The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-26
Even in Speculative Markets the Bear
Operators Have Not Seriously
Depressed Stocks.
EXPORTS STILL INCREASING
AND EXTRAORDINARY ACTIVITY IN
IRON AND STEEL INDUSTRY.
The Few UnfavOrabIe Features of the
Week OvershadOVved by Optimis-
tic Reports from the West.

NEW YORK, March 25.-R. G. DUN &
Co.'s Weekly Review of Trade will say in
to-morrow'S issue: A waiting state of
things always hinders business to some eX-
tent. With more than $34,OO00OO gold re-
ceived or on its way since this movement
began, with ample bank reserves and the
treasury reserves, and a redemption of
notes in all ways nearly third smaller
than in February to date, with no strin-
gency in the money market and sterling ex-
change weak, with the volume of business
at clearing houses outside New York larger
than in 1892 by SO per cent this month
and with failures nearly 80 per cent. smaller
than last year and 81 per cent. smaller
than in the same month Of 1892, there is not
much visible ground for panic, even if earn
est efforts should fail to keep peace with
honor. Warlike reports come every day
and stock operators make the most of them
and yet the average of prices of railroad
stocks is $53.0S against $500 two weeks ago
to-day. Nor have industrial operations been
perceptibly affected, except where extraor-
binary buying for some weeks past has
made necessary a pause for breath, so to
speak, or where unnatural prices had caused
a halt before the destruction of the Maine.
Some decrease in new engagements would
as yet scarcely any indication of decrease
for that reason is seen. 1t is difficult to
take dismal views when the Nation is sur
passing all records in marketing products.
Atlantic exports of wheat for the week
have been 216O,S 26 bushels, against 1272,2S6
bushels last year and in four weeks 9SO2,5
bushels flour inclcuded, against SOB, 425
bushels last year, with Pacific exports
1882, 032 bushels, against $780, 42 bushels last
year. The price has declined 27s Gents, but
the heavy shipments and contracts for ex-
port are having a constant influence. Corn
has declined only small traction, with
exports not a sixth lower than a year ago
to date. Cotton has fallen 1-16c, in spite
of large exports, because sales of fertilizers
and other evidences indicate that curtail-
ment of acreage this year will be less than
was expected. Domestic exports from New
York in two weeks have been 50 10000 or
37.S cent larger than last year, While I'M
ports have been scarcely larger fore
shadowing exports again exceeding $lOOOOO,-
900 for the month and $24O00,000 over i'm
ports. In such conditions no Strlngency IN
money is needed to bring money hither M
pounds in three weeks at the three chief
markets, against 46, 605, 800 last year, and
quotations are yielding, with sales of old
wool half to one cent below current quota
tions for clothing, and no indication that
manufacturers are nearing the end OF their
stocks. Cancellations are numerous, but in
proportion to orders smaller than for five
years past, and find natural explanation in
an advance of prices greater, in some lines
than distribution seems to warrant. Yet
the mills are nearly all full of orders for
some months to come and rather more de-
mand for goods is seen since colder wealth
er appeared. Cotton mills at Fall River
still increase their accumulated stocks,
about 100000 pieces and print cloths have
declined to EOS cents, the lowest quotation
on record. Some print cloths have also
weakened, but ginghams are firm and the
better grades of dress goods are sold we'll
ahead.
The iron and steel industry is more fully
employed than ever before in it's history,
and although production of Bessemer pig
is beyond all precedent, the price advances,
ard billets are still bought in open market
by some of the largest producers. Other
pig is steady in price, and 70 decline APP
pears in finished products, excepting steel
plate at the East but for these demand at
Chicago is enormous as for cars and agri-
cultural implement materials. pending or
ders for cars covering 500 to 1000 each.
The structural demand during the first
quarter WIS so per cent. larger than in the
same quarter any previous year and it is
said the demand for pine is swelled by
pending contracts for 126 miles Minor
metals are comparatively quiet, tin at 1913
cents; lake copper at II cents; lead firm at
81 cents, and nickel in heavy demand at
81 cents.
Failures for the week have been 251 in
the United States. against POI last year, and
twenty-one in Canada, against fifty last
wear.