The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-02-11
Is the Activity of Business
Throughout. the Country.
Speculation Has Not Shaken
the Basis of Trade.
THEY KEEP ON BUYING
Europeans Continue to Take
Our Wheat and Corn
Regardless of Whether They
Are Up or Down.

New York, Feb. 11.-R- G. Dun & Co. s
Weekly Review of Trade says:
The solid basis for good business has
not been shaken by speculative reac-
ton. Stocks have been slightly lower
and the market is all the safer because
much unsoundness and unreason have
been shaken out. Speculation in wheat,
which for a time depressed prices, has
also taken a turn, and with heavy ex-
ports the market tends upward again.
The cotton movement is not essentially
speculative. but based on reported in
juries and holds it's advance. Mean
while dispatches from all parts of the
country show extraordinary activity in
the chief branches of trade, and a bust
ness much larger than year ago in
nearly all. The heavy excess of ex-
ports over imports continues. New York
exports having been in five weeks 16
per cent larger than last year, while
imports were 9 per cent larger.
In wheat Americans are getting
profits, even though prices are lower
than they were some months ago. After
some yielding the price rose to 1885
cents and the May option rose Ac, dur
ing the week, with Atlantic exports of
1926, 692 bushels, flour included, against
Guiding the Pacific, 4,647, 405 bushels,
against 2,96O,515 bushels last year.
Western receipts have been 3,056. 456
bushels, against 2.957,770 for the week
last year, while corn exports for the
week were 3.102, 500 bushels, against
3,365,916 last year. At higher or lower
prices foreigners are constantly taking
more wheat or corn from US than in
any previous year. The cotton market
is in slightly stronger position because
foreign buying continues beyond prece-
dent, while home indications now point
to a smaller crop than was expected.
The stocks on hand are heavy, both
commercial and mill but foreign buying
supports the rise in prices thus far. Mill
operations help also, though at this sea-
son they are naturally small, for the
heavy demand for goods of late leads
buyers to remember the material has
not advanced in price as much as staple
cOttons since the lowest point was
reached Goods are rapidly advancing
with the expanding demand, but the
material has advanced only an eighth.
What wool is worth in view of the
able to judge, and that fact binders adj
iustment of prices for goods. Sales
have been small, only 6475.4OO pounds
al the three chief markets for the week.
against 5.303, 200 last year, and 9,175, 900
in the same week of 1897, but this year
and in 1897 the buying has by no means
represented consumption only. While
quarter and half blood wool and delaine
have been in demand and firm, the quo
tationS indicate weakness in Ohio and
other fieeces. The goods market is of
and serges, but not for fine, high grade
goods or plain goods. The iron industry
is so exploited by consultations and
attempts of that nature that it is won
derful prices have not reflected dis
trust. Instead there have been general
advances in pig, because the demand
has been larger, for bessenar at Pitts
burg to S11.40 and grey forge to $10.75
and in finished products because nearly
all are in demand beyond the capacity
of the works for some time to come.
The advance of 10 cents per key in wire
nails by the association was not caused
by any special pressure for supplies,
but rails have advanced 81 per ton and
bars 81 because of urgent demand, es-
pecially at Philadelphia and Chicago,
for several thousand cars, and plate
mills are everywhere oVercrowded.
At the same time the many negOtia-
lions for consolidation of interests ar
rest trade in some quarters and disturb
it in others, causing unusual irregular
tiles in prices. The pipe consolidation
appears to be stopped for the moment
by the opposition of one company, but
the activity is greater than ever before.
About 10000 rails have been sold at
New York, half for a Nova Scotia road
In hoops there is no advance, and the
Standard Oil company contracted for
5000 tons at very low figures. The de-
mand for black sheets is beyond the
capacity of the mills.
Failures for the week have been PIT
in the United States, against 295 last
year, and IS in Canada, against 43 last
year.