The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-06-17
COMING HOME.
Bankers Estimate That Ameri-
can Securities
Amounting to S26O,OOO,OOO
Have Returned From Europe.
SCARCITY OF IRON
Still Causes UneasineSs In Com
mercial Circles.
Production Is the Largest That
Has Ever Been Known.

New 1Ork, June IE-R. Ii. Duu q
Co.'S Weekly Review of Trade says:
1t is one of the frequent paradoxes Of
business that the one thing which now
makes prices rise is the only thing that
clouds the future. The rise in iron
and wheat is because scarcity is feared,
but the scarcity, if prolonged and real,
would much impair prosperity. In wheat
it does not seem to be real, nor in iron
lasting, and meanwhile other elements
of prosperity continue potent. 1t is
great thing in the months markets that
exports of gold have caused no appre-
hension, because recognized as mere
borrowings by foreign bankers, the May
return of foreign commerce showing
exports 1923 OO0,0 600 larger than imports,
in spite of a decrease in the export
price of wheat and a large increase in
imports. In eleven months the excess
of merchandise exports has been $780,
900. 900 and the bankers estimate that
$3.50, 900, 900 worth of securities have
been returned from Europe, with so
few in recent months that the amount
remaining to be dislodged is probably
small.
The scarcity of iron is real, in spite of
the greatest production ever known in
this or any other country, 256, 062 tons
weekly June 1, against 250 095 May 1.
Stocks were reduced 1902 tons in May,
Indicating consumption OF 1,190.S66
tons against I ,00O 900 tons per month
Consuming demand does not seem to di-
minish and appears greater because it
falls upon works crowded for months
ahead with contracts at lower prices,
but some of it is speculative and would
cease with prospects of lower prices.
With more furnaces going into blast,
ten last month, production will over
take the demand after a time and the
largest buyers of finished product for
implements and car works and railways
are taking nothing to cover next years
needs. Pig has been irregularly strong
at the east and at Chicago and I'M
changed at Pittsburg, while finished
product averages 212 per cent higher,
plates, bars, pipe and rail sharing the
advance, with demand for structural
forms and sheets beyond the capacity
of works. Even in nails a 2 per cent
discount on quick payments is stopped.
Wooden gained a little further ad
vance in clay worsted and indigo blues,
with generally strong demand and
works well engaged ahead. But deal
ers face the stubborn facts that con-
SumerS accustomed to cheap grades
make every advance difficult and mills
appear to be buying very little in mar
ketS which are largely on a rise in wool
been in two weeks 16 247. 700 pounds, in
Guiding IS, 5S7, 300 pounds domestic, but
until speculation halts will indicate
nothing as to consumption, nor is any
thing known of the stocks actually held
by mills.
Cotton sales have ben fully sustained
without advance in price. by good de-
mand. The cotton market has not
changed, doubts about the coming yield
being held in check by certainty of
large stocks on hand.
Wheat reports by the governme
seem to mean just what anybody wants
them to mean, but the Produce Elk
change Interpretation of the June re-
port that the IS 600, 900 bushels mean
no greater decrease in yield than may
be beneficial to both growers and con-
sumers. With probable additions to
stock from the last crop it would pro-
vide for exports of nearly 200. 900 900
bushels, and foreign prospects, though
by no means wholly cheering, scarcely
warrant expectations of a demand as
large. The price has risen cents, but
much prudence is shown. for western
receipts of 1O,202 1S9 bushels in two
weeks, against 1854 521 bushels last
year. discredit short crop reports, and
foreign exports of 4, $50 313 bushels. -four
included, against $3.50. 6S4 bushels last
year do not indicate great needs abroad.
Corn exports are better sustained
than wheat, 5,S12. 959 bushels in two
weeks, against 1871 PA bushels last
year, and the price has been steady.
Failures for the week have been 1856
in the United States, against 233 last
year, and Is in Canda, against 20 last
wear