The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-10
BIG VOLUME OF TRADE
FOREIGNERS ACTIVE BIDDERS FOR
AMERICAN SECURITIES.
Prices ON Staples Higher than for
Five Years-WeekIy Reports by
Dun a. Co. and Bradstreet.

NEW YORK, Sept. 9.-R. G. Dun & Co. S
weekly review of trade will say tomorrow: The
volume of business is larger than it ever has
been. Investors across the water have caught
the cue and their purchases Of American bonds
and stocks have been heavy for several weeks
Wheat has been about 1c higher in price for
spot, with Western receipts only about as large
those Of last year for the week. No doubt
some farmers have learned that 1t is a poor bust
ness to hold back for higher prices. and yet very
many doing it, and SO are making inevitable
a more disastrous decline in prices after time
Atlantic exports for the week have been 2S25 100
blu, against 1856 last year, -four included, and
Pacific exports. 1912 blu, against 1894 last
year. Corn is a shade higher, estimate prom
Using only 1,75O,OOO.C COO blu.
The cotton year has closed, according to the
Financial Chronicle. with a yield of IL, 100 $50
bales in 1897. of which 7,646,OS5 were exported
1.S56OoO were consumed in Northern mills. 1.227.-
$3.50 in Southern mills, 42O,079 were added to
Northern mills stocks and 9S, 991 to commercial
stocks 1t is but fair to say that the Financial
Chronicle makes no calculation of the quantity
produced, but not marketed, which the New
Orleans Cotton Exchange reckons at 1870. 900 bales
presumably including cotton owned by Southern
mills but not yet consumed. The European
mill stocks according to Mr.. Ellison. are 10000
bales, against 39S, 600 a year ago. the American
499 775, against 70 1886 a year ago. the commercial
stocks here and abroad, 1871, 600 bales. against
6S5, 900 year ago. and other allowances leave
hand for the coming year 3031, COO bales, about
much was estimated a month ago. and
indicate consumption of 3.OSS, 9S9 bales in this
country against 2.s93.S5S in the largest previous
year. The increase of A per cent in Southern
consumption during the past three years. with a
0P rlv in &c
significant.
Nobody can guess how great the demand fot
iron and steel products may be a month hence
but the manufacturer has the rare good sense to
wait for the actual orders before hosting prices
So far the advance has been remarkably mod
crate, in the average of all finished products
only 3S per cent. from the lowest price this year.
while pig iron has risen less than per cent.
Orders this week include 10000 tons of rails at
Chicago, 5000 tons of pipe at Boston, with It, 900
to $4,000 tons coming at Philadelphia; 10000 tons
plate for Baltimore shpyard and heavy orders
for bars, rods and especially sheets at all mar
kets
The sales of wool have been only 2,2S9, 500 lbs
at the three chief markets, against 49, 400 for
the same week last year and S,S12,OOO for the
same week in 1892. The feeling grows that the
prices demanded at the West cannot be main
tanned and until wool sells at materially lower
prices the manufacturer cannot meet the existing
market for goods. Prices for goods do not change
and a considerable number of the mills will
shortly shut down unless the situation improves.
In the cotton manufacture there is still fairly
strong demand with print cloths and staple
goods unchanged in price, but the stoppage of
some Eastern mills continues.
Failures for the first week of September have
been in amount of liabilities, $1,111,593 manu-
featuring, $2246O2 and trading, $7O3 991 Failures
for the week have been 164 in the United States,
against 215 last year, and sixteen in Canada,
against thirty-fve last year