The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1901-05-18
PURELY A "sTocK PANIC"
Industries and General Trade NoG
Interfered 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 interfereu
with by the-for the time involved-sever-
est fall In prices In the history or the New
York stock exchange. a very general con-
clusion reached IL. indeed, that this con-
vulsion is purely 'stock panic" not In
volving or connected with the general In
dustries OF the country In any way. There
will not, in fact. be bushel OF wheat or
a ton of coal less In the country as re-
suit OF this CONFUSION. Speculation In
grain and other staples has. however. been
checked by the concentration OF interest
upon the stock market.
General trade advlces this week are, In
the main, rather more favorable man
those of last week, mainly because OF the
Improvement In crop prospects. due to sea.
sonable rains following planting. The luil
In the active buying demand for iron ana
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 nor
NAL minimum. The textiles are still the
soft spot In the general situation and are
still dull, but export business In cottons Ii
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-
ceedng the boom of February, 1907
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 Il violent fall In
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-
lions, and payments promptly met.
production Is not overtaking demand at
the finished steel mills and all Pittsburgh
plants are two months behind orders, while
80 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 off few cents, but is
still about 10 cents a~bushel. or nearly %
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 rs In Canada, against ~ last year.