The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1895-04-06
oUN'S COMMERCIAL REVIEW.

0attsI aCIOry Signs OF improvement dEEifc
at Last, U-naccompanied by speculation
Capitol Seeks Productive Industry and
Legitimate Trade, the Products of All of
Which are a Shade Stronger-Beginning
ut the Bottom.
New YORK, March 30.-R. G. Dun &
Co.'S weekly revi ew of trade, issued to-
day, says:
Signs of improvement are all the
nor satisfactory because neither ac-
companied nor apparently produced
by a speculative craze. Dealings in
stocks, cotton and wheat are not
diverting all the interest and capital
from productive industry and legiti-
mate trade, though these products are
all a shade stronger. But railroad
earnings, bank earnings and industrial
indications are more encouraging this
week. 1t is a remarkable feature that
the lifting this year begins at the bot
tom, so to speak; raw materials are
raised before there is any larger de-
mand for their finished products, a
thing not often done with success.
Hides rose, then leather, and then
| shoes; cotton rose, and afterward some
cotton goods; coke was advanced and
afterward Bessemer pig. In all these
cases it is reasoned that the larger de-
mand for consumption, though yet
wanting, must come when it is seen
that prices are going up.
Higher wages for coke workers have
been followed by a formal advance of
40 cents in the price of coke, and now
Bessemer pig has risen 80 cents at
Pittsburgh and % cents at Philadel-
'phia. Beginning al the top to lift prices
requires exceptional strength, but
the Carnegie-Frick interest is excep-
tionally strong. So far there is no an
swering increase in demand or in prices
for manufactured products, and on the
whole the range is slightly lower than
a week ago, angles and common bar
having yielded a little. The general
belief is that dear materials will kindle
more buying of products. AS yet it
seems impossible to fill the mills with
orders, and the struggle of those yet
unemployed keeps prices down. 1t is
a sign of strength that an eastern mill
has secured, in competition with British
makers, who had an advantage of s.. 30
in freights, the contract for l., 200 tons
of rails for a California road, and other
contracts for about the same quantity
have been placed. But the attempt OF
the Mahoning bar mills t reduce
wages 50 cents for pudding and 1254
cents for finishing, seems likely to re.
suit in a strike.
In the wooden business cancellations
in some lines have been startling in
magnitude. many mills which sup
posed their whole product sold, find
ing themselves in great need of GUS
toners. This seems to be mainly in
low-grade goods, inferior quality be-
ing the common complaint; but de-
lays through strikes also play a
part, while offers of cheap for
eign goods are not to be over
looked. Quite large orders have been
taken by foreign agents for firer
worsteds and wOolens, and all the way
from the poorest shoddy to the best
goods sthe competition will doubtless
be sharp for more than one season.
Cotton speculation reached a halt
with the enormous realizing of last
week and sales have been a third
smaller, with no advance. The season
is really late, and there are solid
reasons for reducing acreage, factors
and traders being able to exert 4 pow
erful influence if they choose. But
the supply of cotton now in sight, or
in spinners' hands is over 1900, 900
bales more than the worlds require
,,n-fe fN,. fhtc r-anr r-ith ranaiDtc TO-
five months yet to come.
Guessers about the condition of
wheat have varied widely this week,
and prices not much, the net advance
being IA cents. Atlantic exports,
flour included, have been 1891 ,O91
bushels, against 1~,446,6l3 last year,
and for the month 6,511, 70S bushels,
against S,9O5, 734 last year, and mean
while western receipts Tor the month
have been 7~,474,361 bushels, against
7,OS4.513 last year. Corn is d cent
lower, while pork is IS cents per bar
rel, and lard and hogs Is cents per 100
pounds higher.
Stocks are stronger, for the first time
in many months, with Il valid reason.
The rise has been Sights cents per
share-but earnings in March have
been 1.9 per cent. higher than last
year, and only 11.6 per cent. less than
1898. with Improvement toward the
close of the month, while in February
the decrease, compared with 1893, was
1872 per cent. Better tonnage is re-
ported from many quarters, but Chi
cago east-bound for three weeks has
been 1T, 1856 tons, against pol 1897 last
year.
A better indication of general i'm
provement is that exchanges, though
the principle clearinghouse for the
week are 2l.5 per cent. larger than last
year, and only 14.1 per cent. less than
in 1898, which may probably mean the
advent of decidedly better conditions.
Little encouraging can be said of
foreign trade, exports for March being
smaller than last year, while imports
for the full month will doubtless show
some increase.
Several large failures this month
have swelled the aggregate of liabili-
ties for three weeks of March to SILL
81, 121, against $40, O61, 991 last year;
of which S6.411,3i2 were of manufac-
turing concerns, against 81, 469, lis last
year, and S4,s24, 779 in trading on
Germs, against S4,225.OS2 last year.
The failures this week have been