The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-09
OUTSIDE OF THE BANKS
LITTLE EVIDENCE THAT WAR
SCARE is HURTING BUSINESS.
Dun & Co.'S Report Suggests More
Financial Patriotism as a Good
ThinG-Bradstreet's Report.

NEW YORK, April S.-R. 6. Dun a. Co. s
weekly review of trade will say tomorrow
When everybody is asking whether 1t Is to
be war or peace the state of business is
not easy to Judge. Since nobody can judge
just how wise bankers may be in an emer-
gency there is some uncertainty, but thus
Iar scarcely any stoppage whatever OF man
ufacturing concerns appears nor any indi-
cations that the producing force is likely to
be diminished nor is any such symptom TO
be seen in business reports Evidence OF ex-
listing conditions is not confusing nor an
favorable. So far banking conservatism has
not caused failures, which continue smaller
than for many years, as in March, nor mas
it caused stoppage of any manufacturing
concerns nor lessened the volume of bust
ness reported by railroads in tonnage nor
ciearings at principal points. The wheat
outgo counts for much and continues, At
lantic exports having been 2.2412l7 bushels
for the week, against 1,52l.122 bushels last
year, and Pacific 1,226,574 bushels. against
All 5S5 bushels last year. Since corn exports
continue s.4S3, $50 bushels. against s,S25,277
bushels last year, the strength of the de-
nand is not to be attributed to speculative
agencies 1t is fortunate that Western re-
ceipts of wheat do not fall short of the ex-
tracrdinary gain but are still 1901, 3O5
bushels. against ,7S9, no bushels last year, so
that the stories Of the nearly exhausted sup
plies of wheat are fables for children. The
price rose steadily and closed &c higher for
wheat, with corn 1c higher. At the same
time the exports Of cotton are extraordi-
nary though just now deferred by the eau
ton which causes larger shipments to New
York Instead of outside from gulf ports.
For four weeks II has averaged nearly 2,-
nor.
largest crop ever grown, IN spite OF the ran
in price. which has not changed during the
week, in spite of many reports OF decreased
production. In such conditions heavy in
dustrial demands for great force OF opera
tives have been effective. The truth is that
every industry meets enormous overproduc-
tion compared with corresponding demands
in any other year, however prosperous, and
yet nearly all are keeping almost their
whole force employed and some are increaS-
ing forces In one branch of wooden manu-
features two carpet mills have stopped or
are about TO stop. as it is between seasons
but much complaint of cancellation because
of higher prices and possibly in some cases
because of inferior qualities has not been
followed by reduced production sales Oh
wool are insignificant and prices have de-
clined &c for finer grades and over 1c in the
average for all quotations.. only because
specuiators wholly underestimated stocks
held by manufacturers In the iron and
steel industry, with demands greater than
ever before from general sources. urgent
orders from the government enlarge work,
but do not advance prices.
Disasters in trade shown this week by
separate branches of business for the month
of March ard also for the first quarter of
1898 make the best report that has been
possible for five years. 1t is interesting to
note that nearly all branches of business
show surprising movement. Meanwhile
banks are extremely cautious and CONNER
ciaI loans are but 10 per cent of their aggre-
gate. The belief that quick expansion in
all branches would follow greater liberality
and patriotism by the banks is not wholly
unfounded. and the heavy receipts of gold
from Europe counts for little compared with
the greater or less liberality in loans by
banks. Disturbance does not yet appear.
however. and failures for the week have
been 232 in the United States, against 252 last
year. and thirty-two in Canada, against
thirty-six last year.