The Indianapolis journal., 1898-06-18
LIVELY WEEK IN TRADE
EFFECT OF WAR TAX BILL AND COL
LAPSE Of LETTERS DEAL.
Bids for Bond Issues Give Strength
Abroad to Our Securities-Week-
ly Trade Reviews.

NEW YORK, June 17.-R. G. Dun & Co.'S
weekly review of trade will say, in to-mor-
rows issue: The passing of the war-tax bill,
the offerings of bonds and the collapse of
Letter and cash wheat have made the week
somewhat exciting. In spite of some fea-
lures which cannot be justified, the tax bill
was approved as probably the best that
could be obtained from Congress this year
and gave assurance of needed revenue for
the emergency. It's bond provision has al
ready called out offers for more than three
times the amount desired and it probably
will prove the most successful loan ever in
vited by the United States. great victory
in the field could hardly be more important
especially in its influence on foreign opin-
ion. Not less significant was the excess of
exports over imports in May by $50 $50, $685.
making mercantile balance in favor of the
United States of $571 ,SS9 O37 in eleven months
of the fiscal year, while net imports of gold
were $lO2. ,9S9, though in no previous fiscal
year have the net imports of gold exceeded
$97 ,466, 12i, the amount in 1892 No less i'm
portant is the official showing that this Ma
ton has supplied to others 100! !05S, ,2OS bushels
of wheat and 204 600 900 bushels of corn in
eleven and one-half months without check
ing receipts from farms, and sees wheat fall
20 cents in a week because a crop is prom
ised greater than the last by 100 COO, COO BUSH
els. This decline would have come sooner
had not Mr.. Letter looked for larger gains,
but the benefit to this country by the aver
age advance of nearly 25 cents for the crop
year on wheat exported has been about $4S,-
NOGOOCO and to producers much greater. In
corn. on the other hand, the cash price has
declined only l cent and the demand con-
tinues extraordinary, Western receipts
an sa1moH,nting %, to 4S5s .242 bushels. against g.
amounting to 1862, 800 bushels, against l.
321 44S bushels last year.
The cotton movement continues large for
the season, although the price has advanced
sixteenth in spite of favorable crop pros
poets. The manufacturing demand abroad
is good and controls Liverpool. and at this
prices. Here the manufacturing demand is
little better. though with decline Of prices
large stocks of materials.
There is also stronger market for wool
abroad, which, with Western excitement
by Coates Brothers l cent higher than
June l, but there is scarcely any buying by
manufacturers, who are in doubt about the
coming season and have few new orders,
except in army lines The break in the price
of 16-ounce Clay worsted to $1.20 has some
what discouraged what promised to be a
healthy market. Sales of wool were made
extremely narrow by the wide differences
between excited Western holders and man
ufacturers who have an uncertain coming
season to face.
Pig iron is extremely dull, though besse-
mer holds last weeks advance, and other
grades are not quotably lower No decline
In consumption appears, and while bars are
weak, with short tim the rule in Eastern
mills. bars advanced 2lac at Pittsburg,
while Chicago reports heavy season con-
tracts still coming from wagon, car and
other manufacturers. Heavy sheets are bet
ter at the East, but thin sheets are not bet
ter anywhere. Structural works are full for
summer a
good weeks at Chicago with building and
bridge orders Plate mills are well employed
and at Chicago the demand for pipe is bet
ter, especially from the Pacific coast. Ship
ments from there of rails, in May, included
some to Sweden, Belgium. South Africa,
ders from Calcutta have just been taken
The anthracite coal output in May exceeded
the allotment by 1919 per cent.
Failures for the week have been 223 in the
United States, against 234 last year. and 20
in Canada, against 36 last year.