The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-01-26
LITTLE TO CHEER
PAST WEEK HAS BEEN A WET
BLANKET ON BUSINESS.
Has Been Leaking Gold at q Mar
velous Rate, and Mostly for Export
Distrust in View Of the Drain Increas
ing Daily-EmplOyment OF Hands Not
Observation-Disclosures Buy Heavily
of Wool. Believing That Prices Cannot
Go LoWer-Wheat Lowest Ever Known

New York, Jan. pr. G. & Co.'S re-
view Of trade will say: Events have
not helped business this week. About
81 $50, 900 gold has been withdrawn
from the treasury, mainly for export.
and the gold reserve has been reduced
to about s5S. 0o0, 900. Since Dec. 8. the
treasury has lost in thirty-nine work
ing days about $50, 600, 900 gold and
daily increasing distrust is liable to
effect markets unfavorably. Indus
tries have not yet found sufficient de-
mand for their products TO prevent
further decline.
The number of hands employed does
not increase and strike has cut off
for more than a week about half the
Brooklyn street cars. At the bottom
business hesitates but the future is
clouded and the consuming demand has
not increased in January as was ex-
pected. In belief that it would indus
tries had enlarged production and until
it does, the excess of producing capac-
ity constantly tends to depress prices
in both iron and steel. A better de-
mand appears for bars in Pittsburg but
at Chicago they are Unexpectedly dull.
No transactions in rails are reported in
general and the demand for finished
products is considered disappointing.
The anthracite coal traffic is again
much disorganiZed. The minor metals
are shade strong but tin plates are
lower with considerable business.
Heavy sales of WOOL 6,567, $50 pounds
against $685. $50 two years ago are in
part the result of growing confidence
among manufacturers that they will
ba q Ia 70 oat fOr0irrv aud
in part because prices are not thought
likely to go lower, so that some have
purchased beyond their orders for
goods.
The receipts Of foreign woods are
large and holders pushing to sell. Open
ings Of additional lines Of manufact-
urer's woolens indicates a general re-
duction of five to ten per cent on last
years, but quotations are unstable.
Wheat was sold at the lowest point
ever known for the May option and
spot has declined cents for the week,
liquidation of the immense holdings
of the fair state being rumored. For
most the great visible supply and the
pressure of quantities carried for specu-
lation in elevators, justify extreme low
prices as there is nothing as yet to in
dictate material decrease in the next
crop. Receipts at present are smaller
than year ago but since July ] have
been 119, 000, 900 bushels against 142, 000,-
600 last year. Atlantic exports are
only 1856, 900 for the week and do not
suffice to support the market. Corn
has declined 2A cents though receipts
are shrinking. Liquidation in pork
has brought a sharp decline. Cotton
barely escaped the lowest price on rec
ord with receipts from plantations
nearly $4,000 bales larger than at the
same date when thee rop was over
5000. 900 bales and stock Of America and
abroad 300,0 900 bales larger than at the
same date that year.
The dull resistance which prices in
the New York speculative stock mar
ket offer to the heavy gold shipments
and rapid shrink in the gold reserve
would indicate belief that when mat
tiers come to a crisis relief is more like
ly to be obtained. There has been some
liquidation in the stocks of the proper
ties subject to reorganization and on
which heavy assessments are antici-
pated. Apart from this, however, the
bears still find great difficulty in dis
lodging stocqs. Some selling of invest
ment securities is reported for Euro
pean account.
Failures this week have been 1863 in
the United States against 430 last year,
and fifty-nine in Canada against fifty
five last wear