The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-08-04
THERE Is CONFIDENCE
That the Down Swing in
Prices Is Nearly Over
SELLERS CAUTIOUS NOW
Crop Situation Better-Bigger
Business in Metals.
SELLERS CAUTIOUS NOW

New York, August 3.-R G. Dun &
Co.'S wee KY review will say: It is often
hard to read encouraging symptoms of
general business in declining prices Of
commodities, but just now it is reason
able TO look for them. Some raw mater
ials and some manufactured products one
stage removed from the raw are selling
at lower prices than at any time since
last years advance set in; but there is
confidence among buyers that the down.
ward swing is nearly over, while sellers
are adopting a cautious policy which IN
til recently characterized the attitude Of
buyers.
Iron and steel mar kets were startled
by reports of sales of steel bars at 80
cents per 100 pounds, but business at the
same time was the largest in months at
Chicago on a basis Of about S1.25. In
creasing demand for bar iron from MAX
ers of agricuh ural implements and car
builders was a feature, contracts being
placed estimated at 10000 tons in bars
plates The trade believes that orders
will increase as the season advances and
that total needs Of iron consumers Will
compare well with last year. Heavy bids
appear for foundry iron, buyers being
uneasy, without reducing selling prices,
many descriptions approximating cost.
Expert orders increase and makers do
not fully accept reports of purcha ses of
foreign rails for delivery in the south.
Some traders are not satisfied with the
result Of the Chicago conference, point
ing to the report Of production of pig
iron In the first half OF the year, exceed
ing all records, and contrasting it with
recent dull markets Copper exports,
July, estimated at 1861 tons. against
1850 in 1899, and the amount coming into
sight in the last half year for home con-
sumption is only 65,O25 tons. a decrease
Of 9.467 ions. The foreign demand for
bituminous' coal is heavy. but producers
hesitate to contract Shipment, while prices
tend upwar11.
While prices are above the 1899 opening
in woolens. they are materially below fig
ures reached later last season. The wool
market has been active. An average of
100 quotations on August l was slightly
lower at POSI- cents Wide sheetings are
reduced u to 20 per cent, but the decline
attracts more business.
BRADSTRlzF.TS
New York, Aug S-Bradstreet's tomor-
row will say: Trade conditions still favor
the buyer; general fall demand, though
fair in view of the midsummer condi-
lions, is still below expectations and be-
low a year ago; bank clearings are at
the lowest for two years past, and fail
ures are slightly more numerous, though
no marked tendencies are perceptible.
On the other hand, gross railway earn
ings hold the percentage of gain previ-
ously shown, and where prices are made
low enough to satisfy buyers heavy
business is uncovered and readily book
ed, pointing to demand being still pres
ent and awaiting disposal. The crop
situation, as a whole, is better, the out
look as to corn is for 2,100 900, 600 bushel |
crop. spring wheat is turning out better |
in quality and quantity than expected, |
and there has been an unquestionable i'm |
provement in cotton crop conditions. The |
yield of apples will be the largest in |
many years, and fruits generally are
yielding literally and commanding good |
prices
The iron and steel industry furnishes |
the most notable example of reduced |
prices, inducing a heavy business, and |
while the outlook is still a confused one,
the volume Of trade in finished material, |
notably bars and plates, is very large. |
Foundry pig iron has been in better de- |
man, but at the concessions, and the |
drift of crude prices generally is toward |
ported for rails at the west, and for iron
at the south, but ship room capacity OBJ |
structs business.
The cereals are all lower this week.
partly on better crop reports, partly on |
lower cables, but largely on the growth |
of bearish feeling after the late re-
action. Beef products are generally high
er on army demand. while tin is seeking
a lower level in sympathy with foreign
markets and increased supplies.
Wheat. including flour. shipments for
the week aggregate 3.S27,003 bushels,
against 2,363,74S last week, All ,6l4 in the
corresponding week of 1899; 4.11l.312 in
1895; S,SoS,477 in 1897, and 2,747S5o in 1896
From July l 20 date this season wheat
exports are 14.56Ss69 bushels against IS
SOS, 9o6 last season and IA, All, 1z2 in 1s9S-9e
Corn exports for the week aggregate g.
S69,oo5 bushels against S.264.745 last week
5.027,7o6 in this week a year ago 2,S56. s23
in 1898; 3,223.SS5 in 1897, ana 1257.4SS in
1896. From July a to date this season.
corn exports are 1S,973.271 bushels. against
p. G5,2o5 last season and I3.5l4.S92 in 1895
o.
BUSINESS failures for the week number
10, as against 1S3 last week. 156 in this
week a year ago; 1SS in 1895: 241 in 1897
and $50 in 1886. Canadian failures for the
week number -. as against Is last week.