The Indianapolis journal., 1896-05-23
BUSINESS STAGNANT
DEFERRED ORDERS CONTINUE To
DEPREss AMERICAN TRADE.
short Crop Stories Fail to Affect Home
Markets-Dun & Co.'S and
Bradstreet's Reports.

NEW YORK. May pr. G. Dun & Co.'S
weekly review of trade, which issues to-
morrow. will say: The waiting condition.
which seems to some people nothing better
than stagnation, still continues. But there
is a difference. Thousands of orders and
contracts are merely deferred because they
can be more safely given little later.
There is nothing exciting in the specu-
lative market for exportable products and
the stories about damage to wheat have
been numerous, but the general belief re-
garding the future supply Is fairly reflected
in the decline of 11zc per bushel The West
ern receipts continue larger, for three weeks
5,SlS.625 bushels, against 4,362, ,537 last year,
while Atlantic exports, flour included. have
been only 3,19S,S03 bushels for the same
weeks, against 4.749.674 last year. The
home market fails entirely to respond to
short crop stories, for it is known that
Western reports indicate crop exceeding
last years. Cotton speculation lifted the
price for day two, but it declined
again, and such movements are always
easy at this season. when stocks can be
easily controlled. The European and Amer
lean mill supplies with commercial stocks
still exceed maximum consumption for the
crop year, and the promise for the COM
ing crop is decidedly good. II the output
of pig iron were always reliable barome-
ter of business conditions, as some sup
pose, the returns of the furnaces in blast
May /, according to the Iron Age 1888
tons, against 1S7, ,451 April 1, would be
vincing. But the increase of stocks unso.d
since Jan. has been 2439l5 tons, and this.
deducted from the output of furnaces.
is certainly in excess of the actual con-
sumption, because the stocks of the great
steel companies are not included in the
statement Since the steel billet pool was
formed these stocks have doubtless in
creased largely. There is scarce.y any i'm
provement in the demand for finished prod
strong enough to enable makers of steel
bars to get slightly higher price. The
demand for nails Is so light that reduc-
ton OF prices is expected. The demand for
structural iron work is less urgent, but yet
orders are encouraging In number, although
new contracts are few at Pittsburg, and the
ablest observers of the iron market notice
that there is glaring incongruity between
pig at $3.50. billets at $20.25 and steel rails
at S2S.
The textile manufacturers are still wait
ing, as they have been for months past,
and the extensive curtailment of production
does not strengthen prices in the least.
Some large cotton mills have discontinued
production this week, but the on.y change
in representative quotations is an eighth de-
cline in brown sheetings. The market for
woolens is exceedingly dull, notwithstand-
worsteds and clay mixtures are both a
shade lower, there is nothing like conf
dence or activity as yet in any branch of
the manufacture Sales for the week, o.
64S.200 pounds at three chief markets, and
for three weeks ending May q, 9,lS4 400
pounds, of which 4,SS2 200 were domestic,
against Is, ,94S. $50 In the same week in 1902
of which S,60l, 700 were domestic.
Failures for the week have been 227 in
the United states. against 207 last year.
and twenty-eight In Canada, against twen-
ty-three last year.