The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-03-02
NEARING THE POINT
DANGER o. GOLD EXP0RP RE-
GARDED AS IMMINENT.
Bond Syndicate Appears Not to be Exert
Particular--Stoek Markets Cringe to
London. With Foreigners on the Sell
Legal Tender Redemptions--Wheas and
Corn Higher and Cotton Lower--Indus-
tries Gain Slowly or Not at Au-MetaIs
Observation-Disclosures Review

| New York, March I.-R- G.. Dun 2
! Co.'S Weekly Review Of Trade. which
issues tomorrow will say: No gold goes
out, though sterling exchange has risen
close TO the exporting point and il
does not yet appear that the syndica te
has made any effort to control the
exchange market. London has sold
about 10000 shares OF stock during the
week and the market is distinctly
! lower for railroad shares, though a
shade stronger for trusts. The stock
markets wait abjectly for London and
foreigners show thus far more DISPOSE
ton TO sell than to buy.
Withdrawal Of gold by redemption of
legal tender has not ceased, but since
the closing Of the syndicate contracts
have averaged about $4,000 per day
Wheat is IL cents higher but clearly
rot because western receipts are a tri-
f1e less than q year ago, not because
exports from the Ttlautic coast are
small. Spasms OF speculative activity
must be expected during every season
and when prices are at the bottom
Nothing is cen to justify any material
rise, as supplies in sight do not de-
crease more than they would naturally
on account of bad weather. Corn IS
only shade higher, with western re-
ceipts much smaller than last year
Cotton dropped a week ago to 356
cents, the lowest point ever known
since moderate classifications were
adopted, and has not yet risen though
the talk of great reduction in acre
age this year is as vigorous as ever.
The whole market turns on the fact
that stocks of American cotton here
and abroad are considerably larger
than ever.
The industries make very slow gains
where they make any. Little is said
of the stoppage Of the Edgar Thompson
steel works, though many Thousand
hands depend on its operation, because
the Carnegie company has purchased
fifty thousand tons OF besSemer pig at
1896 to $40 at Pittsburg, a price indi-
eating that the biggest concern in
western Pennsylvania does not make
iron for less. At other markets pig
iron has been quiet and elSWhere. as ~
Pittsburg, structural iron orders &C
count for large share of the new bus
mess reported, though activity in wire
wire rods and barbed wire continues.
Bar iron and steel are firmer at Pitts
burg, but without change in quota
tons and on the whole the reduced
II January does not seem
to have more than matched the reduced
production. In the minor metals there
is more business, in lake copper AT $50
cents with some offerings at COS cents
and forced values have depressed lead
to 3.21 cents. Tin is also weaker at
l31 cents with ehavy irnportatiOns.
Te market for cotton goods is fairly !
active and the demand improves in I
some grades, but is on the whole de- /.
ridedly disappointing, though this week
there has been no sensational reduc- 1
ton in prices. Undoubtedly the ac- 4
,umula ton of goods continues, and is 4
most dangerous for the trade. The .
sales of wool at three chief markets /
Turing the past month have been 20 .
s03, $50 pounds against IS, IA 131 last
year and 23,1S9, 900 for the same weeks /
-wo years ago, and while the mills max +
ng low grade goods are fairly supplied
With orders. il is a most unwhOlSOme
'eature that numerous cancellations are
'eported, indicating that the goods sup
0lied at exceptionally low prices 90
lot meet the expectations of buyers.
IN the other hand, the demand for the
FOODS Of a better grade seems a little
letter than expected.
Failures for the past week have been
so in the United States against PSI last
ear and in Canada IS against AZ last