The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-04-20
SPECULATIVE PRICES
ADVANCES THE PAST WEEK WE'RE
NOT IN LEGITIMATE TRADE.
Wheat, Gil and Cotton Above Export
uotations-Review by Dun &
Co. and Bradstreet.

NEW YORK, April 1S.-R G. Dun & Co.'S
weekly review of trade, which issues to-
morrow, will say: In every speculative
department business is growing, but this is
really the least satisfactory feature of the
situation. Cotton, oil and wheat climbed
above the export price, SO that the mar
keting of products abroad must be checked,
and money is absorbed which ought to be
employed in productive industry and in dis
tribution of products to consumers Ev-
erybody knows that oil has not risen 200
per cent. because it is intrinsically more
valuable, nor is wheat actually worth more
than it was two or three weeks ago, but
the expansive and uplifting force has for
tunately taken to speculation rather than
to production, and so we have higher prices
in all speculative markets without a larger
demand for consumption Stories of com
! bnations between the Standard Oil Com
pany and Russia to partition of the oil
consuming territory by no means account
for recent prices of petroleum, which ap-
pear to be entirely fictitious; There is no
evidence that cotton is in larger demand
than it was when the price cent
lower, but prices have been low for
months that an upward movement was easy
without much reason, Though stocks here
and abroad are 900 bales larger than
they were at the same date after the
spinners here and abroad have taken about
100000 bales more than they have con-
crease of acreage, which is its one reason
able excuse. Wheat has advanced over &c
receipts are small only l,Oo2S4s bushels.
against 1,766S29 last year. but Atlantic
only $3.50, 4s1 bushels. flour included. against
5,680,366 last year, and there is no indica-
ton that the foreign demand will increase
considered excellent. Western receipts are
not large, and it would be strange if they
were with prices so low but advancing Ex-
ports continue to indicate that the Euro
pean demand will not be particularly heavy
Outside Of speculative markets the most
beef. but which is largely due to the control
porations There ought to be, but apparent
ly is not sufficient power in the hands of
the mt to meet any such sue conspr
of Secretary Morton to admit Mexican cat
tie and cattle from Canada on easy terms
commended, though 1t is not likely to have
much influence. The actual decrease in
markets has been 100000 head during the
first quarter of 1885, and the quantity killed
year. about 10 per cent. but facts have lit.
tie to do with prices in this case, as in the
case of OIL. In iron and steel the situation
is rather disappointing, although the out
put continues large. as the demand for fin
ished products does not seem to increase.
Structural forms are in large demand, but
sales of wire are about 80 per cent. less
than last year, and In other branches there
is no D6rcepIfDl6 gam. 1t Is SUI an open
question whether the consumption will sup
port the manufacture at the present rate,
which is at least an eighth below the pres
The cotton mills are encouraged by i'm
proving prices and are fairly busy. Sales of
have been IS 800 pounds for three weeks ns
in April. against 1902, 800 last year, which
larger the than f has o ay e
time for nearly two years. and while foreign
competition is seriously felt in some
.faa 4,,,-A Liz
a vigorous effort to retain the home mar
ket, even in lines which they at time
Failures during the past week have been
al in the United States, against 219 last
year; thirty-four in Canada, against forty
Bradstreet.s Trade Review.
NEW YORK, April 1eLBradstreets re-
port tomorrow will say: The volume of
general trade has maintained the previous
weeks proportions, and at some points
shows noteworthy increases, as compared
with the total a year ago. The reaction in
petroleum prices appears to have been over
come and the tendency is again upward,
based on a drop in stocks from about H.
100000 brls of Pennsylvania oil in January,
1894, to less than 100000 brlS of merchant
able oil. So marked and rapid has been the
appreciation in the price of petroleum that
advances in quotations are noted also for
wheat, on improved demand for export; cot
ton, on wide consumption, present and
prospective; print cloths and other cotton
goods. because of higher raw cotton; Bes-
semer pig iron, on the increase of cost of
ore. coke and labor, and shoes and leather.
on the further stiffening of values of hides
The upward turn of prices for dressed beef
and live cattle has been maintained. COT
fee is lower, as are lard and oats. but In
dian corn and pork remain steady at last
weeks closing quotations. Wool is barely
steady, as consumers are awaiting the new
crop before buying.
Exports OF wheat from both coasts of
the United States this week, flour included
as wheat. show third weekly gain in sue
cession, with the total amounting to 1885,
900 bu against 1884 900 bu last week, $685.
600 blu in the third week of April, 1894, g.
1863 600 blu in the like week of 1898, g. 107, 900
blu in 1892 and as contrasted with 2.222, 900 blu
in the corresponding week four years ago.