The Oskaloosa herald. (Oskaloosa, Mahaska County, Iowa) 1885-1919, 1901-05-16
PURELY A asTocK PANIc.n
Industries and General Trade Not
interviewed with by the FURRY
ON Wall street.

New York, May 11.-Bradstreet's says:
zone looks in vain at this writing for any
evidence that the general business Of the
country has been in any way interfered
with by the-for the time involved-sever-
est fall in prices in the history of the New
York stock exchange. very general con-
elusion reached is, indeed, that this con-
yusion Is purely a stock panic" not in
yolYing or connected with the general in
dustries of the country in any way. There
Will not, in fact, be bushel of wAeat or
ton of coal less in the country as a re-
suit of this convulsion. Speculation in
grain and other staples has, however been
checked by the concentration of interest
upon the stock market
General trade advices this week are in
the main, rather more favorable than
those of last week, mainly because of the
Improvement in crop prospects, due to sea-
soRable rains following planting. The lull
In the active buying demand for ironRnd
steel noted last week is even more pro-
nounced to-day, but this is mainly because
mills and furnaces are already heavily
sold ahead, and large consumers having
placed orders are now waiting delivery.
Bank clearings, swelled by enormous stock
operations, break all records. Gross rail-
way earnings continue to show satisfactory
Increases and failures are down to a nor
NAL minimum. The textiles are still the
soft spot in the general situation and are
better. New business is less notable in
iron and steel than for some time past but
prices are steady and firm at last weeks
quotations, with mills and furnaces run
ming to their full capacity. The pig iron
output on the first of the month is said to
be the largest in the country's history, ex-
ceeding the boom OF February, 1900"
r. G. Dun & Co.'S Weekly Review Of
Trade says: "A panic in Wall street does
not mean that legitimate business has sud-
denly ceased to prosper nor is the condi-
ton of mercantile trade and manufacture
adversely affected by a violent fall in
prices of securities. Throughout the en-
tire country fundamental conditions were
never as sound as at the present time. re-
ports from nearly every city this week
showing an exceptional volume of transaC-
tons, and payments promptly met.
Production is not Overtaking demand at
the finished steel mills and all Pittsburgh
plants are two months behind orders, while
30 days is the limit at many. Although the
expected advance in bar iron did not APP
pear, the tone continues firm and orders
are liberal.
LESS sensational events transpired in
the cereal markets than In the preceding
week, although quotations are slow to re-
cede. Corn eased of a few cents, but is
still about 10 cents a bushel, or nearly 70
per cent, above the quotation at the corre-
spending date in the two preceding years.
Western operators continue to entertain
strong views, and appear little daunted by
the larger receipts attracted to interior
cities by the unusually profitable prices
offered.
Failures for the week numbered 1S7 in
the United States, against 1872 last year,
and 26 in Canada, against Is last year"