Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1899-07-15
NO VISIBLE SIGNS OF TROUBLE
RAILROAD BUSINESS BY FAR THE
LARGEST EVER KNOWN.
Prices for Iron Still ClimbinE-Corn
and Wheat Exports Continue
EnormOus-Govern Crop
Report for July Con-
sidered Favorable.

NEW YORK, July A.-R. G. Dun's Week
ly Review of Trade will say tomorrow:
Because every prospect pleases, it is the
right time to watch most closely for signs
of trouble. But it is not easy to find them
when the volume of business is 63.7 per
cent larger than last year and 75.5 larger
than in 1892, the best of all years except
the last, when failures continue the
smallest ever known, or when the exports
of staples begin to improve materially, or
when railroad business is by far the best
ever known, or when New York bankers
appear in international operations, listen
ing to a Russian inquiry and undertaking
Mexican loan. Even the Industrial dis
putes incident to the season cause less
trouble than usual, the largest of them
| having been settled Thursday by the tin
plate company. The Bank of England finds
1t difficult to borrow more from this side
and frankly raises its rate, while this
| country begins to ship fresh crops for
| which Europe will run into debt.
Iron production in the first week of
July was 263,S63 tons, for the past two
| weeks less because a strike July l closed
seven Shenango furnaces, producing 1,2O0
| tons daily. though it is expected to end
| to-day and several other furnaces have be-
gun producing this month. The increase
| of 9,301 tons weekly in June, with a de-
| crease of S0,400 tons In unsold stocks not
| of the great steel companies. implies pro-
| duction of about 1,12s,69O tons in June. Con-
sumption would be 1,2G9, 900 tons, and In the
half year 6,S44,215, but for the fact that
steelmakers have stocked heavily against
orders running through most of the year.
drawing from outside supplies. so that con-
sumption proves only 100000 tons, or even
less. Prices are climbing. but only for the
| trifing surplus not covered by contract,
| so that quotations represent but an tnsig-
nificant part of the actual business. 1t Is
of more Importance that new orders, though
very many, seem no longer equal to the
weekly output, except in few branches,
while furnaces and other works practical
ly abandond for many years are being
| started again.
| Copper is a shade weaker, at 1sh cents
for lake, government reporting the output
| in 1898 as 526, 375, ,391 pounds. Tin is strong
with London speculation at 2S25 cents and
| lead Is advanced by the smelling company
to s4.55. The largest shipments of boots
and shoes in any year for the season, 1s3,-
$50 cases in two weeks. greater by ia per
cent, than last year; Sc per cent than In
| 1897 and 294 per cent than in 1892, result
from very extensive pressure to anticipate
orders for August or September, distrlbu-
ton far exceeding expectations. but there
as large though numerous duplicate orders.
| Hemlock sole leather sells largely, but
some kinds slowly with slight yielding In
prices.
"Though cotton is steady in spite of Tex
| as floods at 6.19 cents and the general de-
mand for cotton goods Is fuii and susIalns
I fancy prints is reported. Larger dlstrlpu-
ton Is expected this morning and export
y p saes IN tWa weeks
reaching q. .261, 100 pounds, against "a 500
in 1897. when the buying was to anticipate
new duties 1t is worth noticing that no
purchases by manufacturers are mentioned
save one for 100000 pounds, though there
is much calculation that the manufactur-
ers must buy at any price asked. Western
frenzies sometimes make Eastern markets,
but as a rule consumers make prices In the
end.
IN striking contrast with official and
other wheat reports are the recorded re-
ceipts at Western ports, ,146 bushels in
not strange that prices have declined 11sc.
and exports. flour included, were from At
lantic ports in July thus far, ga bush h
els, against 4.0S3, ,312 last year, and from Pa
cific ports 1.01o4s5 bushels, against sol, 100
last year, besides 5o5,5S5 bushels this year
shsr bashes n two are
against 2,5570ss last year. but less surpris-
ing than Western receipts, 10,502541 BUSH
els, against 4,561. on last year. Nevertheless
Failures for the week have been 1859 in
the United States. against 215 last year. and
twenty-four in Canada, against twenty
three last year"
Bradstreet's tomorrow will say:
; New features in the general trade situa-
ton this week are of an almost uniformly
favorable character. So rare, indeed, are
the disturbing features as to necessitate
considerable search to locate them. Addi-
tional statistics of past trade movements
received are certainly of an encouraging
nature, foremost among these being ex-
ceptionally good railroad earnings returns
for June and the first half of the year,
and ascertained totals Of an enormous ex-
port trade, nearly equal to the phenom-
email business Of the preceding fiscal year.
The record of railroad receiverships for
the first half Of the year bears striking
resemblance to the list of business mortali-
ties, inasmuch as they are the smallest in
number reported since receiverships first
became prominent.
Among current news features might be
mentioned the quite favorable July crop
report of the agricultural department,
which, while confirming earlier advices of
a more moderate yield of winter wheat
and therefore, of smaller aggregate crop
than that gathered last year, admitted,
however, to have been largely underesti-
mated. point to a large acreage in corn
and conditions which, If maintained, would
easily result in a crop in excess of 2.0Co,-
000.Gc0 bushels. Late unfavorable reports
ed diminution Of crop yields in that country
this year. The official French crop estt
mates have also been whitfield down and
the outlook seems to favor the probability
that Europe will buy nearly as much wheat
in America as it did in the last fiscal year,
when. 1t might be added, exports exceeded
the totals OF the boom year 1S91-9S-
I'm industrial lines, the outlook Is a prom
ising one The settlement of the coal
miners strike in Pennsylvania, and of the
tin plate workers dispute bid fair to result
in nearly 10000 men resuming work after
the summer shutdown. A number of wage
increases are also among the weeks de-
velopments. The iron blast furnace report
for July ] points to an unprecedented cur
rent weekly production, but available
stocks of pig iron are down to less than
one weeks supply. From several centers
of Industrial activity come reports of scaSc-
ity of labor, initiating against even more
pronounced activity. Iron and steel, while
rejecting the summer quietness to some
extent In the East, are quite active in de-
mand at the West, and some heavy sales
!, are reported from Chicago, with further
price advances in structural material.
Bessemer pig is now slightly more than
double what it was one year ago. Reports
| are current that final arrangements for
| booking a large quantity Of Foreign bus
mess have been closed.
one wheat and coffee alone of all the sta
pies being lower on the week and the for
mer only fractionally. so, owing to large
receipts at the West and the check to ex-
port demand. caused by reaction from the
price reached some time ago.
CLEARINGS, $12,45O,661,
Excellent Showing for the Past ReeL