Rensselaer Semi-Weekly Republican, Volume 19, Number 70, Rensselaer, Jasper County, 10 May 1898 — HAD A GOOD EFFECT. [ARTICLE]

HAD A GOOD EFFECT.

Tk« Victory at Manila Serves to Give an Impetus to General Trade. New York, May 7.—R. G. Dun ft Co.’s weekly review of trade says: “A state of war was so greatly dreaded by those who have seen nothing like It for more than SO years that its coming has hurt less than its apprehension. Especially since the victory at Manila, which indicates the superiority Qf the American navy, gun for gun, expectations that the war will not last long has Influenced all markets, and stocks have advanced, the average of prices for railroads $2.70 per share. The general condition of business has been materially Improved. One day’s work by the officers and men at Manila has 'given many days work to thousands of people at home of whom they knew nothing, and has placed all American industries and Interests on a' stronger footing for any conceivable future. The fact that gold la now used almost exclusively between the treasury and the clearing house indicates the entire freedom from apprehension about the currency or public credit. “The most sensational of all changes, and the most practically Important, has been the rise In wheat—l 3 cents during one day’s session, 21% cents from Tuesday to Thursday night, and 26% cents for the week—throwing into the shade all past advances and all expectations, though reaction of 1% cents naturally followed on Friday. The remarkable rise on Thursday was largely due to removal of duties by France, and to the prohibition of exports by Russia, both showing the extraordinary needs abroad, so that the rise of 25% cents for the week is not without excuse. Corn failed to advance correspondingly, though the exports were 3,000,000, against 2,275,043 last year, the aggregate since July 1 having been 178,000,000 bushels larger than ever befpre to date, although wheat exports have also been larger than last year, far greater than in ordinary years, and nearly the largest on record. “Industries have received a wonderful stimulus from the conviction that hostilities will not last long, and from heavy government orders. Besides great demand for steel plates, and other Iron products and ammunition, the government has ordered 2,500,000 yards of woolen cloths, 125,000 blankets, 3,000,000 yards cotton goods and great quantities of provisions and other supplies, and meanwhile reviving confidence has multiplied other demands. “Car and rail works continue to receive large orders, and demands for agricultural implements and fencing go beyond the ability of works In some cases. Textile establishments have been receiving larger orders within the past few days, outside of those from the government, so that the stoppage or reduction of time In four wool-

en mills early in the week may have bees premature. “Failures for the week have been 238 In the United States, against 221 laßt year, and 25 In Canada, against 36 last year.” Eradstreet's says: “Evidences accumulate that the corner has been turned In the trade situation and that circumstances which have hitherto been regarded as disquieting have begun to give way to more cheerful condition®, or are beginning to be recognized in a truer and more reasonable light. While It is claimed, and perhaps wlthjustice In many cases, that the changes yet noted are largely sentimental and that little that is tangible Is to be cited In the direction of Improvement, It Is not to be forgotten that the dullness and even depression ruling for some time past was likewise largely sentimental, and, it Is now beginning to be admitted by many, had even less of a basis to rest upon than the present unmistakable signs of Improvement. A new sense of national strength and enorgy seems unquestionably to have developed since the news of the American victory at Manila, and the business community generally, with few exceptions, would appear to have come to the conclusion that the possible effects of the present war have been already well discounted. “Among the more favorable features of the week have been the slightly easier tone In the money market and a little more disposition on the part of financial institutions to aocommodate legitimate demands of trade. Another has been the very general foreign recognition of the critical position of wheat supplies In the lowering or the suspension entirely of Import wheat duties, notably in Italy, France and Spain, and reflected in advances proportionate to the import duty reduction in those countries. Prices, both at the seaboard and at the Interior, have broken all records for many years past, while the eagerness of foreign buyers to take hold at the advance furnishes testimony to the fact that the present wheat corner is not due entirely to the fear of interruptions In supplies, nor yet to the successful projection of a wheat corner, but to a considerable extent to foreign recognition of the fact that the world's wheat stocks to-day are smaller than they have been for many years past, and that: some time must yet elapse before the admittedly good world’s wheat crop prospect! And expression In new supplies.”