Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1895-05-30
DuN.s COMMERCIAL REVIEW.

DUN'S COMMERCIAL REVIEW.
Effects nj the Frost Scare ON Prices OF
Products Not Justified by tho Cold Facts,
But Rather to be Attributed to an Unre-
strained Spirit Of Speculation Following
Relief from Long Anxiety and the Album
dance OF Money.
i NEW YORK. May 25.-R. g. DUN &
Co.'S weekly review of trade, issued
to-day, says:
Hwheat has been SO greatly injured
by the SHOWS and frost in May that
a sudden rise of twelve cents in
two weeks is justified, the calamity
will affect all business products. 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, q
lower price than had been known at
this season for thirty years prior to
1898, if current reports were credited.
Some injury has undoubtedly been
sustained, but our own dispatches do
not show that it is really serious
The fact is that relief from long
anxiety and the abundance and cheap
ness of money, for which industry and
legitimate trade give as yet no ade-
quate demand, have excited the specu-
lative spirit beyond all restraint.
They, however, will have nothing to
do with cold facts. The temper
is to buy, regardless of visible
requirements, in the faith that
prices are sure to rise. Wild excite
ment in wheat, with sales in one
day at Chicago alone of 300, 600, 900
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 leather-at
once a recognition of real improve
ment in business and a menace to it's
progress
Western receipts OF wheat for three
weeks have been larger than last year
in spite of stories of frosts. But the
rise has practically stopped buying for
export, as the similar rise did in April.
1884, which was followed by about the
lowest price then ever known. The
155. 000,O00 bushels and accounts Of
damage by frosts and by insects are SO
mixed up that some traders infer the
OugS must wear OVercOaCS.
On Thursday July rose to s41 cents,
but, with heavy sales, receded to s155,
and closed for the day at 70 cents.
Corn rose so cents during the week,
though most of the corn killed may be
replanted; pork rose so cents per
barrel, lard cents per 100 pounds and
oats cents.
Cotton also advanced three-eighths
for the week, with sales of 1856. 200
bales, current estimates putting the
decrease in acreage at 3.5 per cent,
and the crop at 1850. 900. Even this.
with known comm err cial and spinners'
stocks, would give the world for the
year and quarter to come more
American that it has ever consumed
in year and 4 half.
Excitement has been diverted from
stocks, and London has been buying
but little, while current crop news did
not help trunk lines or grangers. The
ganization do not help low-priced
stocks; nor does the loss of fruit crops
help sugar. Yet the average decline
was only So cents per share for rail-
roads and 16 cents for trusts Reports
of railroad experts maintain that the
injury 20 crops has been greatly exag-
gerated.
Actual earnings for the first half of
May are a. per cent larger than last
year, but 1872 per cent. less than in
1898. Exchanges include enormous
speculative transactions, and for the
month are $50 per cent. larger than
last year.
The iron industry distinctly gains
and the improvement is no longer con-
fined to prices of materials. Better
wages at and west of Pittsburgh con-
vince buyers that prices must rise
and there have been larger sales
of finished products with about
ST. per ton better prices for
structural forms and steel bars,
while Bessemer pig has risen to s11.5o
at Pittsburgh and gray forge to $40.
The Thomas company has advanced its
anthracite pig so cents. and higher
freights make southern cost more at
the east. Sales of rails to May 1 were
100000 tons, and deliveries $50, 1000,
both larger than for the corresponding
period last year.
Purchasers of dry goods, in the be-
lief that prices must rise, have kept
textile mills fairly busy, but the de-
mand for cotton seems Stacker on the
whole, and print cloths are a sixteenth
weaker. There is no improvement in
demand for woolens, and strikes do
not abate.
Sales for three weeks have been
s,273, $50 pounds domestic and 1925, 600
foreign, slightly exceeding the total
sales in 1892. Shipments of shoes are
also heavy, in three weeks 23S. 099.
against 2O7, 1884 cases last year. The
demand for some kinds is active, but
many mills have orders enough for
two months and do not want to buy
leather, which continues firm. Hides
are firm and larger exports are ex-
pected.
Liabilities for the two weeks of May
were S., JOY, 756, of which Sl,9Os, SGT
were of manufacturing and 1879, 2e9
of trading concerns. Last year in the
Same weeks the amount was SIS, OIL, 116,
of which 81 $50, 933 was of manufacture
ing and $3.50, 637 of miscellaneous
trading concerns
Failures this week have been POT in
the United States, against 1873 last
year, and % in Canada. against % last
year.