The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-24
Position of the United States in Finan-
ciaI Circles of the Old World Rap
idly Becoming that of Master.
WEEKLY REVIEWS OF TRADE
WHEAT EXPORTS STILL LARGE AND
PRICES FOUR CENTS HIGHER.
Extraordinary Business Activity in
Western Cities, and Rapid Expan-
sion of the Iron Trade.

NEW YORK, Sept. 23.-R. G. Dun & Co.'S
weekly review of trade will say tomorrow:
Europe will have to consider possible
American demands for money more anx-
iousy in the future. Doubtless there has
been for many years feeling that the new
continent could be put off with promises.
But the control of this country over money
markets in the old world is coming to be
that of a master. Our banks lend over
there heavily when it is the most conven-
lent market for them, but they draw on
Europe whenever they want money, and no
longer have occasion to limit their drafts.
This country is not drawing Europe very
largely to pay for breadstuffs, as it did
year ago, and yet wheat exports for the
week, flour included. have been 1858 204 bu
from Atlantic ports, against 1868 last
year, and 54S,417 from Pacific ports, against
1,O94S93 last year, making for three weeks
TO- POS, 941 from both coasts, flour included,
against 1865, 1923 last year. Prices have
risen sharply, about &c for the week, and
the exports of cor1 though not as large
as last year, have been heavy in COMPARE
son with any other year. The price slightly
advanced.
The reports from different cities disclose
a wonderful activity at the chief centers of
Western trade, the dispatches from Chi
cago, st. Paul and st. Louis being simply
significant. TO Eastern dealers it may be
bard to realize that such extraordinary
activity exists at the West, although their
own trade is excellent. Oven in Eastern
markets it is commonly said that no larger
trade has ever been known, unless in 1892.
but the Western cities are running things
much after their own taste this year. hav-
ing greater advantages than ever before in
heavy bank balances. and, while the ex-
changes for the week fall below those of
last year 35 per cent, they are 1871 per cent
larger than in the same week in 1892
The iron and steel trade expands with
rapidty which throws into the shade all
expectations, with a steel famine in Ger
many, and Great Britain in the market for
10000 tons of plates. and the American
works are crowded for months ahead. New
orders at Chicago cover 30, 900 tons tin-plate
bars, besides 1000 tons sold at Philadelphia.
Rails are in such demand that the makers
are to meet with expectation of advancing
prices, some sales having been made from
Chicago below agreed quotations for de-
livery at the far West Plates are strong
everywhere, but on account of car construc-
ton especially strong at Chicago, and the
demand for bars on the same account is
heavy. with one order at Chicago for 1000
and several others for 500 cars each. Prices
have slightly advanced for plates, bars and
for wire nails. which are in much better
demand than heretofore.
Coke production increases, the output at
Connellsville for the week having been 140,-
658 tons, against 1871 for the previous
week, and tn is somewhat stronger, at
1615c, rejecting an advance at London
while copper is quiet at 12.5c for lake, and
lead comparatively inactive at &c. Tin
plates are selling at $2.S215 for full-weight
bessemer. The copper production in August
was 1868 tons domestic, against $500 for
eign, and the lead production, as officially
reported, has been 156, 113 tons for the half
Year, against 2S9,59S tons for the full year
of 1897.
The textile industries are not sharing the
general Improvement to a full extent in
part because the heavy decline in cotton.
| with large stocks of goods accumula ting,
makes the mills disposed to wait for future
| developments, and in part because the price
| or wool Is higher than the mills are at
| present disposed to pay. Print cloths are
| shade lower, and also brown drills and in
| some wooden goods especially ladies' cloth
prices are slightly reduced. There is little
| disposition to secure trade in wool by con-
| cessionS, and sales for three weeks have
| been only 1O,07S7O0 pounds, against 49, 451, 400
| Tor the same weeks last year and %, 463, 700
| in 1892.
| Failures for the week have been 173 in
the United States, against 209 last year, and
10 IN Canada, against rs last year.