The times. [volume] (Richmond, Va.) 1890-1903, 1895-05-25
SUDDEN RISE In WHEAT
NOT CAUSED By THE REPORTS or
FROST OUT WEST.
No. Believed That the Cereal Crop Has
Been Damaged 90 Any txtent-lhe
Iron and steel Industry.


morrow viii say:
II wheat has been so greatly injured Dy
tho SHOWS and frOsts IN May mat the
sudden rise of u cents In Two weeks Is
iusffnel. the calamity VIII Affect an bu7l-
ress prospects. The markets do not pc
lievc 10. FOR stocks DO not collapse Hoh'
1lather and hides still rise. and 30 hold
ers Of wheat would sell at ~ cents,
lower price than had been known az Ems
reason for thirty years prior 20 1893. il
current reports were correct Some injury
has undoubtedly been sustained. but our
own dispatches DO not show that II ls
really serious. The fact is that relief
from long activity. and the abundance
and chcapncss Of money, for winch IN
dustrv and legitimate trade give as yet
no adequate demand, nave excited pc
yonl all restraint. The temper is 10 buy,
regardless OF visible requirements, do
the faith that prices are yet 90 rise. Wild
excitement in wheat with sales on one
day of 100000 bushels at Chicago fahOut
three times the wheat there is I'm the
country. and renewed frenzy in cot
ton with sales iu three days exceeding
the whole stock IN America, following
the furious rise IN stocks. I'm oil. and in
hides and leather. give no once a reccS-
milton Of real improvement iu business,
and a menace TO its propress. ENc harees
tons. and for the month are 2,6 per cont.
larger than last year. but 60 per cent.
less than i'm 1873. when with many barks
falling. q sudden fan began. u IS not
entirely encouraging that ilie money still
comes hitlcr in large amounts from the
West. while the demand Tor commercial
loans is rather short
AIR IEoN INDUSTRY.
The iron Industry distinctly caius. ard
the improvement is no longer confined 90
prices Of materials. Better wages at
and west Of Pittsburg convince buyers
that prices must rise, and there have
been larger sales of finished products.
with about 81 per ton better prices for
structural forms and steel bars while
Bosscmer pig has risen 10 SillO at Pitts
burg and Grey Forge to $40. The Thomas
Company has advanced ITS anthracite
~ per cent. and higher froishfs make
southern cost more 40 the East. Sales
OF pig were 1000 TONS National works
are combining. and "a coke pool is ca
peeteI TO realize prices sOOn plttsburg
bank note Withdrawals for pay-r0ils BOO
the past month are s233.&G. against
HltN',ls last year by tae same works.
Orders this year number -t.101 passengers.
5000 more cars than in i,3. but in pre-
Nious years The output was ever lg.lYl
freight cars. Purchases OF dry goods have
kept the mills fairly busy. blt the dee
mauI for cotton seems Stacker ON the
whole, and print cloths are a sixteenth
weaker. There is no Improvement m de-.
manl for woollons. AND strikes DO not
ltato.
Failures this week have been 27 in the
United States against I3 last year. and
fn Canada, against ~ last year.
CEREAL CROP Nor BADLY DAMAGED.
NEW YORK. May 4.-Bradstretts to-
morrow will say.
The moderate reaction in the stock mar
| ket last week and this week. caused
primarily by repeated ir0sts and reports
of severe damage t0 cereal crops ana
other farm products, was followed oniy
In part hy corresponding check 90 me
movement boz general trade. our spe-
eial Geographic advices furnish Che most
strong evidence OF broadening of dee
mand for staples yet produced. and the
foreign data telesraled are The most
| bull.sh made public since the upward
turn begau-On or about March lst.
SO One of the larger grain states con-
firms the reports of severe damage To
wheat and corn. with which the eA-
changes have abogndel and there Us
less reason 10 believe in the extent of
if as currently reported The most bull
ish feature OF tho wheat situation lies
in the announced restriction of Argentine
and Russian exports reduced cNpCrta-
hilltv of nearly AN leading producers. ana
shorter supplies of importing countries.
Few believe wheat has touched its
highest point on this wave. although ~
c.uts per bushel above tle lowest since
the panic.
W0Ollen manufacturers are working on
OH orders. and some refuse TO stock up
with raw materials. as prices at the
interior are above "a parity with those
40 the seaboard Western views are that
manufacturers may he short of supplies
20 meet an contracts. Relatively. the
great differences in price centre about
Chicago. ST. Paul. Minneapolis. Detroit,
and Milwaukee. boo The West and North
west and about Savannah. Augusta,
Memphis, and Galveston az the South.
BIO FURNACE TO RESUME.
BALTIMORE. May PA special dis
patch t0 the Manufacturers Record from
Middleb0rOugh. KY, reports that cable
adviccs had just been received from Lon
don. reporting that everything has been
arranged satisfactorily in the deals pend
ing between the MiddleshOrOugh Town
C0muauv. and the Watts Steel and Iron
Syndicate. and that the Watts furnaces
viii go into blast about the middle OF
July
The Watts syndicate, Mnlcn la an lut-
Ii.h concern. invested about $4,000 iu
extensive furnaces and steel plant at
Niddlesboroueh. which was completed just
about the time OF the Barring failure.
The depression iu iron and the financial
troubles in England prevented the start
inr uu OF this plant. and IN has remained
idle since first built three years ago.
This plant includes TWO furnaces. with
capacity OF 900 tons of pig "a day. and
Steel plant. with a capacity of 7cl tons
q day.
PHILADELPHIA. May 2i-The Thorn
as Iron Company. one OF the largest
manufacturers of high-grade pig-iron in
the West. with large furnaces at Albur-
tus. Lehish county has advanced the
price of pg-iron cd cents per ton. ON
account of this action ON the part OF the
company. another advance ou the part
of other manufacturers Is looked Tor.
COLONEL MANS DISSENT>