The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-06-18

Tax Bill, Bond Offer and Letters
Collapse Excite the Markets
Large Increase of Gold Imports
and Grain Exports-Better De-
mand for Cotton Manufactures-
Wool Required for Army Supplies
NEW YORK, June 17.--Dun s. Co.'s
review of trade will say:
The passing of the war tax bill, the
offering of bonds and the collapse of
Letter and cash wheat have made the
week somewhat exciting. In spite of
some features which cannot be justi-
fled, the tax bill was approved as prob
ably the best that could be obtained
from congress this year, and gave as
surance of needed revenue for the
emergency.
It's bond provision has already called
out offers for more than three times
the amount desired, and it probably
will prove the most successful loan ever
invited by the United States. A great
victory in the field could hardly be
more important, especially in it's in
Huence on foreign opinion. Not less sig
nifioant was the excess of exports over
imports In May by $50 $50, 359, making
the merchandise balance in favor of
the United States $571 ,SS9,O37 in eleven
months of the fiscal year, While net i'm
ports of gold were $l02. OPS, $685. though IN
no previous fiscal year have the net inn
ports of gold exceeded $97, 466, 1877 in
1882.
Not less important Is the official
showing that this ma ton has supplied
to others 10,05S.20S bushels of wheat
and 204,000 900 bushels of corn in eleven
and half months without checking
receipts from farms, and sees wheat
fall 20 cents in week because a crop
is promised greater than the last by
lo0,O0O0o0 bushels. This decline would
have come sooner had not Mr.. Letter
looked for larger gains, but the benefit
to this country by the average advance
of nearly rs cents fer the crop year on
wheat exported has been about $48,000,-
900, and to producers much greater. In
corn, on the other hand, the cash price
has declined only one cent and the de-
mand continues extraordinary. West
ern receipts, amounting to 4,S8) 242
bushels, against 1913, 1874 last year. and
exports, amounting to 1862, 800 bushels,
against 1921, 448 last year
The cotton movement continues large
for the season. although the price has
advanced a sixteenth, in spite of ia
vorable crop prospects The manu-
featuring demand abroad is good and
controls Liverpool, and at this late
season America lets Liverpool make
prices. Here the manufacturing de-
mand is little better, though with
decline of prices of bleached shirtings,
but the mills have large stocks of ma
terials. There is also a stronger mar
ket for wool abroad, which, with
western excitement, makes quotations
of 100 qualities by Coates Bros. of /
cent higher than June 1, but there is
scarcely any buying by manufactur-
ers. who are In doubt about the COM
Ing season, and have few new orders
except in army lines. The break in
the price of sixteen-ounce clay worsted
to S1.20 has somewhat discouraged
what promised to be a healthy market
Sales of wool were made extremely
narrow by the wide difference between
excited Western holders and manu-
facturers, who have an uncertain COM
ing season to face.
Pig iron is extremely dull, though
Bessemer holds last weeks advance
and other grades are not quotably
lower. No decline in consumption ap-
pears, and, while bars are weak with
short time, the rule in Eastern mills,
they advanced 21a cents at Pittsburg,
while Chicago reports heavy season
contracts still coming from wagon,
car and other manufacturers Heavy
sheets are better at the East, but thin
are not better anywhere. Structural
works care full for the summer and
have had two remarkably good weeks
at Chicago with building and bridge
orders. Plate mills are we'll employed,
and at Chicago the demand for pipe
is better, especially from the Pacific
coast. Shipments from there of rails
in May included some to Sweden, Bel
GUM, South Africa, Siberia and three
other countries while orders from Cal
cutta have just been taken. The an
thracite coal output in May exceeded
the allotment by 1919 per cent
Failures for the week have been 233
in the United States, against 234 last
year, and 20 in Canada, against So
last year.