The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-03-04
Rapid Advance in the Price of
Iron and Its Products
Tends to Put an End to Orders
From Abroad.
MILLS ARE OVERRUN
With Demands For1 Home Con
sumption.
Recent Advance in Wages At
fects 100000 Workers.

New York, March 4.-R. G. Dun'S
Weekly Review of Trade says:
The business of the past month was
the greatest ever known in February.
Clearing house exchanges were about
$1,000, 100000 against 1885,, 553, S44 last
year and 54.2 larger than in 1892. In all
the years of weekly commercial report
ing there has been no other week in
which the reports from all parts of the
country have been on the whole so good
as they are this week. Moreover, during
the past week there has been a general
advance in wages immediate or prospec-
tive. At most points the advance of 10
per cent or more was entirely Volun-
tary. 1t has averaged to 10 per cent
in tin plate works and about 10 per cent
in other cases and as it affects much
over $1,000 hands it will add greatly to
the purchasing power of the wage earn
erS.
The return of failures In February
while showing larger liabilities than IN
January, are highly encouraging A
rather unusual number of large failures
in scattered branches of manufacture
has swelled the aggregate, including
one concern for $1,000000 in electrical
apparatus, but in nearly all branches
the statement indicates a remarkably
healthy condition in spite of these fail
ureS, while in trading the defaulted Ii
abilities are smaller than in January
or any previous winter month for six
years.
In prices the striking feature has been
the rapid advance in iron and steel
products, resulting from a demand
greater than the works in the country
can supply. All the works of import
ance have been crowded with orders
running to July and later. Belated buy
ers have given life to concerns long
inactive and as these can add but little
to the output the markets have been
entirely controlled by the buying de-
mand. All sorts of prices have been
paid, some for early delivery and some
for delivery after July 1, but $3.50 is
quoted for bessemer pig at Pittsburg,
$12.5O for grey forge and at the east
SLABS is quoted for anthracite No 1.
Prices of finished products have also
been advanced 81 per ton for eastern
and western bars, plates and structural
forms and So for wire nails. The de-
mand has not yet been checked and
some heavy orders have been taken at
all points, even at the highest prices
named, but the export business is likely
to be stopped for the present.
Holders of wheat have been looking
for the report of the agricultural de-
partment regarding stocks held by
farmers March 1, but commercial re-
ports indicate that such are the largest
ever held at this date. They. have to
support them the western receipts from
farms, which have been larger than for
the past years in February for four
weeks, II, 81, 900 bushels against 10000
600 bushels last year while Atlantic ex-
ports have been for four weeks II, S29,-
756 bushels against 9,S7S,636 bushels last
year The Pacific exports have been
605,737 bushels for the week against 64.-
993 bushels last year and from other
ports 1877, S29 bushels have been shipped
during the past week.
Rarely if ever has there been as great
a demand for grain as at this season
but the price has yielded IL cents for
the week, although corn has advanced
y cent for spot, the receipts having
fallen.
The textile industries are making
progress. There has been a strong in
crease in the demand for cotton goods
resulting in further advances in the
prices for some, while in wooden goods
a slight advance appears notwithstand-
ing a decline in the prices of wool dur
ing February. The decline has not been
general in WOOL nor has the advance
in goods. The heavy weight season has
been disappointing and the manufac-
turers are willing to get on for the time
as best they can in the hope that larger
demand will come from the clothierS a
little later.
Failures for the week have been in
the United States 1856 against PSI last
year and A in Canada against 80 last