The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-03-18
GOING TOO FAST.
Rapid Advance of Prices by
Manufacturers
Is Having a Tendency to Put a
Check
ON FOREIGN TRADE.
But the Mills and Factories
Have All the Work
They Can Do For a Year or
More to Come.
N FOREIGN TRADE.

New York, March 1S.-R- G. Dun &
Co.'S Weekly Review of Trade says:
In business this year can not be COM
pared with any other. 1t can be said
that payments through the principal
clearing houses for the past week have
been 57.4 per cent greater than in 1892
and 45.9 per cent greater than in 1898,
but that exaggerates the gain in some
branches of business, while in others it
falls short of the gain. Thus the Feb
ruary exports of manufactured prod
ucts have about doubled since 1892.
Omitting New York clearingS, where
speculation in stocks is most active,
payments through the other principal
clearing houses for the same week
show an increase of 37.6 per cent over
1892, and 27.1 per cent over last year.
But without regard to such details, all
realize that the volume of business in
all branches is the greatest ever known
The national prosperity rests on more
solid foundations. The export of bread
stuffs, provisions, cotton and oil in
February showed a decrease of $6,000,-
900, but other exports, mainly manu-
featured, were $50, 406,9 43 in value,
against $31, 275 1896 last year, and were
sufficiently large to cover 20 per cent
of the entire imports. The merchandise
exports exceeded imports for the month
1913, 624 ,1117, the gold supply increasing,
and there appears no occasion for mon
etary disturbance. The treasury re-
corded it's first payment of the $59.000,000
for the Central Pacific railroad, having
previously received $50 900, 900 for the
Union Pacific and over $4,000, 900 for the
Kansas Pacific.
Swiftly rising quotations for iron and
Its products would mislead if it were
not kept in mind that more than nine
tenthS of the iron manufacturing ca
pacity is engaged and will be until July
or later in execution OF orders taken
months ago at low prices. If a million
tons of products go out this month,
900 900 will be at such prices as SIS to $40
for steel rails, at which the entire out
put of the Illinois Steel company for
this year was sold some time ago. 1t
hardly indicates the true character Of
the iron business that less than 100000
tons are going out at such prices as
$26 to $2S for steel rails made here for
small lots this week. Belated buyers
now have to pay fancy prices to get or
derS accepted at all. Withdrawal or
postponement of business because of
higher prices begins to be a significant
feature and much of the foreign bust
ness is evidently lost, though there are
still sales for export, $500 tons of pipe
for South America and 5000 tons of
bridge material for Burmah.
The Connellysville coke works, with
an output of 1877, 240 tons weekly, and
many operating Sundays to catch up
with orders, have advanced prices only
Is cents.
Wool sales at the three chief markets
have been only 4,035,6O0 pounds, of
which 2,761,000 were domestic, against
y.
which 3,5O7. 200 were domestic; but prices
are soft, and some dealers are said to
have yielded as much as to 3 cents
per pound clean because nobody can
guess what effect the new combinations
may have. Prices are largely nominal,
and yet there is a somewhat better de-
mand for goods. Nor has the strong de-
mand for cotton goods been helped by
the weaker market for cotton, which
has fallen to 637 cents in spite of a vol
ume of reports about the bad condition
of the late picked product. The price
of goods has been strongly advanced,
and is held, but yet depends on the price
of cotton.
The market which has lost most is
that which has the least statistical rea
son to lose, because no estimate of
wheat in farmers hands March would
provide more than about last years ex-
ports and domestic demand to July 1.
The actual exports, flour included, from
both coasts during the past two weeks
have been 7,796,93S bushels, against
1851, 1872 bushels last year. But such ex-
ports imply a foreign demand which is
not unlikely to exceed last years, and
the corn exports are also a little larger
than last year. The western receipts for
the week have been 1929. 900 bushels.
against 2557 ,666 bushels last year.
Failures for the week have been 1879
in the United States, against POS last
year. and 80 in Canada, against q last