The Topeka state journal., 1897-07-24
dun is HOPEFUL.
Sees a Dawn of Better Times
With the New Tariff.
Discovery of Gold in Alaska a
Prosperity Breeder.
THE ONE DRAWBACK
Is the Great Miners Strike
Which Grows No Better.
BradStreet's Takes a Brighter
View of the Situation.

4
| those who have favored the change.
The great change in stocks, particu-
larly in those of the granger list, re-
fleets assurance of heavy crops. The
| remarkable rise in wheat, ,notwithstand-
ing that assurance, is based ON heavy
buying for export
There must be added another element
OF confidence scarcely observed a week
ago. The heavy increases in the re-
ceipts of gold. whether from one side
of the Alaska border or the other, SWeIls
deposits at the mintS and in the banks
OF this country, and if the yield from
new regions answers current eXpecta-
uons, it may have an influence akin
TO that of the gold discoveries in Cali
fornia.
The one retarding force, the strike of
the coal miners, has caused the closing
OF a few manufacturing works for want
of fuel, but negotiations for settlement
are still pushed with hope.
Since July 6, the price of wheat has
risen II cents by Wednesday, when a
reaction of 4 cents was not surprising
but the close was 5sc higher for the
week. 1t is notable that this rise came
in the face of highly encouraging crop
news, which is not disputed and had
for support nothing foreign, only con-
ditions and demand Actual buying for
export has been at times heavy
and the loading of cargoes here
and in California for the coun-
tries which usually contribute to
European supplies, greatly strengthen
ed the impression produced by conti-
mental reports. That there is Specula-
tive handling behind the great advance
is evident. and the buying for export
has not yet resulted in Atlantic exports
quite as large as last July, to date, A.
,44O bushels, flour included, against
4,961,646 last year Western receipts
5,252 271 bushels in July against 1925.
257 last year, indicate concerted delay of
shipments, which. however rarely with
dc f1ea inf Of IEE-f 10
rise.
Corn exports are still heavy, $685., ,695
bushels in July against 2.421,999 last
year, which perhaps restricts more GER
tainty than the wheat movement the
actual conditions abroad.
Both because of the season and be-
cause of the pending action on the tar
iff, Industrial operations are waiting
and yet with an improvement which,
under such circumstances is significant.
The half yearly production of pig iron
exceeded that of the last half of 1896
by 756, 5S5 tons. but outside the great
steel companies, there is little activity
at this time, though they are increasing
their output. The Illinois company has
sold basic steel for export to Germany,
a New York sale of hoops for export to
Manchester is announced and additional
orders for Pennsylvania iron bars to
England. BesSemer pig is shade low
er. with other quotations unchanged, !
but the demand for plates, sheets, pipe |
and structural work is growing. |
Minor metals are IN better OenanOy
tin at $13 95 and lead at $3.15 and cop |
per is sustained at 111sc for lake export, |
though the June production was 1858 !
tons, and that of the half year 1OS,610 |
tons.
There is a general advance in boots
and shoes avera ging about 11z per cent |
with a large demand, as dealers lose !
hope of lower prices. but leather is un-
changed and hides at Chicago aVerag-
ing per cent lower.
RRADSTREET'S
New York, jury 24-Bradstreet's says:
The widespread confidence that there
will be a marked revival in general |
trade in the fall continues to grow, and |
with it material evidence that it is well
founded.
Chicago jobbers in clothing, dry goods
and shoes and manufacturers there and
elsewhere of pianos, organs, wagons
and farms implements report that fall
business has begun, which IS much ear
1ier than usual.
The distribution of general merchan-
disc from st. Louis is a little less ac-
tive, although trade there is favorable.
Like reports are received from Pitts
burg, Notwithstanding dullness in iron /
and steel; Savannah,fn spite of this be-
ing the busy season on plantations;
Omaha, Milwaukee, Duluth, Minneapo-
lis and ST. Paul, where merchants are
feeling the influence of a prospect1Vely
large crop of wheat and from Galveston
and other points in Texas on the favor
able crop outlook and confidence in an
increased movement of merchandise
next fall Demand Tor SuppneS IOr
shipment to the Klondyke gold region
has made July the busiest instead of
the dullest month in the commercial
year at Seattle and has had an inf1u-
ence on sales of staples at Tacoma,
Portland and San Francisco
The worlds wheat crop outlook con-
tinues to favor the United States much /
as it did IS years ago. The outlook is |
that Russia alone of all other wheat /
exporters will be able to compete with
the United States. The. advance of .
more than 20 cents a bushel, compared /
with a year ago in the face of a domes- +
tic wheat crop probably 100, 900 900 BUSH
els larger than last year. |
and the prospect for a continued level |
for quotations owing to increased de- |
mand from importing countries, explain |
why the American farmer is to secure
his proportion of the advance and the +
coming era of prosperity. That he is !
alive to the situation is indicated by a /
tendency to hold back wheat already |
harvested, Notwithstanding higher quo
tations.
Unfavorable features include the con-
tinuance of the strike of bitininuOus
coal miners in the western and southern !
states, which now begins to threaten /
the continued activity of industries /
pendent upon that variety of fuel, the /
practical stagnation of the BeSsemer I
pig iron and steel billet markets, with /
prices as low as ever known, the shut I
ting down of New England cotton mill 4
machinery to reduce output and get rid |
of stocks on hand, and the unsatisfac- |
tory condition of the wooden goods mar !
ket. owing to the relatively low prices /
of products compared with quotations |
for raw material.
Business failures reported throughout !
the United States this week 220, as COM /
pared with 247 last week. 2S0 in the
week a year ago; 239 in the week two
years ago; 237 three years ago and 4S9
IN tha 90 fn6 in