The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1900-06-23
EVENT OF THE WEEK
In Trade Circles Has Been the Ad-
vance in Wheat.

New York, June Pr G. Dun &
Co.'S Weekly Review of Trade says:
The damage to the wheat crop of
the northwest is the event of chief i'm
portance. How extensive the loss may
prove, in view of the widely conflicting
accounts, can only be judged from the
speculative markets, in which infOrma-
ton gathered at the west has caused
remarkable advance, at Chicago 15c in
ten days. and the price here has ad-
vanced lie per bushel, though for the
September option only &c. The belief
is that so large a part of the spring
wheat has been killed as to reduce
yield expected to be close to the largest
on record to considerab bly, less than the
world has required during the crop
year now ending.
Until within the past three years it
would have been reasoned that any ma
terial advance in prices would neutralize
the foreign condition which had caused
exports of about $50 million bushels Of
wheat, flour Included, in the closing
year, after 222 million bushels in the
previous year and PIT million bushels
in the year 1898, besides exports of 213
million bushels corn in the closing year,
against III million last year and PIP
million in the previous year. But the
facts seem to indicate more extensive
and lasting increase of foreign demand
than has been considered probable
Other sources of heavy export have
been found disappointing. The United
States continues to show enormous
power of increase, if supported by
prices, which, until recent years, would
hardly have been regarded remarkably
high. If the coming crop falls much be-
low expectations the demand for it may
prove surprising, even though prices
average more than has been expected.
In iron and steel, progress toward
that end was made when the structural
producers a week ago reduced the prices
of beams to $3.50 and angles to $3.50 at
Pittsburg, leaving only rails and tin
plates which have not been reduced
from the highest point. The rail works
are crowded far ahead, and the question
in tin plates depends largely upon
wages. Eastern bar is reduced to ST. 50
and steel bars to so at Pittsburg with
a general shutting down of works ex-
pected July 1. Hoops are quoted lower
at $2.25 and No. p black sheets at &c,
buyers asking only for small lots. There
| chant steel, and the lower prices named
for pipe have only started the demand
a little, as buyers expect yet lower quo
| tations. Minor metals are also quiet,
/ with small transactions.
The shipments of boots and shoes,
| only 233,743 cases. in three weeks of
June, are over 80 per cent smaller
than in 1899, or 1895, and smaller by
| 10 per cent. or more than in other
| years The jObberS still appear in
elined to wait. and some manufac-
turers decline quotations recently
named and have closed or reduced the
| force. OF necessity the best economy
in production cannot be reached IN
| der such conditions. Hides at Chi
cago are not changed for the week, as
reported gains and losses balance.
Lower prices are again reported for
several grades of cotton goods and
are expected for others. and buying
is thereby retarded. Heavy brown
goods and drills and denims are dull
and without doubt the uncertainty
OF the material market had some in
| fuence. The price for raw cottons has
| again advanced a quarter cent during
| the past week, but without clear in
dications of increased demand for the
| supply remaining or in sufficiency OF
that supply. In wooden goods the man
/ ufacturers also find that the demand
| fails to answer expectations or to sup
port prices asked at the opening, and
some large works are now reported
| running part time or crossing. At the
| three chief markets wool has been ex-
tremely dull, with sales Of only 2.720,-
600 pounds. Even where considerable
blocks are offered at low figures the
market is by no means encouraging
to buyers.
Failures for the week have been 17s
in the United States against 17S last
year. and rs in Canada against Is last
/