The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-30
RECORD-BREAKING JULY
BUSINESS HEAVIER THAN EVER
KNOWN BEFORE IN SUMMER.
Prospect of Fine Crops Tends to Low
err Prices-Dun e. Co.'s and Brad
streets Trade Reviews.

NEW YORK, July pr. G. Dun & Co.'S
weekly review of trade will say tomorrow:
Big business in January is expected, but big
business in July means more 1t is the
month of all others when trade is naturally
light, new engagements are ordinarily de-
ferred and men wait for the outcome and
movement of crops. But more business is
being done this year than in any previous
July of which there are records. The pay
ments through clearing houses have been 5.S
per cent. larger than in 1892 the year of
greatest prosperity heretofore, and for the
month just passed per cent larger than
last year and S.4 per cent. larger than in
1896. But these records and others have to
be judged in the light of heavy decline in
prices, so that the volume of business trans
acted is about 20 per cent larger than the
volume of payments indicates
Considering the purchases of nearly half
the people depend the success of agricul-
ture, and that the prosperity of the entire
transportation interest is materially affected
by the size of crops to be moved, it may be
said with reason that the promise of gen.
eral prosperity this year is unusually
bright. Wheat receipts for the month thus
far have been 1905, 1873 bushels, against 49,
So, 074 bushels last year, but prices have de-
clined liz cents and farmers are holding
back their wheat in the hope of higher
prices. The exports for the week have been
1907, S15 bushels from Atlantic ports, flour
included, against 1888 last year, and from
Pacific ports 126,117 bushels, against 429,218
last year, making for the month 1888, 1872
bushels, against 1886, 346 last year. Corn has
little advance in price, owing to reports
of injury to the crop, and also because ex-
ports for the month thus far have been sig
nally well maintained, amounting to 6161,963
bushels, against S,0O9616 last year. Wheat,
on the contrary, has dropped about y9
points with prospect of further decline.
The, prospect for cotton is generally very
good, though too much rain is reported in
some Southwestern States The manufac-
ture is a little encouraged by better de-
mand, though prices did not improve. The
effort to curtaiI production at Fall River
has been checked by refusal of mills at
other points to cooperate, The sales of
wool show a remarkable increase In large
transactions, for which no prices are mans a.
four being quoted at Boston covering $780,
900 pounds, and the aggregate at the three
chief markets has been 7,039,3O0 pounds for
the week. and for four weeks 1888, 200
pounds, of which 12511, 400 pounds were do
mestic, against 46, 1O9 200 last year. of which
21, $685. 800 were domestic and 52,6S99 in 1892
of which 81 900 were domestic. The de-
mand for goods is rather better.
The official report of iron production for
the first half of 1898 shows an increase of
over half million tons compared with any
previous half year, and, what. is far more
lures appears for the half year to have ex-
ceeded the output. Estimating the exports
for June, only five months having been off,
cially reported, the consumption has been
594S,345 tons, against 5000, 703 tons produced,
averaging 91,391 tons monthly, against 1884,
$50 tons produced 1t is well to remember
that in June, when production declined be-
cause of stoppage for repairs, the decrease
in unsoId stocks was 4,216 tons weekly. The
new orders received are surprisingly large
for the season, covering 5000 tons at New
York for rails and 10000 pending for Russia
and 5000 for Japan. with 10000 taken at
Chicago. and a noteworthy demand for
structural forms at Philadelphia and in
creasing for bars. with enough to keep the
plate mills busy for a long time, a larger de-
mand for bars at Chicago. including one or
der for 5000 tons implement stuff and an
excellent structural demand. and the heav-
lest demand for plates ever known at Pitts
burg. Sales of Bessemer iron have been
heavy, reaching $4,000 tons at Pittsburg,
without change in prices
Failures for the week have been 225 in the
United States, against 236 last year. and
twenty-six in Canada, against twenty-eight
last