The record-union., 1897-04-24
Excitement in Grain and Stocks Due Not
So Much TO the GraeCo-Turkey War
As the Question Whether the Powers
May Come in Conflict.
Though Many Iron Works Have
Started Up During the Past Week,
Prices Generally Are Lower, Owing
to the Supply Being in Excess OF
the Demand.

NEW YORK, April l3.-R. G. Dun &
Co.'S weekly Review of Trade" to-
morrow will say:
If either Turkey or Greece had been
wholly buried in the sea, the markets
might have been affected less by the
outbreak of war in Europe. Like hre
in the heart of a crowded city, 1t rals-
ed the question whether a general con-
f1agration may spring out of it. 70
this possibility and not to the direct
influence of either Turkey or Greece
upon the worlds money or produce
markets was due the excitement in
grain and stocks. AS the unknown Is
magnified American markets We're
much more fiighty than European,
where the possibilities have been dis
cussed and partly discounted for
months. The uncertainty remains, and
will after the movement of money and
staples, until it disappears, creating a
larger demand for American products
at higher prices, causing hasty specula-
tive selling of securities at times, but
also more continuous buying by for
eign investors, and not improbably in
fiuencing the attitude of foreign pow
ers on questions important TO this
country.
Wheat rose 6 cents from Thursday to
Monday and has retained most of the
rise. Since Russia and the Danubian
States will be likely to ship wheat
scantily, especial needs and much high
er prices being there, large share OF
the requirements of Western Europe
may naturally be drawn from this
country, and the chance of war be-
tween the great Powers has the more
influence, because supplies there are
not large. While Western receipts dc
not yet increase and in three weeks
have been but 5,461 ,001 bushels,
against ). 533, 1919 last year, Atlantic eX-
ports begin to gain slightly, amount
ing to !, 100, 800 bushels flour included,
against !, 0S5, 764 last year, and for
three weeks have been $3.50, 10 bush
els, against 3, 453, 019 last year.
The past week, like others of late, has
witnessed the starting of operations by
several iron works, especially in black
sheets for timing, and yet prices of
pig iron and unfinished black sheets are
lower, the demand not yet equaling the
as low as 50 O5 at Pittsburg, and gray
forge at So 80 in Birmingham. Steel
billets fell to S14 % at Pittsburg, and
angles to 1 cent, but wire rods cannot
be supplied fast enough at sd 10.
Nails are strong, and a few more struc-
tural orders are pending. Eastern
works also have orders for $1,000 tons
of steel rails. Complaint and proof that
the demand for products is deficient
blinds many to the fact that the actual
work in progress largely on the heavy
orders for beams, billets, rails and
sheet bars, taken when the pools broke
up, is Of greater volume than for a
long time.
Large sales of copper are reported at
F1112c. with production 1928 tons in
March.
Sales of woods have been largely OF
foreign, receipts being swelled by arri-
walls Of quantities sold some time ago
and imports at Boston for the week
We're 81, 600 bales. For the three chief
cities sales We're 81. 036, 900 pounds in
three weeks, 20271 300 being foreign
against 15,906, 100 in 1892, including T.
900 foreign. But manufacturers
are doing scarcely anything and orders
for goods improve very little, though
somewhat for better grades of goods.
Failures for the week have been 21S
| in the United States, against 23S last
year, and p in Canada, against A
last year
NEW YORK, April 23.-Bradstreet's
| tomorrow will say: The change in
10
while slight this week, has been in the
direction of Improvement. The de-
preston in iron and steel continues
and Bessemer pig and steel billets have
reacted another % cents a ton.
The outlook favors an increase in la
Dor disturbances to resist midsummer
wage reductions. The bituminous coal
mining industry is worse than the an
thracite with rumors of strikes, which
promise to have an unfavorable influ-
ence on other than the iron and steel
industries
Trade in wool is queter. There is
less life in the wholesale dry goods
trade and little relief has been expe-
rlenced, Notwithstanding the large auc-
ton sales of cotton goods last week
buyers continuing to supply needs only
The tendency toward more settled
weather has stimulated retail demand
more particularly at the Northwest. no.
tably for dry goods, hardware and mil
linery.
Inc only large cities reporting an in
crease IN the movement of merchandise
are st. Paul, Minneapolis, Milwaukee
and Kansas City, where the distribu-
ton OF dry goods. shoes, hardware and
building materials has been more con-
splcuous. AT almost all other large
centers there has been no material gain
IN industrial or commercial lines.
NEW YORK. April 23-Bradstreet's
FINANCIAL Review tomorrow will
say: Saturday and Monday last were
| slgnallzed by heavy selling and con-
| siderable declines on the part of the
foreign houses, and by bearish mani
1estauons by the local traders The
declaration of war between Turkey and
Greece was the cause. and il was as
sumed that when the London and Con-
tinental markets reopened on Tuesday
after the Easter vacation they would
De IN more or less panicky condition
ana that American stocks would be
thrown on New York in large quaint
ties.
The results however, were a great
disappointment to the bears Both Lon
don and the Continent took the news
or war calmly. and apparently conclud-
ed that the disturbances would be linn
| ifed TO the original combatants. OF
soon ended Spectators in London
who had sold stocks on the opposite
| theory OF course made haste to cover
| their short contract. and the local bear
contingent also purchased with haste