The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1900-10-06
HURTS THE EAST.
Effect of Coal Strike on Business Be-
comes More Apparent


comes More Apparent
New York. Oct. 6.-R. G. Dun & Co.'S
Weekly Review of Trade says:
The anthracite coal settlement has
been delayed another week and the eff
feet on business in the east is more ap-
parent though distribution in the west
and south seems no less active. Season
able weather in the east would quickly
aid matters. Prices are slightly lower
in iron, wool, coal and sugar but the
produce and textile markets are firm
and in all departments of business an
effort by distributors to increase trans
actions would quickly advance prices.
There is little ordering ahead in any
kind of merchandise, but steel rail MAX
ers look for contracts for about 100000
tons after election. Rain is needed in
the south and on the North Atlantic
coast, but in the southwest rains have
checked cotton picking
The most interesting financial devel-
opment was the further drop of one cent
in the pound in sterling exchange COM
pleting a decline of two cents in two
weeks, without any important change
in our money market. At the same time
London rates for discounts have
strengthened materially, though the
Bank of England made no change in its
rate, in which an advance had been ex-
pected. Heavy foreign buying of cotton
has OutWeighed all other influences, and
there is insuff cient demand for regular
remittance to absorb commercial bills
drawn against this staple. Cotton ship
ments are producing about double the
exchange they did a year ago, and as
the crop is being moved with funds
shipped from New York and without
gold imports from Europe, the net re-
suit is that New York is Ioaning for
eigners about half the value of the crop.
Most manufacturing concerns are de-
election and are buying little raw ma
terial.
Pig iron has declined on small orders,
and was also depressed by the cut in
southern freight rates. Finished mater
ial and structural lines are steady, and
export buying does much to prevent
dullness- Contracts for cars, bridges
and plates for ship building were signed
during the week and rails were sold at
$26 to domestic roads, while q small
amount was taken by Italy.
Boot and shoe factories are more ac-
lively employed on rush orders con-
firTning the reported reduction of stocks
but spring contracts are postponed
Sales of wool at the three chief eastern
markets were 3, Al, 265 pounds exceeding
every week since August. but still inSie-
nificant compared with last year and
Coates Bros. average price of 100 grades
on October 1 was 1884 cents against
20-37 September /.
Wheat is steady. For the week Allan
tic exports were 1882. 1914 bushels, -four
included against 1852, O62 in 1899 After
the end of September there was de-
cine IN the price OF corn for the current
months delivery, but elevator prices re-
manned firm and receipts for the week
were only 4,S40, S02 bushels against T.
679,540 last year, while Atlantic exports
were 2,144, 60 bushels against 2, 992 232 a
year ago. Lower stocks at Chicago
caused sharp rise in prices of pork
products Cotton prices are maintained
near the top. Mills are not active as the
present price of raw material is out Of
proportion to quotations ruling in the
goods market Rehners reduced sugar
to ga cents for standard granulated but
supplies are low.
Failures for the week were 209 in the
United States, against 1854 last year, and
"a in Canada against 20 last year.