The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-10-21
NOT SO ENCOURAGING
Improvement i'm Business Does Not
Bear Out Expectations.
Large Mills That Started Up Have Shut
Downturn and Bradstreets' Re-
ports Are Gloomy.

NEW YORK, Oct. OR. G. Dunn g. Co.'S
weekly review of trade says: There
has been much gain in hope and
little in business. Assurances that the re
peal bill will soon be passed have again
been accepted by traders as reason s,r
buying things. Money is abundant on call.
and, $4,000, 600 having been received in THIS
city within ten weeks speculation in stocks
and products has an unusual stimulus
and would have expanded even more bne
for continued embarrassment Of industries
Wheat has risen &c, helped by heavy for
eign purchases and in spite OF better cr"D
prospects. Corn is nothing stronger. Pork
has been lifted so far that another COLLAPSE
is feared by some. Petroleum has been al
vanced 1c, and Brazil spectators are sup
posed to be utilizing the bombardment to
increase the value of coffee. With these
good signs there are some not so good.
Renewals of maturing notes, to a large
extent, are forced upon the banks hero.
though practically all the clearinghouse
certificates have been retired here and 1T
Boston. Business is so slow that merchants
are asking for few new loans, ana yet
the aggregate of commercial indebtedness
must be much larger. This shrinkage ap
pears less in cotton than in some other
branches of manufacture. During the week
there has been slight Improvement in to
market for some goods. Several large mills
and. while the number reported in opera
ton increases, the condition OF the markets
indicates plainly that few are working nj
their full capacity. The reduction of wages
has been general and does not tend to in
crease the consumption of goods. The
starting of the Edgar Thompson works for
two weeks, and the announcement that the
Joliet steel works will soon start, arc
more hopeful signs. The ship yards anc
agricultural implement makers are incrc3s
ing their purchases, but the demand ifc-
building purposes is remarkably small, and
there is more weakness in barbed wira,
wire rods and steel billets.
The failures this week number 346 in the
United States against 2lO last year. and
twenty-nne in Canada against twenty-five
last year. This list includes one large bank
at Providence and three Southern banks
hut the number of failures having lars-
For the previous week the full statement
of liabilities is S5,727.336 against IS, 49,, LS2
for the preceding week.
Brndstreets's Estimate.
NEW YORK, Oct 20-Bradstreet's to-
morrow will say: Still another business
week is rendered conspicuous owing to the
paralysis imposed on commercial and in
dustrial operations by the revolutionary
policy of the minority in the Senate. Larger
representative manufacturers. jobbers and
other wholesalers in leading lines have been
unable to operate with reference to the
future supply or demand and the result is
that the great iron and steel industries re-
main practically on their backs with no
signs of a revival in either demand or
price. In iron alone there is probably not
more than one-third the output of year
ago. Wool is being sold at concessions from
quotations and mill owners are taking raw
material for actual needs only. Textile
industries generally are not finding the
better demand expected at this time. leath-
er industries continue much depressed,
clothing manufacturers make unfavorable
reports on the business thus far this fall
and at some industrial centers, notably
Paterson, y. j., home of silk and iron
factories and mills, the industrial situation
has advanced steadily from bad to worse
and the end is not yet.
I3radStreet'S estimate of the domestic
wheat crop this year amounting to 10000,
600 bushels has been accepted by Beerbohm
the first European authority on cereal sta
tistics and is corroborated by a special in
vestigaton by western agricultural paper.
If official estimates prevail, our available
export surplus is now within 100000
bushels of being all exported. Exports of
wheat and wheat flour as wheat from both
coasts of the United States and Canada
this week equal 100000 bushels against p
ST. 600 bushels last week There is a slight
Improvement in trade at Toronto, offset,
in part by practical decentralization of the
export cattle trade.