The Portland daily press., 1898-05-07
MORE FRIGHTENED THAN HURT.
Coming of War Caused Less TroubI
Than Apprehension.

New York, May 6.--R. 9. Dun & Co. 8
weekly review of trade tomorrow will
say:
A state of war was so greatly feared by
those who have seen nothing like it for
more than thirty years that it's coming
has hurt less than it's apprehension,
especially since the victory at Manila in
Dictated the superiority of the American
navy, gun for gun. Expectations that the
war will not last long has influenced all
markets. There has been distinct in
crease in the demand for the products of
all the chief industries. Many who had
delayed are now corning forward with or.
ders, while there has been material and
most important relief in the ease of the
money N arkets for industrial and COM
lnercial needs The fact that gold is now
used almost exclusively between the
treasury and the clearing house indicates
the entire freedom from apprehension
about the currency or public credit
The most sensational Of all changes,
and the most practically important. has
been the rise in wheat, IS cents during
one days session and IS 1-2 cents for the
week, throwing into the shade all past
advances and all expectations, though
reactions Of 10 cents naturally followed
on Friday. Western receipts, after aver.
aging less than 2, 500, 600 bushels per week
for four months, have suddenly risen to
more than 5000, 900 bushels. Exports have
not been checked by higher prices as yet
but have caused them, amounting for the
week to 1904, 898 bushels, -four included
against ,49S, 1877 bushels from Atlantic
ports last year, and h59, 84S bushels against
SO, SOB from Pacific ports. Tho remarkable
/ rise on Thursday was largely due to tie
removal Of duties by France and to pro-
hibition Of exports by Russia, both show
ing the extraordinary needs abroad, so
that the rise for the week Is not without
excuse. Corn failed to advance CORE
spondingly, though the exports were g.
000,0 600 against 2, $50, 900 last year.
Industries have received c wonderful
stimulus from the conviction that hostili-
ties will not last long and from heavy
government orders. Besides great demand
and ammunition, the government has
ordered 2, 100000 yards wooden cloths.
1851 600 blankets, 100000 yards cotton
goods and great quantities Of provisions
and other supplies, and meanwhile re-
ytving confidence has multiplied other
demands. 1t is not due to domestic con-
ditions that orders from the Russian gov
OitiAAono Aof bWo Ul& WaIoulpo law pOoA
taken by the Cramps, and orders for rails
from Mexico have given good start to
the rebuilt Colorado works.
Textile establishments have been re-
ce1ving larger orders within the past few
days outside those from the government
| SO that the stoppage or reduction of time
IN four wooden mills early in the week
may have been premature.
No decline whatever appears in the
prices of staple cloths or dress goods and
| the heavy auction sale of carpets was
emlnently successful in clearing off at fair
prices an accumulation resulting from
| an advance in prices last January which
was not supported by demand. Wool has
declined about one-half cent in April,
| taking the average OF one hundred quota
lions by Coates Bros, and the better de.
mand for goods has caused more inquiry,
| but thus far no improvement in prices.
Print cloths have again made new low
record, LA cents, but a better market is
| seen for other cotton products. Demands
! for boots and shoes are very heavy, con-
sidering the extraordinary orders pre-
viously placed, and shipments are still
| the largest ever known for the season,
| Silk works are doing we'll, and the do
nestle demand for the minor metals in
| manufacture is remarkably heavy.
Failures for the week have been 23S in
| the United States against 22l last year
and rs in Canada against 30 last year.