The commonwealth. (Greenwood, Miss.) 1896-1923, 1897-09-02

Reaction. but business Has None This
Wheat fiuctustes bat Advances,
Cotton Keeping Pace, and the Wool Mar!
ket Reflects Greater strength-failur~s
for the Week.
NEW YORK, Aug. 2N.-R. q. Dun &
Co. in their weekly review of trade
say:
Speculative markets have their turns
of reaction. out business has none this
season. gaining at a steadiuess which
is most gratifying. The starting of
works, increase in hands employed.
advance in wages and in prices of
products and the heavy movement of
crops are facts before which all specu-
latiye influences have to bow. The
weeks dispatches mention 16 iron
works which have started, against
one closing; Is wooden works started,
and SO in many other branches. while
many more works have increased
forces and many are preparing to re-
sumo, and some have increased wages.
While these things continue with
grain rising and going abroad in enor.
mons quautities-money markets have
reason for Astounding confidence and
speculative strength. Crop prospects
are contradictory AS usual at such a
time, but it Is noteworthy that none
of them indicate anything less than an
ample supply OF the great staples.
Wheat rose over . cents Saturday
with exaggerated reports of injury,
fell nearly 5 cents, advanced 4 cents,
and then declined sharply, closing /
cent lower for the week.
That some harm was done to spring
wheat appears, but no accounts en-
Titled to respect indicate damage re-
ducing the yield below $40, 900, 900
bushels, which would be %. 600. 900
larger than any other crop except that
of 1891.
In spite Of great lack of cars, wheat
receipts We're 4.3+9, $40 bushels for the
week and for four weeks, Is. $50, ISL
bushels against II, SOC, 941 last year and
at Atlantic ports, exports, flour in
cluded, though somewhat checked by
higher prices We're 3,56S, 500 for the
week against 2,207, SIG last year and
for four weeks Il, 3S1, GS1 bushels
against 1916, III last year. Exports of
corn bear strong testimony to the Sc
robustness of foreign needs, being s.
$40, IA bushels for the week, against
ISIS, 0l9 last year, and Atlantic ex-
ports in four weeks have been 10, 46G,-
AS bushels, against 5,6l1,1l0 last year.
The price rose | g cents for the week.
NVrIAlptlr F1y fI.. ath., "a, lrnt,
rather than reports of injury. which
capable authorities deem not impor-
tant, accounts for the advance of
three-SiNteenthS in cotton. But the
mills are resuming work with Il rush,
and will require heavy supplies of ma
terial to meet the large demand for
goods, which has advanced the prices
of many. A general replenishment of
stocks by dealers will call for heavy
additional supplies.
The wool market also reflects. in
greater strength and further advance
in some grades, the heavy buying of
wooleus which has set many mills at
work ut night and day and caused
makers of many grades to withdraw
them entirely from the order market.
But, while the mills have been buying
somewhat more, most of them hold
large stocks and the trading has been
mainly speculative between dealers.
At last demand has so far overtaken
capacity of iron works that prices are
growing stronger. Bessemer and gray
forge, % cents higher at Pittsburgh,
and pig in Eastern markets as much
stronger, because rebates and conces-
sions are stopped. BiIlets are 81 per
ton higher, structural angles, bars and
plates about as much. rods ST. 80 at $50,
and wire nails ) cents per key higher.
The demand is also heavy for mer-
chant pipe and steel, and sheets
are very active. The advance
in iron and steel prices averages
. per cent for the week. Buving of
ore continues heavy, 400, 600 tons in
two weeks at Cleveland, and among
the iron works starting are four more
furnaces. While tin is weaker at
1895 cents with large arrivals, copper
is held at ia cents for lake by large
orders and deliveries, and lead is
scarcely obtainublc below four cents,
sales having been heavy. Connells-
vile coke works increased output to
l23, 6lI tons for the week.
Hides are again stronger at Chicago,
though packers no longer lead, but
country hides are called scarce al.
though cattle receipts at the four chief
n "a rLAtS ItI AN ,.,l ... A. -
for the corresponding week since 1892.
Failures for the week have been 223
IN the United States, against 2SS last
year; and "a in Canada against 80 last