The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-11
SIGNS ARE ALL GOOD
NOTHING IN THE OUTLOOK TO DIS
COURAGE BUSINESS MEN.
Railway Securities Advancing with
Increased Earnings, and Several
Industries Unusually Active.
PRICE OF WHEAT HIS RISEN
OWING TO THE CONTINUED DEMAND
FOR SHIPMENT ABROAD.
Bank CIearings still Gaining over the
Exhibit of Last Year-Business
Failures Decreasing.

NEW YORK, Dec. 10.-R. G. Dun & Co.'S
Weekly Review of Trade will say in its
issue of tomorrow: The opening of Con-
gress. with the annual message and reports,
has not discouraged business, as some pre-
dicted, but all speculative markets are
stronger than week ago. The productive
industries, even in the season usually
about the dullest Of the year as to new or
ders, meet definite Improvement in demand
for important products, presumably the
fruit of a prevailing conviction that new
business will begin to crowd the works after
the new year starts. The outward move
ment of wheat and other products continues
so heavy that foreign exchange has fallen
&c, and instead of exports of gold, which
have marked December IN recent years, i'm
ports would come if gold were wanted. Sc
curities are advancing, with reason in the
increased earnings of raiways-$41 0S5, sol for
November on reporting roads in the United
States 1913 per cent. larger than last year
and So larger than in 1892 A striking COM
parison for five years shows that in each of
the last three months earnings have been
greater than in any previous year, with a
larger increase in November than in Octo-
Der or September.
The sudden rise in December wheat at
Chicago to $109 would do harm We're it not
based on avowed contracts to ship some
millions of bushels to Europe. That fact
and the continued foreign demand in spite
of such contracts has helped a rise of 112c
here Western receipts for the week were
5,79S,71 blu, against 3,691,374 last year, and
Atlantic exports, including flour, 1872
137, against 2975,651 last year, and so great
is the foreign shortage that the outgo or
corn last year, far greater than ever be-
fore, is again exceeded, 3,3130S6 bu for the
week, against 1850, $50 year ago, with the
price nearly 1c higher for the week. The
report that the Western supplies are run
ming low is discredited by receipts from
farms.
Cotton is 1-16c stronger, in spite of esti-
mates ranging from 100000 to 100000
bales by well-known authorities. A strike
in English mills is longer threatened,
and the possibility of one at Fall River has
little weight.
The demand for wooden goods has clearly
improved, and more wool has just been pur-
chased abroad and is being imported, the
sales III domestic markets having been for
the past week only 2,66OOOO pounds at Bos-
ton and in two weeks IL $50, 400 pounds at
the three markets. While some grades have
been sold largely at prices lower than a
month ago, quotations are generally MAIN
ldlNSU.
There is more demand for iron and steel
products in preparation for railway work
bridges and buildings next year and on con-
tracts for export, including one for gov
eminent bridge in Holland and others for
bridges in japan, with large shipments OF
various products to England and other coun-
tries. Foreign contracts for 10000 tons or
rails are pending In and about New York
bridge and building contracts call for 25OOO
tons and Chicago works are figuring on nu-
merous contracts for 5000 railway cars. The
formation of the American Steel and Wire
Company is expected TO strengthen prices,
and causes some buying. While Bessemer,
at $40, and Grey forge, at $9.15, are slightly
lower at Pittsburg prices are stronger at
Chicago, and in all quarters heavy business
is expected after the new year. A sale OF
lake copper, said to be 10,OO0,OC0 pounds, at
lie so strengthens the demand that 10.Sc
is bid but tin and lead are very dull, and
spelter a shade lower, while future con-
tracts for tin plates have been made at
$3.50 per 100 pounds. Connellsville coke pro-
duction is ISL, 100 tons weekly, against $4,000
in November, and no advance is now ex-
pected above $3.50 for furnace coke early
next year. Anthracite coal is weaker, and
sells here at 1915 to $3.50 for stove.
Failures in the first week of December
were but $2,617 .240-manufacturing, $39, 42O,
and trading. $1,791, 57c Failures for the
week have been 312 in the United States,
against $50 last year, and 20 in Canada,
against 4S last year.