The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-06-01
PRICES STILL MOVING UPWARD
WHEAT AND COTTON MAY BE LESS
HURT THAN II FEARED.

Real scarcity of Either Would Affect
All Observation-Disclosures Through
the Clearing Houses Greatly In
nated by SpecuIntion-SpeeuI
a. tO the size Of the Next Cotton
Crop Unreliable at This Early
stage.
New York. May SIR. C. Dun & Co.'S
weekly review of trade tomorrow viii
say. More far-reaching than any other
change during the past week. II really
warranted by facts. Is the continued rise
i'm the prices OF wheat and cotton. Real
scarcity of either would affect all busI-
ness. Happily. there is still room to hope
that the accounts Of injury are greatly
exaggerated. although there has beea
some evidence during the week that both
the great crops have suffered more than
al FIRST appearance. other changes are
almost an favorable and some highly en-
couraging. Labor troubles are clearly
less threatening Monetary conditions
are satisfactory, and the substantial IN
crease IN the commercial demand Is a
good sign. Exchanges through the clear-
ing houses have been greatly inflated by
speculation. and at this time last year
We're cut down by the coal strike, and to-
ward the end Of May, 1898. greatly reduced
by bank failures but for the week they
exceed last years by 10 per cent ana
fan only $40 per cent. below those oe
1899 while the daily average for May
IS 26.9 per cent. larger than last year, bus
71 per cent. less than in 1898.
Cotton continues strong because IL is
believed there will be much reduction in
yield per acre as well as In acreage. No
estimate based on definite information
puts the decrease in acreage at more than
1875 per cent. which with a yield per acre
equal to last years would mean a crop OF
100000 bales. Months must pass befora
there can be anything definite as to the
probable yield per acre, unless widespread
disaster comes but the market has been
acting as If the future was known. Spec-
ulation has diminished in volume, and the
fact that the takings Of spinners have exc
ceeded the maximum consumption over
100000 bales in The northern states, and
about twice as much abroad. makes the
commercial stocks in sight 1885,. 552 bales
last week, look still larger. The advance
this week has been only a sixteenth, and
IT ~ supposed that the strong
er spulators have realized. The
though not all the machinery Is
employed but the demand has been bet-
prices Of goods. The Olneyville Wooien
Mills VIII open Monday responding to a
request signed by some employees to see II
enough VIII return TO make general re-
sumption profitable Two or three other
mills have granted some Increase OF wages
but I'm most branches the manufacturer
contends with serious difficulties. New
running short"
Bradstreet's tomorrow will say: This
observance of Memorial day services serv-
ed TO check the volume OF general trade
this week, but there has been a further
shrnkage in the amount OF business trans
acted, due TO not altogether well founded
fears OF serious damage to the grain crops.
The total of the bank clearings for the
week is only 1898, 10000 but this is II per
cent heavier than I'm the corresponding
week (alsO one day shorD I'm 1894. As con-
trasted with last week, the shrinkage is
% per cent. and with the week two years
ago during the panic) per cent. Cons
pared with the last week In May. 1892 the
failing off this week is l3 per cent.
"The tendency Of prices this week ia
again upward notably so for steel and
iron. which are in better demand despite
higher prices. as are cereals and cotton,
and leather and shoes which. with somd
other staples, in all sixteen, close higheh
on the week.
wool continues in slow sale, interior
prices being above what eastern manus
facturers are willing TO pay
Cotton goods remain firm on the
strength of cotton, but staple cottons
move. slowly, as operators are still well
''Woolen dress goods are quiet. but the
mills are said to have a good number OF
orders for fall delivery.
'There are some gains at the south with
improved agricultural prospects in Ten-
nessee affecting business at Nashville
Memphis and Chattanooga
"Only moderately active demand in
few lines is announced from Atlanta, Sa-
vannah and a Jacksonville, where the vegs
etable crop Is the largest for years.
There Is an improved demand at New
Orleans, and buyers are showing more
of a tendency TO anticipate wants"