The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-06-23
10 THE WHEAT
In the Northwest is the
Weeks Trade Feature.
WEAKNESS IN IRON PRICES
Still the Leading Feature in
in That Market

New York, June PR. @. Dun & co s
weekly review of trade tomorrow will
say: The damage to the wheat crop Of
the northwest is the event of chief IN
portance. How extensive the loss may
pre,e, in view of the widely conflicting
| accounts, can only be judged fropa the
! speculative markets, in which infofna-
| ton gathered at the west has caused a
remarkable advance, at Chicago, 10 cents
! in ten days, and the price here advanced
! IL cents per bushel, though for the Sep
TENDER option only cents. The belief is
| that so large q part Of the spring wheat
| has been killed as to reduce a yield ex-
| pected to be close to the largest on rec
| ord to considerably less than the world
has required during the crop year now
ending. Until within the past three years
it would not have been reasoned that any
material advance in prices would neu-
tralize the foreign conditions which had.
caused exports of about $50. 000,G 900 bushels
of wheat, -four included, in the closing
year, after 222 O0O, 900 bushels in the pre-
vious year and III, 900, 600 bushels in the
year 1898, besides exports of 213,000,000
bushels Of corn in the closing year
against III, 900 900 last year and 212, 900
bushels in the previous year. But the
facts seem to indicate more extensive
and Ia sting increase of foreign demand
than ha.s been considered probable. 9th
er sources of heavy export have been
found disappointing. The United States
continues to show enormous power of in
crease. if supported by prices which, an
til recent years would hardly have been
vaeroy,Jle-J rom III I11Ir ,icr1, ha
coming crop falls much below expecta-
tons the demand for it may prove sur
prising, even though the prices average
more than has been expected.
In iron and steel, progress toward that
end was made when the structural pro-
ducers a wee kago reduced the price of
beams to 1.90 and angles to 80 at Pitts
burg leaving only rails and tin plates
which have not been reduced from the
highest point. The rail workers are
crowded far ahead, and the question in
tin plates depends largely upon wages.
Eastern bar is reduced to 155 and steel
bars to $50 at Pittsburg with a general
shutting down of works expected July l.
Hoops are quoted lower at $2.25 and num-
Der q black sheets at cents, buyers
asking only for small lots. There is a
wide range OF qlHotations for merchant
steel and the lower prices named for pipe
i have only started the demand a little,
as buyers expect yet lower quotations.
Minor metals are also quiet with small
! transac tions.
/ The shipments Of boots and shoes, only
292, 743 cases in three weeks of June. are
! over 20 per cent smaller than in 1899 or
| 1895, and smaller by 10 per cent or more
| in other years. The jobbers stiIl appear
| inclined to wait and some manufacture
/ ers decline quotations on the prices
named and have closed OF reduced forces.
! Necessarily the best economy in the pro
1 duction can not be reached under such
conditions.
Hides at Chicago are not changed as
reported; loss and gains balance. Lower
| prices are again reported for several
grades of cotton goods and are expected
for others and buying is thereby retard-
| ed. Heavy brown goods and drills and
denims are dull and without doubt the
| great uncertainty of the material mar
ket has some influence. The price for
raw cotton has again advanced IA dur
! ing the past week. but without clear in
! dicatons of increased demand for the
! supply remaining or insufffciency Of that
! supply In wooden goods the manufac-
! turers also find that the demand fails
! to answer expectations or to support
| prices asked at the opening, and some
! large works are now reported running
| part time or Closing. At the three chief
markets wool has been extremely dull
with sales Of only 2,720 500 pounds. Even
| where considerable blocks are offered at
low figures the condition of the goods
market is by no means encouraging to
| buyers
Failures for the week have been 17s
in the United States, against 17S last
year, and . in Canada against IS last
year.
BRADSTRFETS.
New York. June 22-Bradstreet's tomor-
row viii say: Midsummer dullness in
| distributive trade and industry and fur
Their reduction of prices Of manufactured
/ goods, particularly iron and steel and
raw material textiles. but a marked un-
ward movement in nearly al agricultural
J products. are the leading features of the
/ business situation this week. Wheat had
/ advapced 15c per bushel since June /. and
20c from the low noint reached in No
! vember, a gain over the latetr period OF
! q per cent in price. Corn crop advices
are stu in hish degree encouraging.
hut the cereal has sympathized with
| wheat. as have also coats and hog pro-
| ducts have in turn felt the Quickening
! influence of higher prices for corn I'm
| proved demand for daily products is re-
| fected in slight advances this week.
/ Crop damage has been a moving cause
for the advance in the price OF cotton.