The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-07-21
TRADE is CRIPPLED
HARD TO FIGURE OUT WHAT PROS
PECT FOR THE FUTURE MAY BE.
Wheat Nearing the Lowest Price
Ever Sold At-Rcviews of Dun
AZ Co. and Bradstreet.

NEW YORK. July 2O.-R. G. Dun G. Co.'S
weekly review of trade, which issues to-
morrow. will say: The effects of the two
great strikes have not yet entirely worn
off and meanwhile disagreement between
the two houses of Congress has made tariff
uncertainties more distinct and impressive.
1t follows that the customary tests of the
condition of business are less instructive
than usual The financial situation is some
what less favorable because the exports of
gold have been resumed, and are $33O0,O00
for the week, but the treasury receipts
have been s2.O4S,391 for customs, against
S2.95l,574 last year and s7,474553 internal
revenue against s., 97951S last year. The
extraordinary payments to anticipate the
increase of taxation on whisky are rapidly
locking up large amount of capital and
taking from the government part of the ex-
pected increas of revenue, while the
rent loss in customs receipts is largely due
to the postponement of imports. in expecta-
ton of lower duties hereafter. Thus the
treasury has been gaining in balance, al
though at the expense of some loss in reve-
nue. hereafter.
Wheat has been skating on thin ice. with
a chance of breaking through and making
the lowest record ever known, and has de-
clined 3 cents for the week. With railroads
generally blocked in the wheat-deivering
districts. it is a satisfactory indication that
the Western receipts are only about two
thirds OF last years, being 2,21,5l4 bu,
against 3,02S,319 a year ago, while the ex-
ports from Atlantic ports are insignificant,
| only 672,4O2 bu against 2,S6S,627 bu last year.
The enormous visible supplies have less
actual weight in the market than the
prevalent conviction that government esti-
mates of yield are widely erroneous Corn
! has advanced a shade with no satisfactory
reason. for the prospect is excellent for a
| large yield. A great speculation in oats has
| begun to liquidate with the customary
losses to the wise men who knew all about
| 1t. Cotton has declined a fraction and ali
| indications still point 10 a material increase
of yield
Although there was an increase during
the month of June of nearly a third in the
weekly production of pig iron, and the
| sumption in the manufacture was nearly
| twenty thousand tons per week greater
| than the output of furnaces. it is question:
| able whether any further improvement has
| yet occurred in July. Many of the Western
establishments were stopped because the
blockade of railroads cut off their supplies
| of fuel, and have not yet ventured to re-
sumo. Others west of Pittsburg have been
| inactive because the coke strike continues
and the limited production scarcely sufices
! for the needs of works near at hand. Be
remarkable demand for finished products
In steel rails the official statement shows
deliveries of only 10000 tons for the first
| half of 1894. against 81, S64 tons for the first
| half of last year.
| The most hopeful sign noted this week is
| that failures continue comparatively few
| and not very important The aggregate of
| liabilities for the twelve days ending July
| II was S2.6S0.SO6 of which Sl,009.S21 was of
/ manufacturing and 81 44S,2Q of trading con-
| Germs. which is decidedly below the aver
| age for the past half year. The failures
this week have been 23e in the United
| States against 467 last year and forty-four
| in Canada, against twenty-five last year.
| Ciearings Now Feel the Depression.
Il
view of trade tomorrow will say: Disap-
! pearance of the great railway strike of 1894,
the revival of regular freight schedules and
| the customary movement of produce and
merchandise by water and rail have done
much to restore something like the volume
| of trade, which has not been great this
| year. The effects of the recent widespread
disturbance in transportation and indus
/ trial circles are now making themselves felt
| in bank clearings. the aggregate this week
| being only $s20.0O0,0O0, drop as compared
| with the preceding week of about 3 per
| cent. and as compared with the third week
| in July. 1893, of Is per cent. Exports of
1 wheat flour included) both coasts United
| States and Canada are again moderate, the
| aggregate this week being only 1,S73.000 bu.
compared with 2.S77OOO bu last week, s.
/ 01.,OO0 bu in the third week of July. 1893,
| 2,1l6OO0 bu in the like week of 1892 and 3
/ $4,000 bu in the corresponding week the
year before that. The stock market is
| feverish and dull in the unsettled condition
| of the tariff bill. Interest and activity CEN
ter in Sugar the street considering that the
| whole fate of the measure centers in the
schedule of duties on that article Railroad
| stocks are dull and neglected. the expecta-
ton OF better earnings following the re-
! opening OF the roads being set off by the
| heavy losses and stoppage of earnings
while the strike was in progress.
The fruit trade at New Orleans is great
| ly improved since railroad traffic has been
| resumed, and there is more demand for
| building materials favorable crop reports
| throughout Louisiana having stimulated
| better feeling. Among Western cities where
| general trade remains quiet or dull and
without material change, except that due
Milwaukee. Minneapolis. St Paul and Du-
| luth, Cincinnati and Louisville report some
gain in volume of trade. with a tendency
| country. Kansas City jobbers find orders
for fall delivery fairly numerous. and at
| Omaha country merchants are ordering
| more freely. The total volume of trade az
| Chicago. Notwithstanding resumption of
railway traffic. is relatively light. that for
| groceries being most active. Relatively the
| most favorable report comes from St.
| Louis. where general trade is said TO have
| much improved, and where frequency of
| favorable crop reports from tributary terri
| tory stimulate an improved feeling among
| jobbers and others. At Portland, Ore, gem
| eral trade has improved. and there is a
| marked recovery at San Francisco al
| though the volume is still below the nor
NAL. The engagement of vessel 10 load
Egypt. the first instance OF the kind is
| reported. as we'll as the resumption of
wheat exports from San Francisco TO the
| United Kingdom.
| state OF the Iron Trade.
CLEV o.. July .O.-The Iron
Trade Review this week says: 1t is strik-
ing proof of the residence of the country's
business organism that one week should
witness an almost complete paralysis OF
transportation, compelling hundreds of
| manufactures TO stop, while the next Is
marked by complete raising of the en-
! barge, with industries resuming on every
| hand. The week under review has shown
| a general starting up of iron and steel
| plants. not only those which the strike
| had closed. but those idle account Of
| scale differences. Both these impedments
| have now been removed. There remains
| yet the handicap of insufficient coke supply.
| which keeps furnaces i'm the Mahoning
| and Shenango valleys out of blast. and the
| desperate strike Of the miners of Alabama
| furnace companies which has silenced
| about half OF the furnace capacity there.
| The increased activity of mills under the
| circumstances signifies the working up of
! accumulated orders There is no develop
| ment in the week indicating a revival OF
| demand and steady prices.