The Indianapolis journal., 1898-12-03
Volume OF Trade VIII Exceed Even
EnguIfed in "a Prosperity Wave.
EXPORTS ARE STILL HEAVY
SHIPMENTS THIS WEEK BEING
LARGEST EVER REPORTED.
Steel and Iron Industry Stimulated
by the Placing of Large Contracts
for Rails-Prfces Improving.

NEW YORK, Dec. 2-Bradstreet's to-
morrow will say: The business world en-
ters on the closing month of the year with
so many favorable and so few depressing
features In sight as to leave little doubt
tnat the year 1898 as a whole must hereafter
furnish basis for estimates when COM
parsons of large business are to be made
Nearly all obtainable statistics and reports
as TO the volume of business point to the
present year having heavily exceeded any
former year in the amount OF business
done and though comparisons as regards
prices are not so favorable as in earlier
years, notably 1892 and 1896, when quota
tions of most staples were considerably
higher still the expansion in trade, due
to increased population and enlarged for
eign demand for our products, has resulted
In an aggregate volume of business done
considerably in excess of any former year.
In the general business world the lead
Ing event of the week has undoubtedly
been the placing of very large orders. esti-
mated at between 100000 and 100000 tons of
steel rails, more than one-quarter OF the
entire countrys annual production, at
prices which, if not entirely satisfactory
to the competing rail mills, are encoura-
ging because they indicate that no check
administered to outgrowing export trade,
which business, coupled with the possible
demand next year for structural steel for
building purposes is likely to play a most
important part in the government of prices
of steel products generally. Nominal prices
of steel rails show little change from those
ruling some time ago, but quotations for
Bessemer iron and steel billets reflect the
stimulating influence of the removal of the
uncertainty regarding the placing of this
large voloume of rail business.
Foreign demand for our food products
has continued an encouraging feature of
the cereal situation and wheat prices par
ticularly are little lower on the week
Notwithstanding very heavy farmers deliv-
cries and increasing domestic stocks. Elk
ports this week are the largest ever re-
ported, rejecting partly materialzing of
early reported business and partly increased
foreign buying at concessions earlier in the
week. Corn and oats appear to have tenn
porarily parted company from wheat and
are higher on the week on improved spec
ulative buying and enlarged export trade
The ocean freights situation is slightly
easier and the supply of tonnage shows
some enlargement.
The prices situation generally is an en-
couraging one and advances largely out
NUMBER declines. The early arrival of winter
weather in the South has tended to make
smaller cotton crop estimates more popu-
lar and enlarged speculative and spot pur-
chases have advanced prices for this sta
pie. Anthracite coal has been marked up
IN some markets, largely owing to cold
weather, but there are, as yet, few new
developments in the direction of control of
outputs. Tin and copper are again active,
speculatiVely and tinplates reflect the for
NAL launching of the new combination in
slightly higher quotations. The boot and
shoe situation has been improved by the
severe weather lately experienced, as has
the outlook for rubber goods Leather is
steadier and hides are higher, unusual
feature at this time of year. The recent
advance In raw sugar appears to have cul-
minated this week and a slight reaction is
shown on reports that beet sugar imports
from Europe are likely to heavily increase.
Ref1ned Is firm, November business having
been very heavy
The advent Of winter weather has tended
to reduce the demand for building lumber
which, in some markets, particularly the
East, was depressed during the summer be-
cause of the inactivity in building. A rath-
err better tone is however now reported
and the opening of the new year is awaited
with confidence. Recent advances in prices
OF pine and spruce lumber are we'll main
tanned. stocks in dealers hands are not at
an heaVy and adV1ceS both from the yellow
Pine ana cypreSS-produeing sections of the
South and the white pine markets of the
North and Northwest are that heavy out
put has been, as rule, satisfactorily
handled. The hard wood situation maintains
all of the strength previously noted. The
NtllSoAlC WOOU-WOIhllS QeTndnQ Is Oh ROO0
volume, while export business is steadily
increasing and prices, as a whole, are con-
siderably higher than they were at the
opening of the year.
The general jobbing trade has been rath-
er smaller than usual at this time of year
and severe storms in the East have hurt
distribution, but the demand for holiday
goods is of an encouraging volume and
promises we'll.
Business failures are of normal volume
numbering 212 for the week, against 1872 last
week. 250 in 1897. 359 in 1896, 3l5 in 1895 and
322 in 1894.
Wheat, including flour. shipments for the
week aggregate 74S3, 959 bushels, against s.
S24,726 bushels last week. 6,499 $50 bushels in
the corresponding week OF 1897, 1868, 100
bushels in 1896, 3156,S2S bushels in 1896 and
3,011 $50 bushels in 1894. Since July l. this
year. the exports of wheat aggregate &C.,
1912 bushels against 107, 1856, ,539 bushels last
year. Corn exports for the week aggregate
1888 bushels. against 1898 SAG bushels last
week. 4,5S5.S06 bushels in this week a year
ago. 1,768, ,102 bushels in 1896, S67 094 bushels
in 1895 and 271, 434 bushels in 1894. Since July
l this year corn exports aggregate Ga 637 1853
bushels. against GA 126.0l1 bushels during the
same period a year ago.