The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-01-28
PRICES On The RISE
Wheat, Corn and Cotton Con-
spicuous Among Staples.
WOOL Is THE WEAK SPOT
Immense Iron and Steel De-
mand-- Stock Speculation.

New York, Jan 27-R. G. Dun Co.'S
Weekly Review of Trade will say tomor-
row:
The country is in stronger position than
a week ago. Remarkable strength in its
industries is an important but not the
chief element. Public confidence in the
business of the country and in its securi-
ties has been tested to an unusual extent
by the sudden fall in stocks and the sub
sequent rise. Confidence in the value or
wheat, corn and cotton has been shown
by the markets, and at rising prices the
world buys because il has to buy. The
vast supply of unemployed capital has
been shown impressively and the new and
startling independence of foreign money
markets fixes attention The lumber move
ment is unusually large for the season,
with prices of low grades sharply advanc-
ing. Railroad earnings and tonnage have
shown surprising gains. Treasury receipts
are gaining and vote on the peace treaty
has been fixed for February 6.
The weak points in the situation may
first be considered:
Wool grows weaker because forced by
speculation a year ago TO prices which the
market for goods could not sustain and
has been much embarrassed in trying to
sustain ever since. Western bankers be-
gin to advise speculative holders to sell.
Goods are in much greater demand be-
cause prices fairly proportioned to the re-
duction of about 10 per cent in wool since
a year ago have been made in important
openings. The sales of wool are still,
small manufacturers buying al Philadel-
phia, where prices are yielding, rather than
at Boston, where great efforts are made
to sustain them. but the goods movement
for heavyweights is still disappointing and
comparatively slow. Large orders for
lghtweights keep many works EMPLOYED.
Sales for the week have been 6.4O3 400
pounds and for four weeks %. S99. 200.
against 90,42l.07O last year and 26,547,6OO
for two years ago.
Cotton is higher Il cent and goods have
been strong. Belief that damaged cotton
will cut down the yield he,ps increased
demands for goods to raise prices for both.
The receipts are light; cotton growers have
seen a rise of over 1c per pound from the
lowest point to tempt them. Goods have
risen on many grades. about four-tenths
per cent on reported qualities. against
per cent on raw cotton, and the consuming
demand is strong.
Pig iron has risen at Chicago because
of higher freights from the south, and az
Pittsburg a shade for Bessemer and gray
forge because of growing demand. but for
the moment the rise of per cent in uis
is exceeded by the rise of 2 per cent in
products. The pressure for many products
is such that the works are able to make
their own quotations, and rails and bars
at Pittsburg. and wire nails have slightly
advanced. The demand is heavy in all
lines, covering 10000 tons rails in one con-
tract for a southwestern road and many
of smaller quantity; 10000 tons bars and
many for a less quantity; covering 5000
steel cars for the Baltimore and Ohio. with
other ship, car and miscellaneous con-
tracts: numerous bridge contracts. with
one pending from Canada and others from
am parts of the world; 10000 sheets at
Pittsburg, with heavy business elsewhere
and general demand never surpassed.
Nails are advanced by the combination.
pipe works are crowded and negotiations
progress for their consolidation, as also
in bridge building.
Wheat has risen cents. with much buy
ing based on extraordinary exports. from
Atlantic ports for the week flour included)
of 3,Sl390l bushels. against 2971, 1913 last
year; from Pacific ports. 321, 255, against
11S0, 272 last week and from other ports
462, 45i. In four weeks the exports from
both coasts have been 19,675.OS7 bushels,
against 16.S1S925 asst year. Reports of in
jury to winter wheat always come at this
season. but count for little when the farm
ers are selling heavily. Corn has ad-
vanced cents. although exports haye been
1l.513 800 bushels. against 13.GS1.477 last
year, and the surprising continuance OF
demand. cqualing last year. seems TO be
forgotten. But official trade returns show
that this one feature counts for millions in
the years excess of merchandise exports
Failures for the week have been 224 in
the United States. against $40 last year,
and 80 in Canada against 81 last year.
BRADsTREET's
New York. Jan. 27-Bradstreet's tomor-
row viii say:
The apparently steady rise in the tide Of
general business has been diversified this
week by an outburst OF speculation in a
number of staples, nora&ly cotton and
| wheat which heretofore have registered
steady gains on actual consumptive de-
mand rather than on the development or
marked buIlish speculation. Large trans
actions and buoyant prices have been
features in these staples and signs are not
anting that sympathetic though smaller
movements in number OF other lines are
on the way or contemplated. Excsp:iona!
industrial activity in the iron and steel
trades is another feature OF note. and here
too. price advances are all but general. re-
fecting, so far "a can be seen. chiefly the
urgency OF consumers requirements, the
claim. in fact, being made that specula ton
| has not as Yet entered into the buying in
this branch Of industry The same claim
however. can hardly De made as regards
/ a number Of movements toward consoli-
! dalton in this and other industries. where
| in fact, the movement toward combina-
| ton is described as approaching z virtual
craze. In the regular channels OF dis
| trihutive trade conditions continue in the
main satisfactory, volume OF spring or
| ders az most markets being reported as
larger than in any recently preceding year
| at this time.
/ While it is hardy possible % tx the en-
( tire responsibility for the buuishness in
wheat and cotton. upon the movement