products. was followed
only In part by a corresponding check to
the movement in general trade. Our spe-
cial telegraphic advices furnish the most
striking evidence Of a broadening OF the
demand for staples yet produced, and the
following data telegraphed this Journal.
are the most bullish made public since
the upward turn began on OF about March
l. No one OF the larger grain states con-
firms the reports Of severe damage to
wheat and corn. with which the exchang-
es have abounded, and there is less rea-
son TO believe In the extent
OF II as currently reported.
The most bullish feature Of the wheat sit
uation lies in the announcement OF the re-
striction OF the Argentine and Russian
exports, reduced export ability OF nearly
all leading producers and shorter sun
pnes OF importing countries. Few believe
wheat has touched its highest point ON
tnls wave, although 25 cents per bushel
above the lowest since the panic.
Woolen manufacturers are working ON
old orders and some refuse to stock ut,
with raw material, as prices at the inte-
ror are above a parity with those at the
seaboard. Western views are that uan-
ufacturers may be short Of supplies tn
meet all contracts. Relatively the greae
est Improvement In demand and prices
centers about Chicago. st. Louis, st. Paul,
Minneapolis, Detroit and Milwaukee in
the west and northwest, and about sa-
vannah, Augusta, Memphis and Calves
ton. at the south"
r. G.. Run g. Co s weekly review of trade
tomorrow will say: IF wheat has been
50 greatly injured by the SHOWS and frosts
IN May that the sudden rise OF 70 cents
IN two weeks Is Justified the calamity will
affect all business prospects. The mar
kets do not believe II, for stocks do nor
collapse, iron, leather and hides still rise.
and no holders OF wheat would sell al so
cents, a lower price than had been known
az this season for thirty years prior to
1893, II current reports were credited.
Some injury has undoubtedly been sus-
tained, but our own dispatches do not
show that II Is really serious. The fact Is
that relief from long anxiety and the album
dance and cheapness OF money for which
industry and legitimate trade give as vet
no adequate demand, have excited the
speculative spirit beyond all restraint.
The hot fever will have nothing 10 do with
lsf
OF Visible requirements, in the faith that
prices are sure TO rise. Wild excitement
In wheat, with sales In one day at Chicago
alone OF 30O,0OO,000 bushels, about three
times the wheat there is in the country.
and renewed 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 inn
provement In business and menace to it's
progress.
Exchanges include enormous specuIa- /
tive transactions, and for the month are |
$50 per cent. larger than last year, but SO |
per cent. less than In 1898. when, with !
many banks failing, sudden fall began /
1t Is not entirely encouraging that idle I
money still comes higher in large amounts
from the west. while the demand for conn
mercial loans is rather short
The iron industry distinctly gains and
thS Improvement IL no longer confined to 4
the prices of materials. Better wages al /
and west of Pittsburg convince buyers |
that prices must rise and there have been /
larger sales Of finished products, with
about per ton better prices for structurafe
forms and steel bars, while Besesmer pig
has risen TO $1150 at Pittsburg and grey
forge to 80 The Thomas Company has
advanced its anthracite pig 80 cents, and
higher freights make southern cost more
at the east
Purchases of dry goods, in the BELIEF
that prices must rise, have kept textile
mills fairly busy, but the demand for cot
ton seems slack on the whole and print
cloths are a sixteenth weaker. There is
no improvement In the demand for WOOL
ems and strikes do not abate.
THE failures this week have been s07
in the United States. against 1888 last
year and % in Canada, against Is last
year"