The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-07
MORE CONFIDENCE FELT
DEWEY'S NAVAL VICTORY PUTS
NEW LIFE IN TRADE CIRCLES.
Remarkable Advances in Grain and
Great Demand in Iron Industry-Dun
& Co.'S Weekly Report.

NEW YORK, May 6.-R. G.. Dun & Co. S
Weekly Review of Trade will say to-mor-
row: A state of war was so greatly dreaded
by those who have seen nothing like it for
more than thirty years that its coming has
hurt less than its apprehension. Especially
since the victory at Manila which indicated
the superiority of the American navy, gun
for gun, expectations that the war will not
last long has influenced all markets and
stocks have advanced, the average of prices
for railroads 1919 per share. The general
condition of business has materially inn
proved. One days work by the officers and
men at Manila has given many days work
to thousands of people at home of whom
they knew nothing, and has placed all
American industries and interests on a
stronger footing for any conceivable future
The fact that gold is now used almost ex-
clusively between the treasury and the
clearing house indicates the entire freedom
from apprehension about the currency or
public credit.
The most sensational of all changes. and
the most practically important, has been
the rise in whcat-13 cents during one days
| session, 21l2 cents from Tuesday to Thurs
day night, and 251s cents for the week
throwing into the shade all past advances
and all expectations, though reaction of IL
cents naturally followed on Friday. West
ern receipts, after averaging less than $780,
600 bushels per week for four months, have
suddenly risen to more than $780, 900 bushels.
Exports have not been checked by higher
prices, but have caused them, amounting for
the week to 2.094,3S9 bushels flour included
against ,49S ,167 bushels from Atlantic ports
last year. and 559SiS bushels against SO, sos
bushels from Pacific ports. This remarka-
bio rise on Thursday was largely due to re-
moval of duties by France and to the pro-
hibition of exports by Russia, both show
ing the extraordinary needs abroad, so that
the rise of 26I5 cents for the week is not
without excuse. Corn failed to advance cor
rsSpOndingly. though the exports were g. 700.-
900 bushels against DAB bushels last
year. The aggregate since July has been
17S.0O000o bushels, larger than ever before
to date. although wheat exports have also
been larger than last year far greater than
in ordinary years and nearly the largest on
record
stimulus from the conviction that hostilities
will not last long, and from heavy govern
ment orders. Besides great demand for steel
plates and other iron products and ammuni-
tion the government has ordered $500 600
yards wooden cloths, 5000 blankets, 5000
600 yards cotton goods, and great Quanti-
ties of provisions and other supplies, and
meanwhile. reviving confidence has multi
piled other demands. 1t is not due to do
nestle conditions that orders from the Rus
sian government for two big war ships
have been taken by the Cramps. and orders
for rails from Mexico nave given good
start to the rebuilt Colorado works. Four
large merchant ships have been ordered
from the Delaware works. plate mills are
crowded and at the same time one estab-
lishment far in the interior is bidding on
foreign order for five thousand tons, while
car and rail works continue to receive large
orders. Demands for agricultural imple-
ments and fencing so beyond the ability of
works in some cases.
Textile establishments have been receiv~
ing larger orders within the past few days.
outside those from the government, so that
the stoppage or reduction of time in four
wooden mills early in the week may have
been premature No decline whatever ap-
pears in the prices of staple cloths or dress
goods. and the heavy auction sale of car
pets eminenty successful in clearing
off at fair prices an accumulation resulting
from an advance in prices last January
which was not supported by demand. Wool
has declined about half cent In April. TAX
ing the average of one hundred quotations
by Coates Brothers, and the better demand
for goods has caused more inquiry but thus
far no Improvement in prices. Print cloths
have again made new low record 1874
cents, but better market is seen for other
cotton products.
Failures for the week have been 23S in the
United States. against 81 last year. and
twenty-five in Canada. against thirty-six
last year.