The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1898-05-07
FINANCE AND TRADE
Dewey's Great Victory Has an In
spiriting Effect.
REMARKABLE RISE IN WHEAT.

IL Was Largely Due Co the Removal
of Duties by France and the Prohi-
bition of Exports by Russia, show.
ing Extraordinary Needs Abroad.
New York, May 7.-R c. Dun &.
Co.'S weekly review Of trade says: A
state of war was so greatly dreaded
by those who have seen nothing like
it for more than 30 years that its COM
ing has hurt less than its apprehension.
Especially since the victory at Manila
indicates the superiority of the Ameri-
can navy, gun for gun, expectations
that the war will not last long has in
huenced all markets, and stocks have
advanced the average Of prices for
railroads $2.79 per share. The general
condition of business has been ma
terially improved One days work by
the officers and men at Manila has
given many days work to thousands
of people at home Of whom they knew
nothing, and has placed all American
industries and interests on a stronger
footing for any conceivable future.
The fact that gold is now used ex-
clusively 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-13 cents
during one days session, 211a cents
from Tuesday to Thursday night, and
251a cents for the week-throwing into
the shade all past advances and all
expectations, though reaction of IL
cents naturally followed on Friday.
Western receipts, after averaging less
than 2,500,000 bushels per week for four
months, have suddenly risen to more
than S500,000 bushels. Exports have not
been checked by higher prices as yet,
but have caused them, amounting for
the week to 1904, 1863 bushels, -four in
cluded. against 1,49S, 167 bushels from
Atlantic ports last year, and $50, S4S
bushels, against 9950S, from Pacific
ports.
The remarkable rise on Thursday
was largely due to the removal Of
duties by France and to the prohibition
Of exports by Russia, both showing tha
extraordinary needs abroad, so that the
rise of 2512 cents for the week is not
without excuse. Corn failed to ad-
vance correspondingly, though the ex-
ports were 100000, against 2,725, 043
last year, the aggregate since July l
having been 17S,000,000 bushels, larger
than ever before to date, although
wheat exports have also been larger
than last year, far greater than in
ordinary years and nearly the largest
on record.
Industries have received a wonderful
stimulus from the conviction that hos
tilities will not last long and from
heavy government orders. Besides
great demand for steel plates and other
iron products and ammunition, gov
ernment has ordered 100000 yards of
wooden cloths, 125, 900 blankets, 100000
yards cotton DDS and great guam
titles of provisions and other supplies,
and meanwhile reviving confidence has
multiplied other demands. 1t Is not
due to domestic conditions that orders
from the Russian government for two
big warships have been taken by the
Cramps, and orders for rails from
Mexico have given a good start to the
rebuilt Colorado works. Four largt
merchant ships have been ordered from
the Delaware works, plate mills are
| crowded, and at the same time one es-
| tablishment far in the interior Is bid
| ding on a foreign order for 5000 tons
while car and rail works continue to
receive large orders, and demands for
| agricultural implements and fencing &c
beyond the ability of works in some
| cases.
Textile establishments have been re-
ceiving large orders within the past
few days, outside those from the gov
ernment, so that the stoppage or re-
duction of time in four wooden mills
early in the week may have been pre-
| mature.
| rA..-- G % ,,lnrs ,,,nl,n q neneratinn. ThaI