The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1898-08-27
RECORD BREAKER
Volume of Business Thus Far
In August
Exceeds Amy Previous Year In
the COuntry'S History.
A DECLINE IN WHEAT
Brought About by Conspiracy
Among Traders
To Punish Farmers For Hold
ing Back the Crop.


New York, Aug. 27.-R. G. Dun &
Cos. Weekly Review of Trade says:
The volume of business reflected in
exchanges at the principal clearing
houses is 20.4 per cent larger than last
year and 26.8 per cent larger than in
1892, heretofore the year of largest bus
mess and highest prosperity ever
known. Part of the increase was due
to speculation at New York, but there
are most healthy increases over the
best previous years, and though in some
branches it is not satisfactory in char
acter. in nearly all it is in volume 1arg-
er than ever before.
No unfavorable change apears in
the prospect OF crops, upon which the
welfare of the country largely depends,
nor is there present or threatening fin
ancial disturbances. Europe has not
Wearied of buying American securities,
although some spectators have been
selling, nor is there shown any want of
confidence among American investors.
Comparisons as to foreign trade are apt
to mislead, because imports last year
were extraordinarily small after the big
rush to anticipate new duties, while ex-
ports were beginning to show the phe-
nomenal demand which made the most
remarkable year in our history. Hence
the decrease of IS per cent from New
York in August thus far is not alarm
ing, but sales of products yet to be fol-
lowed are larger and have stopped any
advance in the current rates of for
eign exchange. Nor is it at all dis
heartening that imports of New York
for the month thus far exceed last
years by nearly 100000 since last year
they fell below those of 1896 by more
than 81. 1000, 600.
Wheat goes down cents for the
week, as if there were no foreign de-
mand coming, the obvious concert of
farmers to keep back wheat the crop
being certainly very large, tending to
encourage a conspiracy of traders
against them, which thus far has entire
control of the market. Atlantic ex-
ports for the week have been 2,731, 594
bushels, against 3,56S, 1863 last year, and
for four weeks of August IL, 101, 079
bushels. against 13. 37S,6 38 last year,
while Pacific exports, 254,23 bushels for
the week, against 770,819 last year, have
been for the month 1,363,794, against
LAOS, 1888 last year. 1t is wise to remem-
Der that the foreign demand on account
of last years shortage is still tapping
over while reports show that more for
eign crops are about average.
The output of iron and steel no longer
measures the demand, and the Stipu-
lated stoppages of furnaces in the She
mango and Mahoning valleys has raised
ale price of Bessemer pig at Pittsburg
to $1,000 and of grey forge to 1925, with
out any certainty whatever that such
prices can be maintained when the val
ley furnaces resume operations, as
some of them are now doing. The ma
tural result is that the Pittsburg region
is so much the less able to compete with
the Illinois combine just formed, which
is getting all the business it can do and
promises to turn out iron at less cost
than any other works in the country
At all points bars promise a, larger out
put than ever before, and structural
forms and plates are in heavy demand,
while the tin plate producers have
found themselves obliged to advance
prices about 10 cents per box, and the
sales are said to be very heavy.
cT9f- or nd Eh hoy
been larger than in any previous year,
amounting to 1862, 293 cases in four weeks
of August this year, against 843, 258 last
year and 356. 376 in '95, much the largest |
for this month heretofore and 1928, 1894 in
1892. While leather is quite stiff, not |
withstanding extremely light purchases
by manufacturers. hides yield a little
at Chicago. The reduction in manu- |
facture by the print cloth works, ex-
pected to reach one million spindles |
shortly. does not disturb the market |
for staple and bleached goods, which is |
unchanged.
Failures for the week have been 179 !
in the United States, against 223 last |
year, and 26 in Canada, against "a last |
year.
Bradstreet's Report.
New York. Aug. 27.-Bradstreet's Fin |
ancia1 Review says:
Reactionary tendencies marked the |
early part of the week, the market also |
showing a decrease of activity and a |
in speculation. A firmer tone and a |
renewal of the advancing tendency has, |
however, appeared in the last two days.
There has been no positive news of an |
unfavorable character, apart from ru- |
mOrs that warm weather has injured I
the corn crop at the west and hardening |
of the money market, which latter Cir |
cumstance is partially offset by the cas-
Ter tendency in rates of exchange. The |
depression may accordingly be charged |
partly to the heated term, partly to the |
temporary falling off of public interest /
and partly to professional spectators /
realizing on their purchases.
There was also renewed evidence OF |
bearish manipulation, and the sharp de- |
cline of Manhattan which was one of |
the features of the week, was generally |
charged to that cause. The subsequent |
hrmneSS and recovery also seemed to |
represent covering of a short interest in /
it, While a few stocks, notably North |
ern Pacific, were exceptionally strong,
the general list sagged off under realiz- |
ing sales and bearish pressure, being |
apparent in the granger and other pOr-
tions of the lists that have recently |
made such marked advances. London, |
while sending prices higher, has, on the |
whole been a seller of our stocks and |
balance The bond list has been strong |
though its features have been mainly /
cheap specialties like Texas Pacific |
second incomes and standard rope and !
Irvine securities, in all of which marked |
advances have been scored
Government bonds have not been as /
active, as the demand for the older Is /
sues have slackened and fractional re-
cessions have been recorded IN some |
cases. The new per cents, after /
touching 1851. also receded to 1855 on |
sales of allotments by subscribers for |
amounts up to 81, 600, who this week re-
ceived notice of acceptance.
Bucklen's ArnicaSaIve.
The best save IN the world for cuts.
bruises, sores, ulcers Sa1I Eneotn, lever