Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1899-07-08
BUSINESS QUIET. BUT IN FAVORABLE
CONDITION.
CONFIDENCE WELL FOUNDED
Rank, CLEARINGs SHOW ENORMOUS
GAINS FGR SIX MONTHS.
Record of Failures IL Most Gratifying
-Crop Prospects Are FIattering
in NenrIy All Parts of the
Country-Prices
Strong.

NEW YORK, July 7.-Bradstreet's to-
morrow will say:
Holiday observances and semi-annual
stock takings have worked toward quiet
in general trade and industry, but 1t Is sig
nifcant of the favorable conditions ruling
in this as compared with previous yester-
days that trade advices point TO rather
more than the average business being done,
Notwithstanding the checks to demand
shipments above mentioned. Additional re-
suits of the seasons work brought TO light
are fully as favorable as those in Brad
streets report last week, and furnish an
adequate basis for the general air OF con-
fidence with which the business world faces
the latter half of the year. Bank clearings
returns fully bear out estimates given last
week, pointing to unprecedented totals and
enormous gains for the six months period
over preceding years, while Bradstreet's $
report as TO prices points to q steady
Strengthening of quotations of staples and
exceptionally few decreases in prices reg
istered in June. All indications favor a
total export trade little below that of last
years phenomenal total, what little falling
off there has been shown being due to re-
duIed European takings of American food
products.
Preliminary reports as to railroad gross
earnings indicate exceptionally good show
ings for the month and the half yearly
period, the gains In fact being the heavi-
est reported this year.
''Distributive business on seasonable ac-
count is naturally on small scale, but
orders for fan delivery are reported partic-
ularly liberal and making favorable COM
parisons with last year.
In the iron trade, the strength of prices
and demand is still the most notable feat
ure, further advances in pig iron being not
able this week and delays growing out of
Inadequate supplies are becoming increas-
ingiy numerous.
"Anether strong situation is found in the
wooden trade. Prices of the better grades
have been advanced this week on active
demand from dealers and manufacturers
and in sympathy with the advance at
London. The manufactured product is
strong, and the new season opens well.
Cotton has strengthened quite considerably
in disastrous floods in Texas. The wheat
market has moved within a narrow range
this week. weather conditions furnishing
the basis for most of the changes shown,
the closing days of the week witnessing
considerable frmness on short covering,
due to less satisfactory crop reports from
the Northwest which are, however, not
confirmed by continued heavy receipts Al
primary markets. by rather better than
expected out-turn of winter wheat and by
the confident reports as TO trade received
tries which report more cheerful out
look than for some time past is that OF
anthracite coal, which was advanced q
cents ton on July 1"
X. G. Dun & Co.'S weekly review OF
trade will say tomorrow:
Failures of the first half of 1893. with
banking and financial included as in all
other accounts published, were 1854, with
liabilities S49,66i,661. Commercial failures
were 1853. with liabilities of $i2 2O62, 93SS, OF
which SIG, .So3 was manufacturing and
$2S oil ,26i was trading In the second quar-
ter failures We're the smallest ever report
ed in that quarter of twenty-five years
for which quarterly reports have been
made by this agency. The average pei
In any quarter; the average per firm ir
business, s12.20, and the ratio of defaulted
! liabilities to solvent exchanges, e. cents
per $l,ooo, are both the smallest ever known
| In any quarter.
I'm ten of the fourteen branches of manu-,
| featuring, failures were smaller than in the
years, and in thirteen out of fourteen
branches. The larger failures. for $4,000
or Or more more, We're only. two in trading, oil
| previous year, and only fifteen in all fol-
$2,A7.lSo, from a fifth to a tenth of previous
years. The decrease in small failures i:
l. ".
Wheat declined y of q cent. exports be
ing but Oh bushels for the week, foul
included. against 26i3,139 last year. fol-
bashes asanse ssss fssep ps
year. If the farmers actually carried ovel
6, 10000 bushels or more year ago, aftel
sl.25 to s2 per bushel had been paid a
Chicago for some months, as one farmint
journal estimates, they need the education
which they. are getting, but the claim still
entirely fails to account for their liberia
| lower ntra
dictory guesses and hopes continue, bu
this year is very hard on predictions. Corr
| exports are twice last years. 2.31S 70S bush
els, against 1.2OS ,255 last year for the week
| and the price declined 4 cent The cottoI
movement still indicates greater surplus
than was expected, but disastrous flood
! patches from that quarter do not seem t,
warrant The loss, much or little woul,
not materially affect years business
| Scarcity and high prices of iron and IT,
products can no longer be reckoned evi
| dence of good times. In the Sheuango val
ley, six furnaces have been stopped by ;
strike for 20 per cent more wages and mino
strikes are reported at various iron works
the tin plate strike being yet unsettled
New orders reported continue large, be
ing evidently reported week after week a
different cities because not taken. but ney
orders accumulated do not equal the outpu
of the works, Predictions or great scarcit,
of pig iron have lifted the price still fur
ther to e1-2 per cent of the average January
1857, but several more furnaces are goin;
into operation and the Illinois Steel Com
pany has contracted for others of the larg
est capacity.
Textile manufacturers are doing well
and in woclen goods prices tend upward
with a considerably better demand, bu
sales of 9.s2S 700 pounds at the three chic
markets were mainly to dealers and IN
advance in price, 1887 cents per pound av
| erage for 100 quotations by Coats Bros
against 1876 June Is, and 1901 Nav II
does not invite heavy transactions. Cotto
goods show no pressure to sell, but ar
quleter and the increased manufacture a
the South ia felt each year more clearl
IN Northern mills. The volume of busines
for the first week Of July has been Sc pc
cent greater than last year and 1919 pc
cent greater than in, 1892. Failures for In
week have been 1l9' in the United States
against 229 last year and twenty in Canada