The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-01-28

siderable profits resulting have sought ex-
preston in the channels of staple food and
textile distribution. Color is given 10 this
claim by the fact that the situation in
actual wheat shows but little change from
recent weeks II is true that the tendency
to pare down alleged official estimates of
Russian crops, and some weather reports
from the west, have been more encourag-
ing to the holders OF actual wheat. but
the magnitude of the outburst Of new
buying shared in byi former persistent
shorts in wheat, alone hardly explain the
activity in this market. which has result
ed in the highest prices reached since the
collapse Of the Letter deal.
Activity in demand for nearly all classes
of iron and steel is reflected in advances
for nearly every class Of pig iron and in
steel billets, rails wire and plates An
nouncements OF large number OF consol-
idations and combinations projected or
under way are also a feature in the do
main of other metals, notably copper and
tin. where speculation and actual demand
alike make for higher prices. Better re-
ports are received from the lumber trade
in a number of cities and all the old ad-
vances are maintained with confidence in
the outlook for spring business. Some i'm
prOvement in the dry goods trade is 10
be noted a eastern points notable Phila-
delphia and Boston. where advances in cot
tons are maintained. Wool. though firm.
is slow of sale. and finished products. with
the possible exception of dress woolens, do
not move as freely as hoped for, feature
this week. in fact. ebeing the very low
rfo
General industry is reported active, nota-
bly, soft coal mining and shipbuilding.
One encouraging feature in the former
| trade has been the wage settlement made
with 100000 western coal miners for another
year.
Wheat Gncluding four shipments for
the week aggregate 4,997.572 bushels.
against 5.19S.61 bushels last week 5.026. 024
bushels in the corresponding week of 1898
2,515.40S bushels in 1897. 1850 305 bushels in
1896. and 2.4S3,S5s bushels in 1895. Since
July l this season the exports of wheat
aggregate IA, 423. 2s1 bushels, against 49,
494, $50 bushels last year
Corn exports for the week aggregate
1886 73S bushels. against 292S, 1s1 bushels
last week. 1922 bushels nthe week
year ago, 9,0l1, COZ bushels in 1897. 3.197. Os5
bushels in 1896 and 81. 461 bushels in 1895
Since July l this season corn exports ag-
gregate 95,7 ,923 bushels. against e6 Se3. 73S
bushels during the same period a year
ago.
Business failures are fewer in number
aggregating 246. against 262 last week. 2Ss
in this week a year ago, 326 in 1897 1893
in 1896 and SO in 1895.
r.. Of
Canada for the week number 81. against
! 30 last week. 40 in this week a year ago.
Sc in 1897, 60 in 1896 and Sc in 1895.
WEEKS STOCK SPECULATION.
New oYrk. jan 27.-Bradstreet's finan-
cial review tomorrow will say:
One of those speculative outbreaks which
occur at irregular intervals in the history
OF commercial countries is now in full
progress in the United States, with Wall
Street as the scene for its principal mani
festation. The present week has witnessed
further advances of the kind which only
occur when the public comes into the mar
ket almost en- masse and purchases eager
" and even recklessly. This has caused
the transactions in stocks TO assume d.
menions never before seen in this mar
ket. The dealings have been excited, es-
pecially on Monday morning, when the
rush of buying orders "at the market"
were such as 70 cause wild advances in
confusion. The mechanism of the stock
and Of the street at large have. however.
worked well, the stock clearing system be-
ing in no small degree responsible for this
fact.
Money continues TO be exceptionally easy.
there being no symptoms whatever of the
hardening of interest rates. which usually
appeared on former occasions when ex-
/ tremely active speculation has developed.
This exceptional state of affairs is due no
doubt TO the circumstance that our mar
ket in contrast to its position in 1880 or
in the other "booms'' of the past Is not
now borrowing money abroad with which
10 carry on the current speculation, but is
actually ending large Amounts TO London
and the ontinental cities. 1t may be noted
that while London follows the proceedings
here with great interest and has even
shown a sympathetic tendency toward
increased speculative activity on its own
account, IL has been, on the whole, seller
/ OF our securities or. TO put the case in an
other way. prices here have advanced so
much and rapidly that London has not
kept pace with us. and arbitrsge opera
tons. involving the buying of American
stocks in London and their resale here.
, has resulted in the shipment of considera-
/ bic amounts OF securities from Europe
! 20 New York
/ The controlling factor in the market has.
however been the continued increase OF
/ speculative purchasing orders from the
/ public, no; only in New York, but through
out the country. Wall street commission
houses have had An influx OF such business
! 10 an extent hitherto unknown and in
many cases their facilities have been al
most overwhelmed by the detail work
which It involved It is, however. a pots-
/ bic circumstance that. as rule, firms of
/ this class. which now naturally profit by
( the wholesale entrance of the public into
/ the market, have generally recommended
/ conservatism and proft-taking 20 their
/ customers In fact. the street mas ap-
I peared to be somewhat backward. while
the public presents such decided evidences
! Of speculative confidence. There has. OF
+ course. been heavy realizing from time 10
time and not a little shifting Of the public's
+ buying from one part Of the list 70 another.
on THE LONDON EXCHANGE.
/ New York. Jan. 27.-The Commercial Ad-
. vertisers London financial cabIegram
. says: The stock exchange clearing house
/ here broke down last night owing 70 the
4 heavy settlement in Americans and Arr
cans, hence business vas impeded today.
/ Nevertheless. Africans were rampant and
/ Americans We're brisk The later began
duh Nj Vanderh.l.s denial o. the con
. soEdation report caused a drag in the early
hours Then American houses got A big
h--.-.--c- 49, II -s.-.-c - -.