The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-05-20
MARKET is GAINING GROUND.
CEREALS. IRON AND STEEL STILL
ON AN UPWARD TREND.

Heavy Buying OF Pig Iron I'm the
Central West Has Advanced the
Price Everywhere-Specu
Dealing in Iron Acknowledgements
tion in Cotton Is Tagging in Spite
of UnfavOrabIe Crop Reports
Shipment of Cereals.
New York, May 19.-Bradstreers for to-
morrow will say:
The feature of the trade situation this
week is the renewed strength of wheat
and other cereals, iron and steel, and last,
but not least. raw wool, which has hereto
fore Jagged behind other staples in a dis
couraging way.
The price making features IN cereals ere
not entirely of an encouraging character,
being chiefly the less favorable reports as
to the growing crop, West and Northwest,
and advices of insect damage influencing
Western markets toward a higher plane
in the face of a discouragingly small ex-
port business, caused in some degree by
the continuance of the strike of grain
handlers at Buffalo checking the move
ment of large quantities of grain 10 the
seaboard.
The added strength in iron is based
| largely upon the heavy buying Of pig iron
in the Central West, sympathetically IN
creasing prices at all markets. Reports
are of old and new furnaces going into
blast but these advices aud the new
plants projected to be built apparently DO
not reassure consumers, who are begin
ming to place orders for the first part Of
next year at present prices.
Excitement in iron is not confined en-
ti1ely TO this country, however, as shown
| by a speculative advance at leading Brit
ish markets, but a sample OF the irregu-
| larity caused by the immense current
worlds demand is furnish in the case Of
foreigners seeking supplies in this coun-
| try at che same time that orders for rails
! have been placed by American companies
with English makers.
Wool and Cotton Market.
Foreign wool markets continue above
| American heavy sales of Australian woods
| for re-expOrt are reported and available
| supplies of this class of wool are nearly
! exhausted al Boston.
Aside from the exceptions noted, the ten
! dency is toward steadiness IN prices, and
most provisions, coffee and sugar among
| groceries; lead and copper among metals
and cotton and its various manufactures
among textiles are all reported unchanged
on the week.
Speculation in cotton lags, notwithstand-
| ing good trade advices at home and
| abroad, and rather less favorable crop
reports. Lumber, as for a long time
| past continues in excellent demand
! Building activity is widespread prices
| hold all their old advances, and the ten
| dency Is apparently still upward.
Refined sugar is in rather better de-
mand, but raws are rather quiet at last
| weeks decline.
Hides and leather are strong at old
| quotations, new feature reported this
week being a good demand for some
| grades of upper leather on export account
Less favorable weather has tended to
check distributive demand at retail. but
in Wholesale lines trade is regarded as
very fair and even satisfactory for the
advanced stage Of the season.
Shipments of Cereals. e..
Wheat, including flour shipments for the
week aggregated 2.212, POS bushels. against
! 3,2S41& bushels last week, ,0o4 1872 bushels
in The corresponding week of 1898; 2.G55. .
! S62 bushels in 1897. J. ,095 bushels in 1895.
| and 2,7j4 023 bushels in 1895. Since July I
this season the exports of wheat aggre-
| gate 205,27105l bushels against POS. 587 8f5
| bushels last year.
Corn exports for the week aggregate
! 2,75S,414 bushels against 2,76S, 1874 bushels
last week, 550,579 bushels in this week a
year ago, S,19oO43 bushels ia 1897, !, 6J6 419
bushels in 1895, and 1922 bushels in
1898. Since July / this season corn ex-
ports aggregate 149,o32221 bushels, ag<nst
1863, 1853, 343 bushels during the same period
u year ago.
Business failures for the week number
166, against 1863 last week, oil In this week
a year ago 245 in 1897, 216 in 1896, and FOG
in 1895.
Business failures in the Dominion of
Canada number Is, against 2t last week,
Sc in this week a year ago, q in 1897, 2S
in 1896. and 25 in 1898.