The age-herald., 1900-06-23
DUN'S WEEKLY
 TRADE REVIEW Damage to Wheat Crop the Event of Importance. LOSS MAY PROVE EXTENSIVE Iron and Steel Situation Not Very En- couraging Prices Are Reduced and the Time Has Arrived
 for Adjusting Wages
LOSS MAY PROVE EXTENSIVE

The damage to the wheat crop of the Northwest is the event of chief importance. How extensive the loss may prove, in view of widely conflicting accounts, can only be judged from the speculative markets, in which information gathered at the West has caused a remarkable advance in Atchi of b cents in ten days, and the price here has advanced Il cents per bushel, though for the September option only cents The general belief is that so large part of spring wheat has been killed to reduce a yield expected to be close to the largest on record to considerably 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 ma teral advance in price would neutralze the foreign conditions which had caused ex- ports of about 1S0, ,000,00O bushels of wheat, flour included, in the closing year, after 222, 100000 bushels in the previous year and 217, 900 bushels in the year 1S9S besides exports of 21SOOO,0Oo bushels of corn in the closing year, against 117,00O,0O0 last year and 212,000,OOO in the previous year. But the facts seem to indicate more extensive and lasting increase of foreign demand than ldS been coHSiueTeu pToDdDle.
 Other sources Of heavy exports have been found disappointing. The United States continues to show enormous power of increase if supported by prices, which, until recent years, would hardly have been regarded as remarkably high. If the com ing crop falls much below expectations, the demand for it may prove surprising, even though prices average more than has been expected.
 The closing of manufacturing works at this season usually has d double meaning. The labor organizations seek in the sum- mer vacation a settlement of wages for the coming year. Last year the pressure for products was so great that the conces- sions were readily made and others later, so that the rate of wages became the highest ever known since the currency was depreciated. This year extensive de- mands are being made, with approach to settlement as yet in many of the branches of business so that the summer vacation may be more extensive and in some lines longer than usual. There will be time to work off excessive stocks in some lines and to adjust prices to a nominal basis for the other half of the year.
 In iron and steel progress toward that end was made when the structural pro- ducers, a week ago, reduced the prices of beams to 190, angles to lS0 at Pittsburg, leaving only rails and tin plates, which have not been reduced from the highest point The rail works are crowded far ahead, and the question in tin plates de- ponds largely upon wages. Eastern bar is reduced to 1.55 cents and steel bars to 150 at Pittsburg, with d general shutting down of works expected July 1.
 Hoops are quoted at Pittsburg at 225, and No. 27 black sheets at cents, buyers aGlxi mo for no1x all intG ic xtiHa range of quotations for merchant steel and the lower prices named for pipe have only started the demand d little, as buyers eX pect yet lower quotations. Minor metals are also quiet with small transactions. The shipments of boots and shoes, only S,743 cases fin three weeks of June, are over 20 per cent smaller than in 1899 or 1895, and smaller by 10 per cent or more in oth- CT years. The jobbers still appear inclined to wait, and some manufacturers in the quotations recently named, and have closed or reduced force Of necessity the best economy in production cannot be reached under such conditions. Hides at Chicago are not changed for the week, as reported gains and losses balance.
 Lower prices are again reported for sev- eral grades of cotton goods and are expect ed for others, and buying is thereby re- tarded. Heavy brown goods and drills and denims are dull and without doubt the un- certainty of the material market has some influence The price for raw cotton has again advanced 14c during the past week, but without clear indications of increased demand for the supply remaining or insuf- fciency of that supply. In woolen goods also the manufacers find that the demand fails to answer expectations or to support prices asked at the opening, and some large works are now reported running part time or closing. At the three chief mar kets wool has been extremely dull with sales of only 700 f00 E,yay considerable blocks are offered at low figures the condition of the goods is by no means encouraging to buyers.
 Failures for the week have been 179 in the United States agafnst 173 last year and "A In Canada against IS last year.