The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-06-23
DAMAGE TO WHEAT

NEW 4OEhAe SuAS -" ~ - SSA.
company's weekly Review OF Trade tC-
morrow. viii say:
The damage to the wheat crop " the
northwest is the event of chief import.
ance. How extensive the lcEs may
prove, in view of widely conflicting ac-
counts, can only be judged from the
speculative markets in which intorma-
tion gathered at the west has caused a
remarkable advance. at Chicago, fifteen
cents in ten days, and the price here
was advanced eleven cents per bushel,
though for the September option only
nine cents. The belief is that so large a
part OF the spring wheat has been kill
ed as to reduce yield expected to be
close to the largest on record to consld-
erably less than the world has required
during the crop year now ending.
Until within the past three years 1t
would have been reasoned that any ma
terial advance In price would neutral-
Ize the foreign conditions which had
caused exports of about 1So.OOOOOO BUSH
els of wheat, flour included,-in the
closing year, after 222OOO.OOO bushels in
the previous year, and 2l1OOO,OOO BUSH
els in the year 1898, besides exports of
2lsOOO, 900 bushels OF corn in the closing
year, against 17IOOO,OOO last year, and
2l2.OOO,OOO in the previous.
increase Of Foreign Demand.
But the facts seem to indicate more
extensive and lasting increase Of for
elgn demand than has been considered
probable. other sources of heavy ex-
port have been found disappointing.
The United States continues ito show
enormous power of increase, II support
ed by prices which until recent years
would hardly have been regarded re-
markabiy high. II the coming crop
falls much below expectations. the de-
mand for 1t may prove surprising, even
though prices average more than has
been expected.
The closing of manufacturing works
at this season usually has double
meaning. The labor organizations seek
in the summer vacation a settlement Of
wages for the coming year. Last year
the pressure for products was so great
that concessions were readily made
and others later, SO that the rate of
wages became the highest ever known
since the currency was deprecated.
This year extensive demands are being
made, without approach to settlement
as yet in many of the branches Of busi-
ness, 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 new ba-
sis for the latter half OF the year.
Iron and Steel Reduced in Price.
In iron ana steel progress toward that
end was made when the structural
producers a week ago reduced the
prices of beams to 1.sO and angles to
l.sO at Pittsburgh, leaving only rails
and tin plates which have not been re-
duced from the highest point. The rail
works are crowded far ahead and the
question in tin plates depends largely
upon wages. Eastern bar Is reduced to
1.55 cents and steel bars to 1.5O at Pitts
burgh, with general shutting down Of
works expected July /.
Hoops are quoted there atn2,25 and
No. 81 black sheets at three cents. buy
ers asking only for small lots. There
is wide range OF quotations for mer-
chant steel, and the lower prices named
for pipe have only started the demand
a little, as buyers expect yet lower
quotations. Minor metals are also
quiet with some transactions.
The shipment of boots and shoes, only
233743 cases in three weeks OF June. are
over 20 per cent smaller than in 1899 or
1895, and smaller by 10 per cent or more
in other years. The jobbers still ap-
pear inclined to wait and some manu-
facturers decline quotations recently
numed 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 and reported
gains and losses balance.
Lower Prices in Cotton.
Lower prices are again reported for
several grades of cotton goods and are
expected for others. and buying is
thereby retarded. Heavy brown goods
and drills and denims are dull and
without doubt the uncertainty OF the
material market has some influence.
The price for raw cotton has again adj
vanced one-fourth cent during the past
week, but without clear Indications OF
increased demand for the supply re-
naming or insufFiciency of that sup
ply. In wooden goods also the manu-
facturers flnd that the demand fails to
answer expectations or to support
prices asked at the opening and some
large works are now reported running
pact time or closing. At the three chief
markets wool has been, extremely dull.
with sales Of only 2,72O6OO pounds. Even
where considerable blocks are offered
at low figures the condition of the
goods market by no means encourages
buying.
Failures for the week have been lis
in the United States, against 17S last
year. and s5 In Canada, against is last
Yenr.