The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-04-21
WEEK Of SURPRISES
Iron and Steel Developments
Most Disquieting.
COTTON HOLDS AT 9.81
Big Increase 10 Corn Export
Effect of the Weather.

| New York, April Or G. Dun & Co. s
| weekly review of trade tomorrow will
say: Formal reduction of s. per ton in
| mills by the American Steel and Wire
company have filed the week with sur
prises. In the stock market and in the
| market for steel and iron products
changes have begun, and the end cannot
well be foreseen- Apart from the dis
turbance in speculation there has been
produced a measure of distrust regarding
prices that are maintained by the great
combinations, which may for the pres
ent tend to deter buying. In the iron
business the formal reductions were al
most wholly anticipated in actual sales.
Some urgent and important contracts
have been made, including that for the
New York tunnel, requiring 10000 tons,
at prices not stated, but it is known that
many others have been deferred until the
prospect is clearer.
There is a slightly better demand for
hides at Chicago, attributed to their i'm
proving condition, but the distribution of
boots and shoes does not keep all the
factories at work. Some are closed,
many more are running part time, and
very few of those in operation have
orders for single month. There is no
room for doubt that greatly restricted
buying has been caused by the high
prices asked, which the makers declare.
unavoidable until prices asked, which the
makers declare unavoidable until prices
of leather yield. The shipments from
Boston in three weeks have been g., 152
cases, or 1L6 per cent smaller than last
year and a little less than in 1898. Yet
a large business is claimed in leather.
which is still held without yielding, and
satin is quoted half a cent higher.
The textile industries have large orders
yet to be filed, which keep many of the
mills busy, but there are many others
less fortunate and their hunt for orders
without much regard for prices caused
irregularity in the lines not of established
position. The staple wooden and worsted
goods sold steady, as the makers need
no more contracts. but in less favored
lines, both for mems wear and in dress
goods, the business is by no means salts
factory. Wool has been inactive with
out change in prices. Cotton goods are
by some sold at concessions for future
delivery. as all realize that present prices
will not long control cost of production.
Raw cotton is held at 9.S1 cents with all
the more ease because there seems to be
nobody in this country impatient to buy
except in the speculative markets. North
ern mills have taken, with the stocks
they held last September, enough for the
whole years needs. The spinners abroad
who have yet to supply themselves are
paying over 9.3 cents, the average export
price, for sS3O00.OOO worth shipped in
March.
In spite of decrease in other staples,
there were the largest merchandise ex-
ports ever known except in December,
1898, and the value of the minor domestic
exports, chiefly manufactured, rose to
$50 $500 in March a sum never ap-
preached in any other month.
Wheat has declined a fraction in price
and corn advanced a fraction both mar
kets being rendered comparatively in
active by certainty that the remaining
foreign requirements will be easily met.
Atlantic exports in three weeks, -four in
cluded, have been 5,796.SO6 bushels,
against 5622, ia last year, and Pacific ex-
ports 2347,s27 bushels against LIE, O69
last year. The increase in exports Of corn
continues surprising, in three weeks hav-
ing been 1854, 1872 bushels, against $685.
TAG last year.
Failures for the week have been 1874 in
the United States. against 1S4 last year,
and II in Canada, against % last year.
BRADsTREETs
New York April 30.-Bradstreet's tomor-
row will say: More rather than less r.
regularity in the trade and price situa-
ton is to be noted this week, partly
the result of weather conditions, but
partly as in the case of the iron and
steel trade, because of the continuance
OF those missionary efforts IN the direc-
ton of lower prices which have been such
Il Nsture of the iron and steel trade of
late That the basic conditions of trade
remain on the whole favorable is, how
ever, evidenced by a number of features
Railroad earnings continue heavy. and
the decrease in bank clearings is charge
able largely to religious and other holi-
day observances and to restricted stock
speculation. Heavy rains and cool wea-
her early in the week had a depressing
effect on trade and collections, but with
the advent OF a warm spring tempeta-
ture, improved conditions Of retail de-
Inand. which is at present most i'm
portant element in the general trade sit
uation have been noted. The bear cam
paign in iron and steel took on a new
whase this week, when number OF wire
mills were shut down, as alleged, because
OF an over-supply OF these goods, The
announcement has had an unsettling ef-
feet upon general demand. as was prob
ably expected, and new domestic bust