Evening journal., 1899-08-12
cnNnITIoN oF TRADE.

trade OF the week IN the tOliOWlnB
manner:
Crop reports and probabilities have
constituted an important contribution
to general trade and business advices
this week Among the unquestionably
favorable features have been the re-
ports regarding the corn crop. Govern
ment estimates pointing to yield Of
probably 2.200.000,000 bushels, heavy
increase over last year. and almost
within touch Of the record total Of
1886. Despite this prospect of an inn
mense yield, however, prices have been
fairly we'll held. and cash corn has
been strong on export demand. Spring
wheat indications apparently bear out
earlier trade advices in showing de-
crease in condition during July. The
reduction OF 25,OOO,0O0 bushels in the
probable outcome estimated, however,
still allows Of total wheat crop of
$50 100000 bushels. considerably
smaller. 1t is true. than last years, but,
with the exception OF 1898 and 1891,
the heaviest recorded. Cotton crop de-
terioradon is indicated by the govern
ment report, and prices are 4 cent
higher on the week on a decline of
nearly points over July, and Of near
ly II points as compared with year
ago. Visible supplies OF cotton are
nearly 100000 bales larger than at
this time a year ago, and are nearly
double what they were in 1897, but
against this IS to be cited the generally
profitable business in manufacturing
lines the world over. and the belief
that good spinning grades may be
scarce.
"The iron and steel situation is par
ticularly interesting at present, though
not specially active at Eastern markets.
Western advices are OF heavy demand,
scarce supplies OF material, higher
prices and increasing volume OF BUSH
ness booked for next year. The July
production Of pig iron was the largest
ever known. but, in spite Of this, stocks
showed decrease. and current pro-
duction is easily at the rate Of 14.0O0.-
600 tons a year The annual railroad
car famine is apparently about at
hand, reports Of insufficient transpor-
tation facilities being particularly
prominent in the coke and coal Indus
tries.
Bank clearings for the week aggre-
gate s1.516 47O O40, decrease Of per
cent from last week, but gain Of 24.S
per cent over this week a year ago. OF
314 per cent. over 1897. Of 79 per cent.
over 1896. Of 20 per cent. over 1885, OF
80 per cent over 1894. and Of 50 per
cent over 1892 Business failures for
the week number l5e. as compared
with l56 last week. 157 in this week a
year ago, PA in 1897. 25S in 1896 and
1875 in 1895"
After great expansion business hesi-
tates. This year it is astonishing that
the hesitation has been slight. In one
branch after another buying has halt.
ed only to be followed by larger buy
ing. The possibility Of gold export,
troubles some minds. but now tn,
question is only whether gold imports
viii soon be necessary. Short crop
we're and are predicted. but farmer
are more inclined to market thei
grain than ever. Collapse Of industrial
stocks was feared, but they hold thei
prices better than other stocks at pres
ent Artificial tghtness OF money. IL
paper but not in gold. was feared 70
time, but the secretary has kile
that fear by issuing gold certificates
Meanwhile. the volume Of payment
through the chief clearing houses
August thus far has been 27.S per cen
larger than last year. and Sill per cen
larger than the same part OF 1892.
Railroad earnings in July ha,
been le.S per cent larger than la
year on roads covering about half II
traffic, and 1910 per cent larger tina
In 1892. Chicago eastbound tonna,
for July has been 1926 per cent lare
than last year and $40 per cent. larg
than in 1892. Evidently the sto,
market is at present controlled. not
practical business considerations. b
by guesses about the monetary futui
Yet the heavy lending Of money by /
terror banks. cutting down by mo
than half the New York lendings
commercial paper. means just VIII
European reports indicate. that Anne
can banks may lend if they like
most any amount to tide over a Em
pean crisis, but may also wait for
good opportunity. The situation
London clearly indicates that the Ba
OF England is no longer hoping 10 p
vent large exports Of gold to Il
country. but is seeking to fortify
self By drawing from other countr
In Europe Failures for the first We