The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-23

Temporary LulI in Trade, Owing to
Recent Heavy Buying.

Recent Heavy Buying.
NEW YORK, Oct. pr. G.. Dun &, Co. s
weekly review of trade will, in it's issue of
tomorrow, say: After the heaviest buying
ever known in many branches during Sep
TENDER and the first half of October, it was
both natural and desirable that a more
quiet period should give time for testing
the size and temper of retail trade and for
distributing part of the enormous quanti-
ties bought. In textile goods the rush of
orders went far beyond all distributive de-
mand in August and represented great re-
Punishment of stocks and the similar rush
for goods has been correspondingly great
in other lines during the past two months
In iron and steel and in boots and shoes
there was actual danger of a speculative in
fiation of prices such as was seen in 1896
but it has been avoided, apparently for
this season, by the solid sense of leading
men who regard a time of comparative
quiet as essential to the coming and perma-
nence of prosperity in their lines. AS the
buying for replenishment is partly satisfied
and dminishes, there is some decrease in
the volume of transactions, though at the
same time the working force has further
increased, the wages of labor have been. in
numerous cases. advanced and the founda-
ton laid more broadly every week for
larger buying and business hereafter.
The iron industry waits, because possible
production for the year has been practi-
cally ordered, while neither buyers nor
sellers regard contracts at current prices
for next years business as quite safe. BeS-
semer pig is a shade weaker, at $40. 40 and
gray forge at $3.50, at Pittsburg, while bill
lets are hard to get at any price, owing to
the stoppage of only two works of moder-
ate size, so much has the current demand
come to exceed production. Sales of war
rant pig iron at Philadelphia 20 cents be-
a
in finished products is, almost of necessity
smaller since manufacturing works are
nearly all full for months ahead the plate
mills at the West so full that they could
not compete at all for three Rockefeller
vessels requiring $500 tons each, The de-
lnand for bars is the best for a long time
and contracts for the East-river bridge for
numerous new buildings and railway
bridges, are still pending. The coke output
has risen to 145, 033 tons weekly and is the
largest known for years. Anthracite coal is
sold at $i.15 in New York harbor, or 20
estimates make the years output 40,500,0OO
tons. The only noteworthy feature in minor
metals is sensational collapse in lead of
50 points, with sales of 1900 tons.
The severe decline in cotton to 612 cents
from S25 cents, Aug. so, is due to wide
spread confidence in large estimates in
yield. A natural consequence is the fall of
print cloths to the lowest point in the his
tory of the market, 237 cents, and cotton
goods generally are easy, with limited sales
of staples. All wooden goods are firm, but
there is no new business of note for spring,
outside of dress goods. Sales of wool have
sharply decreased again at Boston, amount
ing to only 100000 pounds, against IS 900 900
pounds the last week in September, and the
week there was the dullest since Jan. Z.
Some large offerings were made to realize
profits before prices fall, but quotations
remained unchanged. because even at
half-cent decline buyers were not disposed
to take hold.
The produce market acted with as little
apparent reason as usual. Although Allan
tic exports of wheat were 3576,607 bushels,
-four included. and for three weeks of Oc-
tober 10,039 90S bushels, against 7.742. PA
bushels last year, with Western receipts
not half million bushels larger, the price
advanced 2lac. Corn, with smaller receipts
and exports, barely quarter of last year S,
declined a small fraction.
Failures for the week were 224 in the
United States, against 274 last year. and Sc
in Canada, against so last year.