The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-29
r.. G. DUN & co.'s REVIEW.
Business Increasing Despite Low
Prices--Tbe Cotton Industry.


Prices--Tbe Cotton Industry.
NEW YORK, Jan. 2S.--R. G. Dun Zoos
weekly review of trade will say to-mor-
row: The first month of the new year has
brought rather more increase in business
but less Improvement in prices than was
expected. With payments through clear
ing houses 7.3 per cent. larger than in 1892,
and probably the largest ever known in
any month, with railroad earnings 11.2 per
cent larger than the best of past years.
the fact that prices are very low only
shows more clearly the increase in quanti-
ties of products sold. Nor is there any
disposition to refuse orders, even at pres
ent prices; indeed, the competition of manu-
facturers seeking orders alone prevents a
rise. Most of them have all they can man
age. many working night and day and one
great steel concern running on Sunday, but
the works not yet filled with orders are
seeking contracts at as low prices as have
ever been made. indicating that even these
are not entirely Improbable. The settle
ment of wages on 10 per cent. advance
April l. for 900 coal miners of the CEN
trail region, with other changes, will tend
toward a larger demand for products OF
all kinds, though also toward some increase
in cost of manufacture.
Wheat has been conspicuous, rising &c
for the week, with 51sc for May OPP
ton. Western receipts have been ,0O9,-
053 bushels in four weeks. against 6,O45D2
last year. but Atlantic exports have been
Il. 003. S2S bushels in four weeks, against
7,1G36l4 last year, and Pacific exports, with
out Tacoma. for the week, 40l5,583 bushels
against 3,454, $3.50 last year. so heaVy an
outgo, with wheat over 81 per bushel, and
with corn exports for the four weeks equal
ing the extraordinary movement of last
year, diScloses the strength OF foreign de-
mand even better than current accounts OF
disappointing shipments from Argentine
and poor prospects in Russia.
Cotton has risen 1-16c. Notwithstanding
the strikes in Eastern mills and the of
fetal report of Q. decrease of 1G5 per cent
in British exports of cotton goods last
year. Receipts still run so far beyond
those following the largest crop on record
are commonly accepted. The cotton manu-
facture is in more difficulty than any other,
not merely because prices do not much lm-
prove, nor as yet the demand Tor goods.
though both are helped by the closing OF
many mills, but largely because the manu-
facturers and workers have considered too
little the rapidly growing production at the
South.
The wooden manufacture is doing well,
fine worsted goods having opened at an ad-
vance of 20 per cent. over last year, ana
the large mills are constantly buying WOOL
even at current high prices, which implies
great confidence in the future, presumably
based on larger orders than are publicly
reported. Such purchases of wool have
been frequent of late, even by mllls sup
posed to be supplied far ahead. and one
Providence mill appears to have taken 90
900 pounds worsted wool at wheeling this
week. Sales at three of the chief markets
have been S,0S0100 pounds and for four
weeks 80 421.0 60 of which 2l.367,720 We're do
nestle. against 36, 547 500 last year. OF which
IS 397 500 were domestic.
The iron manufacture is getting larger
orders for finished products, which crowd
many works almost beyond their capacity
although some others are still I'm the
market and keeping prices down. Pig iron
is steady, except that bessemer at Pitts
being officially reported as 9,6526S0 tons,
and the consumption in this country. un-
sold stocks considered 9.62o.3S tons against
1901 504 in the largest previous year. which
was 1895. and 3 394 1872 tons in 1892.
Failures for the week have been 342 in
the United States. against 3Sl last year,
and "a in Canada, against 81 last year