The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-01-28
STOOD THE TEST.
r. G.. Dun & Co. Says Public
Confidence Has Been
Placed on Trial and Has Not
Been Wanting.
THE RISING PRICES
Of Wheat, Corn and Cotton
Don't Stop Buying.
Because the World is Short and
Must Purchase.

New York, Jan. 2S--R. G. Dun & CO. s
Weekly Review of Trade says:
The country is In a stronger position
than a week ago. Remarkable strength
in it's industries is an important but not
the chief element Public confidence in
the business of the country and in it's
securities has been tested to an unusual
extent by the sudden fall in stocks and
the subsequent rise. Confidence in the
value of wheat, corn and cotton has
been shown by the markets and at ris-
ing prices the world buys because 1T has
to buy. The vast supply of unemployed
capital has been shown impressively
and the new and startling independence
of foreign money markets fixes atten-
ton. The lumber movement is unusual
ly large for the season, with prices OF
low grades sharply advancing. Railroad
earnings and tonnage have shown sur
prising gains. Treasury receipts are
gaining, and a. vote on the peace treaty
has been fixed for February 6.
The weak points in the situation may
first he considered. Wool grows weaker
because forced by the spectators 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 begin to
advise speculative holders to sell.
Goods are in much great demand be-
cause prices fairly proportioned to the
reduction of about 10 per cent in wool
since a year ago have made important
openings. The sales of wool are still
small, manufacturers buying at Phila-
delphia where prices are yielding rather
than at Boston where great efforts are
made to sustain them, but the goods
movement for heavy weights is still dis
appointing and comparatively SLOW
Larger orders for light weights keep
many works employed. Sales for the
week have been 6, 403, 400 pounds, and for
four weeks %, S99, 200, against 80, ,O70
last year and &c, 1914 600 for two years
ago. Cotton is Ac higher and goods
have been strong.
Belief that damaged cotton will cut
down the yield helps increased demand
for goods to raise prices for both. The
receipts are light; cotton growers have
seen a rise of over 1 cent per pound
from the lowest point to tempt them
Goods have risen on many grades, about
four-tenths per cent on reported quail
ties against per cent on raw cotton,
and the consuming demand Is strong.
Pig iron has risen at Chicago be
cause of higher freights from the south
and at PittSburg q shade for bessemer
and grey forge because of growing de-
mand, but for the moment the rise of
two-tenths per cent in pig is exceeded
by the rise Of 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 80, 900 tons of rails in one
contract for a southwestern road and
many of smaller quantity; 10000 tons of
bars and many for a less quantity; COW
ering 5000 steel cars for the Baltimore
& Ohio with other ship, car and mis-
cellaneous contracts; numerous bridge
contracts, with one pending from Can
ada and others from all parts of the
world; 10000 tons of sheets at Pitts
burg, with heavy business elsewhere,
and a general demand never surpassed:
Nails are advanced by the combination,
pipe works are crowded and negotia-
| tons progress for their consolidation,
as also in bridge building.
Wheat has risen cents, with much
buying based on extraordinary exports.
Exports from Atlantic ports for the
week, -four included, are 3,S13,3o1 bush
els, against 2,974,272 last week, and from
| other ports 1852, 454. In four weeks the
exports from both coasts have been 49,
| SIC, 0s7 bushels, against 16,71S,925 last
year Reports of injury to winter
wheat always come at this season, but
count for little when the farmers are
selling heavily. Corn has advanced 2
cents although exports have been H.
| 5I3. 365 bushels, against 13,061, AT last
year, and the surprising continuance of
| demand equaling last year, seems to be
forgotten. But official trade returns
| show that this one feature counts for
millions in the years excess of mer-
chandise exports.
Failures for the week have been 224
in the United States, against 342 last
year. and 80 in Canada, against "a last
year.