Omaha daily bee., 1896-10-24
WHEAT'S SENSATIONAL RISE
One Event in Commercial World that is of
Transcendent Interest.
INDUSTRIAL CONTRACTS ARE HELD BACK
business Hns to Wait Until the Eicc-
lions Are Settled and the Finnn-
cinl situation is Clear
Failures StilI High.

NEW YORK. oct. 23.-R. G. Dun & Co.'S
Weekly Review OF Trade tomorrow will
say; The event OF the week has been the
sensational advance of wheat TO SS cents for
cash on Tuesday, rise of 5jsc ana its fan
to iIc on Thursday, gaining iSsc on Friday
The rise was mag1ified by covering of
speculative sellers They imagined the ad-
vance had gone too far, but 1t was at the
bottom based on an extraordinary foreign
demand which has engaged grain vessels
from all Pacific as well as Atlantic ports
Tor months ahedd. How steut the shortage
IN ordinary European supplies may be is
the point of interest, and speculation, but
none now question that shipments from
Pacific coast points to India and the de-
crease In Russas yield are important. and
the buying of enormous quantities for ex-
port with engagements of the freight
room at higher rates express the
belief OF European dealers Wheat
exports from the Pacific coast are
large and over 100000 bu per day have been en-
saseu ahead FOR some time. The Atlantic eN-
ports, about 100000 bu larger than last year for
the same week, have been in October G. $40 2i3 bu.
hour included, against 53s6 3Ss last year IL Is
worthy OF note that western roads are cornpiain-
ing OF car famine. the demand for movement
receipts for three weeks at western ports have
been 2llS3,5l6 bu., against q. O6i 5Il last year
1UaIowing nI,dr,og much increased movement in the
quarter ended with September.
C2rn moves largely and at lower prices, having
declined cent on the week.
Cotton has advanced 1-i6 of n cent TO Sc with
only moderate transactions and heavy receipts
from plantations. Estimates of yield vary all
the way from Mr. Neilrs 1000 900 bales to much
less than SOyOOOO but the impression grows that
the yield will be large.
, me most striking feature OF Industrial returns
Is the number OF contracts conditioned upon
election These already are enough to make
business rather lively for time and many others
are pending which will probably be held back
until November l. The buying OF materials not
only advances prices, but induces larger pur-
chases OF the finished products without condi-
ions. Leather has risen III per cent with a gem
erdl demand though mostly in hemlock sole and
union. ana hides at Chicago have been advanced
sutl turther by packers, though country hides
uo not rise AZ all. and some are lower. but the
AVERAGE OF all Is per cent higher RuyInr of
Bessemer pig at Pittsburg causes n SLIGHT ad-
vance and all markets are strong for pg but
not Tor finished product. Very low prices are
MADE Tor speedy delivery by mills wanting work
but the tone OF the market Is better and n de-
Clued increase OF orders appears In plates about
5,WO tons for building vessels on the lakes and
IN structural work Mt the west owing To con-
tracts taken at Chicago for buildings at Boston
toronto Detroit and Minneapolis. There is also
GOOD demand expected for cars and the asso-
clntion orcrs 10 sell iron until November to
Johbcrs and large buyers at SiO5 while stool
bars are selling largely ut Ic A reduction In
nalls Is expected But the retail season is oyer
ana the billet pool has little business A sale
or about 100000 lbs. made Of lake conner
az lolsc 10 domestic consumers Tin In n shade
higher at $40 SO. ~ " 'ue
Failures for the week have been 27i IN tho
hlted states against 23i last year, and sixty
In Canada, against thrty-eiGht last year.