Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1899-08-17
THE BUSINESS SITUATION.


Bradstreet's for Saturday says: Crop
reports and probabilities have con-
stituted an important contribution to
general trade and business advices this
week. Among the unquestionably favor
able features have been the reports re-
garding the corn crop, government esti-
mates pointing to yield of probably
., 200, 600, 200 bushels, heavy increase
over last year, and almost within touch
of the record total of 1896. Despite
this prospect of an immense yield, how
ever, prices have been fairly we'll held,
and cash corn has been strong on ex-
port demand. Spring wheat indications
apparently bear out earlier trade.advices
In showing a decrease in condition
during July. The reduction of 81, 900, 600
bushels in the probable outcome esti
mated, however, still allows of total
wheat crop of $50, 900, 600 bushels, con-
siderably smaller, it is true, than last
years, but, with the exception of 1898
and of 1891, the heaviest recorded.
Cotton crop deterioration is indicated
by the government report, and prices
are &c. higher on the week on de-
cline of nearly 4 points over July, and
of nearly II points as compared with a
ycai ttSOs Nl5Iblb oupRllto VI CbLboI
are nearly 100000 bales larger than at
double what they were in 1897, but
against this is to be cited the generally
profitable business in manufacturing
lines the world over, and the belief that
good spinning grades may be scarce.
"The iron and steel situation is par
ticularly interesting at present, though
not specially active at Eastern markets,
Western advices are of heavy demand,
scarce supplies of material, higher
prices and Increasing volume of bust
ness booked for next year. The July
production of pig iron was the largest
ever known, but, in spite of this, stocks
showed a decrease, and current pro-
duction is easily at the rate of IA, 000,
600 tons year. The annual railroad
car famine is apparently about at hand,
reports of insufficient transportati on
facilities being particularly prominent
| in the coke and coal industries.
Bank clearings for the week aggre-
gate S1,516, 40, 040, decrease of per
cent from last week, but a gain of "a. 3
per cent over this week year ago, of
3l.4 per cent over 1897, of 10 per cent
over 1896, of 70 per cent over 1895, of
92 per cent over 1894, and of So per
cent over 1892. Business failures for
the week number 1856, as compared
with 1866 last week, 157 in this week a
year ago. GA in 1897, 25S in 1896 and
1876 in 1895. "
r. G. Dun & Go. IS Review says in
its issue today: "After great expansion
business hesitates. This year it is as
tonishing that the hesitation has been
slight. In one branch after another
| E,,,, l.. Ln1k Ill a. L. ELI
by larger buying. The possibility Of
gold exports troubles some minds, but
now the question is only whether gold
imports will soon be necessary. Short
crops were and are predicted, but
farmers are more inclined to market
| their grain than ever. Collapse of in
dustrial stocks was feared, but they hold
their prices better than other stocks at
present. Artificial tightness of money,
in paper but not in gold, was feared
for time, but the secretary has killed
that fear by issuing gold certificates.
Meanwhile, the volume of payments
through the chief clearing houses in
| August thus far has been 81. 8 per cent
larger than last year, and 81. l per cent
larger than the same part of 1899.
Railroad earnings in July have been
16. 8 per cent larger than last year on
roads covering about half the traffic,
and 1870 FER cent larger than in 1892
Chicago eastbound tonnage for July
has been 112.6 per cent larger than last
year, and $40 per cent larger than in
1892. Evidently the stock market is at
present controlled. not by practical
business considerations, but by guesses
about the monetary future. Yet the
heavy lending OF money by interior
banks, cutting down by more than half
the New York lendings on commercial
paper, means just what European reports
indicate, that American banks may
lend if they like almost any amount to
tide over European crisis, but may
also wait for good opportunity. The
situation in London clearly indicates
that the Bank of England is no longer
hoping to prevent large exports Of gold
to this country, but is seeking to fortify
itself by drawing from other countries
in Europe. Failures for the first week
of August have been 81, 536, 72S, against
Sc. 702. 506 in the same week last year,
when the Linseed Oil failure for
So, 900, ZOO was included, and manufac-
turing have been s550,4ll, against
S., 551, 791 last year, and trading,
s955, SIT against 81, 346, 276 last year."
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