Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1900-06-30
CHIEF EVENT IN TRADE.
Rise in Wheat and Flour Due 10
Crop Damage.

New York, June 25.-R. G.. Dun &
Co.'S Weekly Review of Trade says:
The damage to the wheat crop of
the northwest is the event of chief
Importance. How extensively the loss
may prove, in view of wildly conflict
ing accounts, can only be Judged from
the speculative markets in which in
formation gathered at the west has
caused Il remarkable advance-at Chi
cago Is cents in ten days, and the
price here has advanced IL cents per
bushel, though for the September OPP
ton only 0 cents. The belief is that
so large a part of the spring wheat
has been killed as to reduce n yield
expected to'bc close to the largest on
record to considerable less than the
world has required during the crop
year now ending. Until within the
past three years it would have been
reasoned that any material advance in
price would neutralize the foreign
conditions, which has caused exports
of about 100000, 900 bushels of wheat,
flour included, in the closing year,
after 222, 0O0,0 900 bushels IN the pre-
vious year, besides exports of 213,00O,-
600 bushels of corn in the closing
year, against III ,000,0 900 bushels last
year. But the facts seem to indicate
a more extensive and lasting increase
of foreign demand than has been CON
| sidered probable. If the coming crop
falls much below expectations the
demand for it may prove surprising,
ever though prices average more than
has beer expected.
The closing of the manufacturing
works at this season usually has a
double meaning. The labor organiza-
tons sec in the summer vacation q
| settlement of wages for the coming
year. Last year the pressure for prod
uce was so great hat concessions
were readily made and others later,
so that the rate of wages became the
highest ever known since the cur
rency was deprecated. This year eN-
tensive demands are being made,
without approach to settlement as
vet in many of the branches of bust
mess, so that the summer vacations
NAV be more extensive and in some
| lines longer than usual. There viii
be time to work off excessive stocks
in some lines and to adjust prices to
q new basis for the latter half of the
year.
In iron and steel progress toward
that end was made when the struc
tural producers a week ago reduced
the price of beams to $1.00 and angles
to $3.50 at Pittsburg, leaving only rails
and tin plates which have not been re
duced from the highest point. The
rail works are crowded far ahead ant
the question in tin plates depends
largely upon wages. Eastern bar II
reduced to $1.55 and steel bars to $1.5O
at Pittsburg, with a general shutting
down of works expected July |. Hoop
are quoted there at 1928, and No. 2
black sheets Mt 3 cents, buyers asking
only for small lots. There is a wild
range of quotations for merchant stee
and the lower prices named for pip
have only started the demand n little
as buyers expect yet lower quotations
Minor metals are also, quiet, witt
small transactions.
The shipments of boots and shoe
are over 90 per cent smaller than il
1899. The iobbers still appear inclined
TO wait. Lower prices are again re
ported for several grades of cottol
goods, and are expected for Others
and buying is thereby retarded. Heav.
brown goods n drills n denim
are dnll and without doubt the uncer
tainty of the material market ha
some influence. In wooden goods ais
the manufacturers find that the de
mand fails to answer expectations o
to support prices asked at the open
ing, and some large works are now re
ported running part time or closing
At the three chief markets wool ha
been extremely dull with sales of onl
2,720,6 500 pounds. Even where consid
cradle blocks are offered at low fig
ures the condition of the goods maj
ket is by no means encouraging t
buyers.
Failures for the week have been IL
in the United States, against IFS las
year, and 25 in Canada, against Is las
year.