The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-02
WAR CLOUD AND TRADE
IT'S PREDICTED EFFECT AS A DE-
PREssAST NOT BORNE OUT.
Failures for the First Quarter Ex-
tremeIy LOw-Dun & Co.'s and
Bradstreetss Reports.

NEW YORK, April L-R. G. Dun e. Co.'s
weekly review OF trade will say to-mor-
row: In spite of foreign conditions since
the destruction of the Maine on Feb. Is
failures In three months are smaller than
in the first quarter of any year since 1856,
the ratio of defaulted liabilities to pay
ments through clearing houses has been
the smallest for that quarter since 1881; the
average of each firms liabilities in bust
ness has been the smallest since 1880, and
the average of each failure liabilities has
been lower than ever before in any quarter.
1t is especially significant that the failures
for less than 100000 without material de-
crease in number were 20 per cent. smaller
than last year in manufacturing AMI "a per
cent. smaller in trading. The war cloud,
which many have inferred must have great
ly increased commercial disasters, does not
appear to have any such effect as yet, and
while there is some declines in the new or
ders Tor Industries, nearly all live works
are covered so far ahead that the differ
ence is not felt. Rates for money have adj
vanced, and the per cent. which used to
be the ruling rate in active times again
prevails which compeIs many spectators
to liquidate. But the imports of gold go
far to prevent any real anxiety, Moreover,
Europe has been sold and ordered
against it, there is known TO be about $780,
UUO 900 more yet in the banks in New York
and Slz.J9o,0O0 in other cities against which
gold is likely to be imported because there
is small prospect of any better settlement.
The outgo of breadstuffs continues, At
lantic exports being 2,5l6,220 bushels, flour
Included, for the week, against z. lS5,3lS last
year, and Pacific exports 542,14I bushels,
against 1920 last year, and for the past
hve weeks from both coasts the exports
have been 1852. 917 bushels, against S,226, 2o6
last year. Meanwhile corn exports have
been for the week 3,167,029 bushels. against
ments at the West have been less infiuen-
tial than this heavy and continued buying Of
OF ;ss if supplies were no longer unlimited.
Wheat has declined slightly, but corn has
advanced one quarter cent Tor the week,
and no one imagines that foreign troubles
can check the Outgo. Cotton has advanced
an eighth because of the idea that pro-
duction may be reduced. although receipts
from plantations thus far have been greater
by about 100000 bales than in 1895 from the
largest crop ever raised, and while the mills
are now nearly all active the consumption
does not exceed the maximum. The small
est sales of wool for many years are re-
ported at Boston and at the three chief
markets sales have been only 1.4s6, 500
pounds for the week and about a fifth of
last years for the quarter. The stocks held
by manufacturers have evidently been much
greater than anybody supposed, and they
are not yet buying after several months of
waiting, nor showing any disposition to buy
full.
The iron and steel market shows no de-
crease for works fully employed, and some
additional works put into operation for gov
eminent purposes Pig is not lower any
where, and at Pittsburg a shade higher for
Bessemer, because of agreement by valley
producers, while without agreement of
Mesaba mines the purchases of ore at
Cleveland were over a million tons for the
week. Billets are still scarce, and sheet
bars in demand, though wire rods are lower,
and wire nails are weaker in spite of the
imperfect combination of makers. Other
prices for manufactured products are UNI
changed although rails are shade strong
ler, with a Russian order pending for IS 900
tons to complete the Pacific Railway and
plates are in very heavy demand, 5000 tons
for cars ard 1900 tons for other use at
Pittsburg, with 10000 more originating at
Chicago and structural orders cover 4,200
tons for buildings at. the east. with 1000
more at Pittsburg, and many at Chicago.
Failures for the week have been 220 in
the United States, against 260 last year and
twenty-seven in Canada, against forty-two
last year.