The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-05
Bank CIearings Continue TO Grow.
the Increase for the Whole Country
This Week Being 59.5 Per Cent.
METAL INDUSTRIES ARE BUSY
IRON, STEEL AND TEMPLATE WORKS
PUSHED TO SUPPLY DEMAND.
Heavy Falling OFF in Export of Ce-
Wheat-WOOIen Goods Higher.

NEW YORK, Feb. Ar. G. Dun & Co. S
weekly review of trade will say in its issue
tomorrow: Actual payments through clear
ing houses in January made a remarkable
showing, being much larger than in any
previous month, 1868 per cent. larger than
the same month last year and IL per cent.
larger than in 1892. The failures in January
were smaller than in any previous year Of
which there is record, and were probably
smaller than in any other January since
1881. The statement by branches of business
given this week shows a surprising gain in
most departments of manufacture and
trade. Meanwhile the money market is as
confident as ever. Gold does not come from
Europe in large amount only because bank
ers find it worth while to lend American
money abroad, and the commercial balances
are heavily in favor of the United States
as heretofore.
Perhaps the most striking feature of the
week has been the decline in wheat. With
exports of 3,094,517 bushels, against 1,77O $40
bushels last year, flour included, from At
lantic ports and 776,S4O bushels from Pacific
ports, against S44,943 bushels last year, the
temper of the market has been weaker. The
report of the Agricultural Department has
had some influence, although its figures are
market has turned largely on the operation
of Il Chicago Spectator, but the fact re-
mains that the price depends largely on
foreign needs and on the comparative
scarcity of American supply. The outgo of
corn continues heavy, 9,79S,7S6 bushels,
against 3,343,40 bushels for the same week
last year and the excess over last year,
when exports were much the greatest ever
known, indicates very heavy foreign de-
mand. The spot price of cotton remains UNI
changed, but the fact that receipts continue
larger than during the same week of 1895,
after the heaviest crop ever known checks
speculative operations for an advance
The iron and steel manufacture is stead
lily gaining in consumption of pig iron, al
though the production of the material is
still in excess of immediate demands, but
not enough to cause decline in prices in
PittsburS or Chicago. Even the Southern
producers are able to get a fair price at
Chicago and at the East and anthracite
pig is unchanged The demand for finished
products mas been very heavy and includes
Tor structural work 5000 tons for the state
capitol building in Pennsylvania, 900 tons
FOR the courthouse at Denver, 1900 tons for
elevated railways at Chicago and numerous
small buildings IN various parts of the coun-
try. The demand for car building has been
very heavy. both at the East and West
@>0---Nr--
the East on account of orders from ship
yards. For plates the demand from tin
plate works has been very active. The
prospect of a combination of wire manu-
facturerS has stimulated the demand and
raised the price for wire rods. OF Connells-
vile coke 1905 ovens are IN blast with
output of 10000 tons weekly. and the quoted
price is $3.50 for furnace. Tin is quiet and
steady at 13.S5c, with visible supply Feb.
of 81 120 tons, against 81, 332 q year ago. Ex-
ports of copper in January were about 10,225
tons, against 1906 last year, and the price
is held at lie for lake.
There is a better demand for cotton goods
since the general stoppage of works at the
East, but there is no Indication as yet of
material gain as respects unsold stocks on
hand. In wooden goods the demand is al
together more satisfactory, an advance of
about 20 per cent. being paid on most grades
of the finer Woolens and wOrstedS, and near
ly all the mills active The sales of
wool at the three chief markets were $751;
400 pounds, of which 3973,00O pounds were
domestic, against 13,563.700 pounds last year,
of which S,493, 400 pounds were domestic.
Failures for the week were 335 in the
United States, against 81 last year, and
thrty-nine in Canada, against sixty-three
last year.