The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-05-13
STOCKS DON I COUNT
In Any True Estimate of the
Trade Situation.
IMMENSE BANK CLEARINGS
Are the Real index aiIureS
at the Minimum.

New York, May Pr. C. Dun & Co. s
| Weekly Review of Trade will say: To
speak truly of business this week one
must free the mind of stocks 70 "a severe
decline in manufacturing stocks has ere
ated an impression that it has some rela-
ton to productive industry. but it has
none. There was no change in the money
market worth mentioning, and the volume
of business shown by payments through
the principal clearing houses was 7L5 per
cent larger than in 1892, the year of great
! er prosperity hitherto, which is more than
double the gain anybody considered pos
sible year ago.
Never before reaching a quarter of
million tons per week, the iron manufac-
turers report May !, an output OF go
095 tons weekly, which. with 54,455 tons
decrease in warrant and furnace stocks,
indicates a consumption OF 81, 322 tons daily,
against 7.o35 in March, "a, S14 in February
and 1854 in January. The average for
four months is 3S,02T tons daily, against
2,2C9 last year. An increase Of Is per cent
IN the year would be less interesting, if
consumption a year ago were not far be-
yond anything previously realized. Yet
proposed combinations hinder large orders
in bars and sheets, while the structural
business is as heavy as ever in small lots,
with bid contracts about to come at Chi
cago for the drainage canal, and the plate
business, too big for all the works to han
de, invites no consolidation, the Chicago
and Philadelphia works being behind in
deliveries and Pittsburg works troubled
by demands for 1000 tons vessel plates and
1000 more close ahead for the government
docks at Algiers. Only pig iron advanced
-Bessemer 80 cents and grey forge % cents
at Pittsburg and local pig 80 cents at Chi
cago. In minor metals tin declined with
London to 25.3 cents and copper is weak
at 19c for spot and Is IL for futures.
Greater than in any previous year by
as per cent. the actual shipments of boots
and shoes from the east reflect a heavy
business with a general advance in prices
Hides at Chicago rose about per cent
with actual receipts of cattle in four
months 100000 head less than last year
and over 100000 smaller than in 1894
notwithstanding the gain in population.
Cotton is a shade stronger at 625c with
government and other evidence that the
reports Of decrease in acreage have been
somewhat exaggerated. Mills are we'll
employed throughout and a single sale of
over million pieces print cloths gives
a great assurance to the market.
Nobody who has studied statistics can
tell why purchases of a million pounds
Australian wool for export this week. fol-
lowing others in previous weeks. should
advance prices Of wool, nor were pur-
chases Of 100000 pounds territory wool
by Spectator readily exp,ainabIe, But
1t is Just the time for growers to ask all
they can hope to get and just when the
largest manufacturers were ready to buy.
only the smaller are buying. Prices are
said TO have been generally advanced
with higher demands from the interior
holders. But it remains a question wheth-
er sales of 1Q.499,OO9 pounds for the week
against 5,259550 in 1892 and only a little
more in 1897, viii prove profitable. The
market for wooden goods IS waiting for
evidences of demand which co not yet
appear. and the delay in getting the new
combinations into working order causes
some hesitation.
If government estimates were cOnsid-
cred reliable, one based on an entirely I'M
known acreage Of wheat and cotton would
he everywhere resented. Thus. with of
fetal returns pointing to a great decrease
in winter wheat production, the price
dropped 1 cent and cotton declined for
options though retaining the advance of
Lshed before the government report an
peared. Nobody can base a sensible esti-
mate on statement of condition which
takes no account of the acreage of winter
wheat killed and abandoned. The best
that can be said IS that worse returns
We're expected in both markets, so that
the government report had practically no
influence.
Falures for the week have been 165 in
the United States. against 246 last year,
and % in Canada. against "a last year.
BRADSTREET'S
New York May 12.-Bradstreets tomor-
row VIII say: Reports as to trade condi-
tions are generally of a favorable tenor,
notable among these being advanced quo
tations for many grades of iron and steel:
al in heavy sales of lumber at prices tend
Ing upward; a tirmer tone in the cotton
goods market, sympathized in by the raw
product; bank clearings surprising all rec
ords for this week of the year; railroad
earnings maintaining recent gains. and
business failures, as for some time past.
down to the minimum. Onsetting these
in some measure micht be cited the rea-
so0able quie,ing down Of the wholesale
dLstri5uJve demand particularly for dry
goods and clothing. but most notable Of
all. the further weakening Of cereal values.
rejecting the Indifference Of foreign buy
ers. .n spite Of the definitely conceded
fact that our winter wheat acreage has
been considerably curtalled: lower quota
lions Tor hog products ana some shading
of prices in sugar. copper and tin. Il con-
dic.ons If demand, supply. in visible wheat
reserves. and foreign crop advices did NOT