The record-union., 1898-04-09

some uncertainty, but thus far scarcely
any stoppage whatever of manufactur-
+ ing concerns appears, nor any indica-
tions that the producing force is likely
/ to be diminished, nor is any such
/ symptom to be seen in business re-
ports. Evidence of existing conditions
! is not confusing, nor unfavorable. So
| far banking conservatism has not
caused failures, which continue smaller
/ than for many years, as in March. nor
has it caused stoppage of any manu-
featuring concerns, nor lessened the
! volume of business reported by rail-
roads in tonnage or clearings at prin-
cipal points
The wheat outgo counts for much
and continues, Atlantic exports having
/ been 224l,21l for the week. against
! 1,521,122 last year and Pacific 1926
! 3l4 bushels, against 447 .5S5 last wear.
! Since corn exports continue-3, 4S3, $50
bushels, against 3,323, 2I7 last year
the strength of the demand could not
/ be attributed to speculative agencies.
1t is fortunate that Western receipts of
wheat do not fall short of an extraor-
binary gain, but are still .9O1 80.
against 1,1S9 10 last year. so that the
stories of the nearly exhausted supplies
of wheat are fables for children. The
price rose steadily, and closed &c high
er for wheat, with corn 1c higher.
Every industry meets enormous over
/ production compared with correspond
ing demands in any other year, however
prosperous, and yet nearly all are keep
ing almost their whole force emploved
and some are increasing their force. In
| one branch of wooden manufacturers
Two carpet mills have stopped. or are
about to stop, as it is between. seasons
but much complaint of cancellation be-
cause or higher prices and possibly in
some cases because of inferior qualities
has not been followed by reduced pro-
duction.
Sales OF wool are insignificant, and
prices have declined cents for finer
grades, and over l cent in the average
Tor all quotations, only because specu-
lators wholly underestimated stocks
held by manufacturers.
In the iron and steel industry, with
demands greater than ever before from
general sources, urgent orders from the
Government enlarge work, but do not
advance prices.
Disasters in trade, shown this week
by separate branches of business for
the month of March, and also the first
quarter of 1898 make the best report
that has been possible for five years.
1t is interesting to note that nearly all
branches of business show surprising
movement. Meanwhile banks are ex-
tremely cautious, and commercial loans
are but 10 per cent. of their aggregate.
The belief that quick expansion in all
branches would follow greater liberal
ity and patriotism by the banks is not
wholly unfounded, and the heavy re-
ceipts of gold from Europe count for
little, compared with the greater or less
liberality in loans by banks
Disturbance does not yet appear,
however, and failures for the week have
been 232 in the United States, against
252 last year, and 30 in Canada, against
SO last year.
EASTERN GRAIN MARKET.
CHICAGO, April S.-The opening in
wheat was steady. July starting at S37s
QS4c, above where it left off yesterday
The closing of the Liverpool and the
continental markets and nearly all the
principal domestic exchanges took away
from the market half of the usual specu-
lative motive, and the pit at the open
ing and for that matter during most
OF the session was not more than half
filled. Enough bullish news was to
hand to cause a, moderate demand to
cover short contracts, and as offerings
were even scarcer than buying ORDERS
the market for a time moved upward
July advancing to S4@S41sc, from S334@
S33sc, where it had sold Immediately
after the opening
Crop news from California was fully
as unfavorable as yesterday, but outside
of this reports were generally favor
able. The figures on the Argentine
weekly shipments depressed the market
for time. Shipments last week were
reported at 1872, 600 bushels, an in
crease over the previous week, and this
fact caused a little more selling pres
sure, putting the price back to S33sc.
After that, however, the market ruled
strong to the end
The Cuban situation, SO long a de-
pressed factor in wheat, has now ap-
parently become a bullish influence.
Many traders, especially among the
shorts, expressed the belief that hos
tilities would result in an advance to
prices, and acted according to their
belief - 1a
Additional strength was given the
market late in the day by the advance
which was taking place in corn, causing
more OF, less sympathy buying and sus-
tanning prices against the occasional
pressure in the professional shorts and
the inevitable liquidation which comes
on the market during periods of dull
ness. The demand improved during the
afternoon and the market became quite
strong under moderate general buying.
July finally advanced to S434 QS47sc and
closed firm at S4Ac.