Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1899-08-24
THE BUSINESS SITUATION.

X. u. Dun d. 20. IS Review for last
week says: "No one can question the
fact that payments through the princi-
pal clearing houses have been in Au-
gust SO. 8 per cent larger than in 1892
for the month thus far, and outside
New ork % ger cent. No better test
of the volume of business is known,
but there is growing handicap in the
advance of prices. How long and how
far this advance can go without re-
action is the problem which level
headed business men are studying.
Evidences Of checked consumption are
that at some point higher prices would
vanced about a cent during the week,
with Atlantic exports only 1888. 302
bushels, -four included, against 1853, $50
last year, and Pacific exports 951, 800
bushels, against l75, 400 last year.
Western receipts have been only 81
212, III bushels, against 1880, 229 last
year. 1t is a question whether the
smaller receipts are due to recent
changes in crop prospects, giving hold
ers OF grain better outlook. Exports
of wheat in three weeks have been
from both coasts, -four included, 81
973, 764 bushels, against 10, ia, 246
bushels last year, and the Western
receipts have been IL, 1854, 696 bushels,
against 9,015, 189 last year, but it is
also significant that corn has risen
three eighths Of cent, with receipts
of 3,026,692 bushels for the week,
against 1914, 1862 last year, while the
exports have been 4,034, 302 bushels,
against 1870, 302 last year. The figures
clearly do not indicate material de
crease In foreign demand on the whole,
although for wheat it is somewhat
smaller than appeared in July. Mone-
| tary questions nave somewhat affected
confidence in the stock market, and
with foreign exchange hesitating Au-
gust exports of merchandise show n
decline of 1876 per cent in products,
| while imports show an increase OF III 9
per cent, but even at that rate the
excess of merchandise exports over inn
ports would be large. New York banks
received 81, 250,000 in excess of ship
ments to the interior, and had their
| market for commercial paper nearly
eaten up again by country banks, get
ting only per cent of their loans on
such paper. 1t seems to be the fact
that in dismissing such loans during
the time Of speculative activity the
banks were not altogether wise.
| The current issue of Bradstreet's says
| that 1.-The trade situation gathered
| strength as summer wanes. Reports OF
expanding fall demand arrive, accom-
| panied by cheerful advices as to the
outlook in most parts of the country.
In manufacturing lines production
appears to be at q maximum, and the
Price situation retains most of its old
strength. Notable in the matter Of
added strength are most of the cereals
and iron and steel in many forms. The
impetus given to wheat prices by the
government report last week has been
further reinforced by less favorable
crop advices from other countries,
notably India, and export business is
reported somewhat improved. Adyices
as to the corn crop are still as favor
able as ever, some States, notably
Kansas, reporting phenominally large
yields. Judging from numerous re-
ports, the scarcity of supplies of iror
and steel is becoming increasingl y
serious, supplies of structural and ship
building material being reported in
adequate at number of points. There
is an appearance of quiet at Eastern
markets not shared in, however, by
Western centres, where sales are reported
large and price advances numerous
The question of outlook as to price,
seems to be largely transferred to mex
year, and liberal bookings are reported
for the first quarter of 1900, with SOM
Southern engagements reported runnin.
as far ahead as autumn year from
now. A notable exception to tn
general strength of prices is found IL
raw cotton, which has disregardet
almost unanimous reports of crop de
terioration, and lost all of last week.
advance, owing to the issuance of ;
bearish crop estimate, which, from tn
present outlook at least, seems YER.
heavy and at the least prematurel.
issued
Current railroad earnings shov
little reflection of the falling off in til
rain movement, and make excellen
comparisons with preceding years, ant
the like is true of net earnings"