The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-01-14
New York is Her Creditor Far
Into the Millions,
And There is Still an Alum
dance of Money Left.
THE NEW YEAR BEGINS
With Exports Far in Excess of
ALI Previous Records.
Orders From Abroad for Struc-
tural Iron Find No Takers.

New York, Jan. AR G. Dun & Co. s
Weekly Review of Trade says:
Contrary to the French saying, the
expected has occurred. Rapid advance
in prices of iron and steel products have
had their Immediate effect, perhaps not
to the lasting benefit OF the industry,
for there is the same reason for doubt
as to its permanency as in 1885, when
shrinkage of buyers and reaction soon
carried prices lower than before. But
there is now larger demand for many
other products, and without unWieldly
combinations all are doing We'll
Throughout the country the SITUATION
was never as strong financially, as even
governors of London banks admit, one
stating that as London had financed
America heretofore now for the first
time New York is financing Europe
No evidence of weakness is seen in 9th
err branches of industry nor in those
upon which the great excess Of exports
most depend.
Wheat and cotton still go out largely.
Europe is buying because it has needs
and New York is lending to Europe no
BODY knows how many millions because
there is for the present no need TO can
loans. The receipt of $500, 900 gold
from Australia is announced at san
Francisco.
Americans are in the humor to IN
vest in their own country and have
great amount of money to put out
without recalling any of their loans 10
Europe, so that the heaviest tranSac-
lions ever known in the stock exchange
have occurred during the week without
the evidence of reaction for which many
strong operators have been looking
In products also the proposition OF the
country grows stronger Last years
exports of wheat and corn were Tar De
yond all precedent, but the past week
a hITG h6i
wheat. flour included, against 3. 216,4Io
last year from Atlantic ports, and in
two weeks 9,452. 100 against $685. S last
year, besides exports IN two weeks
from Pacific ports of 1.724,O51 bushels
against 2, 340, O09 last year. Meanwhile
corn exports have been in two weeks
7,19e. BIB bushels against 6.O91,5Is last
year. 1t is quite impossible to account
for such movements except on the
theory that at current prices this coun-
try is underselling the world and has
great quantities yet to move at similar
prices
There was an advance OF IL cents in
wheat during the week and l cent in
corn without any indication that sup
plies are running short and the west
ern receipts of wheat have been in two
weeks S,649 S99 bushels, against 5,553.200
last year.
Neither is there evidence OF weak
ness in the great industries. The out
put of pig iron January 1 was 243.5le
tons against 235, 52S December 1, show
ing a product of about 5000 tons week
" more than has been estimated with
a further decrease of 81, IA tons in
stocks unsold during December. But
while the Australian order for $1,000
tons is still on the market with another
European order for 5000 tons plates,
the mills are so crowded that prices are
moving up rapidly. Bessemer pig iron
is only 10 cents higher at Pittsburg and
grey forge Is cents, but plates advanced
10 cents by the combination Minor
metals are also stronger, tin having
risen in sympathy with London to y
cents and copper to ID 90 and lead to
cents, heavy consuming demand help
ing in each case The new combination
in tin plates has advanced the price to
So per box at the works. There have
also been large demands for structural
work, 10000 tons in bridges and build
ings at Chicago.
Wool is stifiy held at the west, al
though at Boston, Ohio Xxx is quoted
at 2615 although much higher at Phil
been hampered beyond all expectations
by the prices demanded for wool with
the extraordinary stocks yet unsold-
The market for cotton goods has been
fairly large and at rather better prices.
in accord with the price of cotton. which
has risen to 06 cents. Receipts at the
south are much smaller than heretofore,
while there is accommodating evidence
that the crop gathered late and under
unfavorable conditions of weather does
not grade as well as was expected
Failures for the week have been S1S
in the United States against 349 last
year and "a In Canada against As last
year.