The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-10-20
MILLIONS ARE POORER
Dun & CO.'S CONCLUSION on III RE-
sULT OF TRADE DEPRESSION.
Decrease I'm Business Since 1897 shows
Little Sign of
streets Trade Estimate.

cStlHtttt.
NEW YORK, Oct. 19-R. c.. Dun & Co.'S
weekly review of trade tomorrow will say:
Cotton below 6 cents and wheat below 81
cents. each lower than ever since present
classifications were know, export of gold,
instead of products at such prices in Octo-
Der, are the salient features in business
this week. Distribution Of foods to con-
sumers goes on fairly. with gains at near
ly all points, in comparison with last year,
but net yet at a rate TO sustain the pres
ent volume of manufacturing production,
so that prices weaken a little. The do
nestle trade reported by railroad earnings
in October is "a per cent. less than last
year. and 1874 per cent less than in 1892.
The payments through the principal clear
ing houses for the third week of October
are 23 per cent. greater than last year,
but Bis per cent. less than in 1892. The
daily average for the month is Sc per
cent. larger than last year, but 2s2 smaller
than in 1892. With many features Of en-
enlargement. business has not yet reached
expectations. and it is evident that the
loss Of part Of the corn crop and the UNI
naturally low prices of other great staples
affects the buying power of millions.
Wheat for October delivery fell to SAP
cents on Wednesday, and in spite Of some
recovery the average for October thus far
is 2 cents below the lowest monthly aver
age ever made. which was in September.
and was nearly 10 cents below the lowest
prior to this year, the October average
being 80 cents below that of October, 1871
or 1890. Western receipts are only 400 ,3Jl
bushels for the week, against $685. 33 last
year, and Atlantic ports 631, 0S4 bushels,
against S93.34S last year, but the controlling
fact is that no demand as yet promises 10
clear away the enormous surplus: Corn
declined 1z91c during the week. with re-
ceipts not a quarter OF last year and eX-
ports not a tenth. Pork product were
small and weaker. with lard Lc lower.
Cotton sold at 594c on THURSDAY; and With
sumo 8.24S. 900 bales American. the stock of
100000 bales in sight and the estimate
yield OF over nine million bales deter buyers.
D1nesec eAports lIol1 tnis city III Two
value than last year, while the increase in
value OF imports has been n per cent. Much
| of the decrease in exports Is in price, but
in August and September the quantity of
wheat decreased over a third. Provisions
and cotton gained, but oil decreased. and,
in minor products. exports in September,
declined Is per cent. The increase of eX-
ports exclusive of sugar. was over IS per
| October at New York, over 43 per cent.
With this heavy increase in purchases,
and a decrease in sales of products abroad.
| the market for foreign exchange is in a
position TO be quickly affected by with
drawals of capital or apprehensions re-
half million dollars exported Tuesday it is
expected that as much will be added to-
day. 1t appears that three trust companies
here now hold over so, 5000 idle money
and that Eastern mill loans are being
taken from New York by New England
banks, while the Northwestern demand for
money is unusually small. The treasury is
again falling backward in reserve and large
imports yield a little less revenue than
last year, while internal revenue for the
past three weeks is A.600,00 smaller than
a year ago.
The iron and steel business makes a bet
ter showing this week. Bessemer pig hav-
ing stiffened to 5000 at Pittsburg, and at
Chicago and New York further Structural
bar iron has fallen to 90 cents for common,
and 81 for steel at Pittsburg, which are
prices below those current in Great Britain.
There is a good demand for sheets and
some good bridge contracts are reported.
me pennsylvania railroad reports its ma
of last year up to date.
During the week the failures have been
25 IN the United States, against 81 last
year, and 43 in Canada, against - last
year.
Brndstreet's Weekly Review.
NEW YORK, Oct. 19.-Bradstreet's to-
morrow will say: With few exceptions the
leading features of the business situation
this week have been those of continued
moderate improvement, although the total
volume of business SO far as indicated by
bank clearings throughout the country will
require considerable expansion to compare
favorable with corresponding totals two
years ago. This relatively favorable bank
clearing report is offset in part by a de-
cline in prices of staples, coffee alone scor-
ing a slight advance. At Louisville to-
bacco is easier under promise of a large
crop, ard hogs are lower in price at some
OF the more Important markets, while leath-
er Is quoted lower at Western cities. Com
petition OF Northern lumber manufacturer
has forced down prices at Chicago, and all
except best grades Of live cattle at Omaha
ana Kansas City have sold for less than a
week ago. while wheat and Indian corn
have also shown declines. The production
of iron and Bessemer steel continues as
heavy as heretofore, and quotations have
been further shaded. Lard is lower in price
and the prospect for cessation of textile
the print cloth market. AS serious as any
other decrease is that in cotton,s the fea-
ture of trade South this week being a check
10 purchases by interior merchants for
spring delivery and slow mercantile collec-
tons. due to lower prices for cotton.
Exports OF wheat flour included as
Canada. this week, amount TO 1880 900 bush
els. against $4,000 bushels last week. p
ago, 100000 bushels two years ago, and
100000 in the week three years ago. The
strength OF foreign exchange and gold en-
for the week. aggregating $l.000.-
600. have disturbed the speculative stock
market and checked activity. Current de-
creases in railroad earnings are ascribed to
the effect OF the heavy worlds fair passen-
ser traffic a year ago. a small reduction in
the Baltimore & Ohio dividend is not con-
sidered Indicative of trunk-line traffic con-
ditionS at this time. Bonds are strong. and
any demand for prime securities causes an
advance. The foreign exchange market is
narrow. both as 70 supply and demand.
Nearly all the more important business
centers West and Northwest report moder-
ate activity, but few of them announce
any new features. Chicago advices are re-
ceived of increased mail orders, but fewer
purchases in person. with relatively heav-
Ter demand for underwear, clothing and
cloaks, and a smaller volume of money GO
ing TO the country. St. Louis merchants re-
port increased confidence OF jobbers dealing
there and expectations of largely increased
ritory tributary. Kansas City and Des
Moines both report that warmer and I'M
seasonable weather has served TO restrict
the volume of business within a few days,
but at and near Omaha the weather has
favored general trade. Conditions prevail
ing at Cleveland, Cincinnati. Louisville. De-
troit, Milwaukee and St. Paul in preceding
weeks are practically without change. AT
San Francisco and Portland. Ore, the vol
ume of business Is fairly satisfactory, and
the demand for grain vessels is more ac-
tive, with an advance in rates 10 the United
Kingdom. At four Southern cities general
trade is reported TO have shown some i'm
ACKNOWLEDGEMENTS. Jacksonville, New
Orleans and Galveston--but at Savannah.