The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-16
THE MENACE TO TRADE
RESTRICTION OF BUSINESS THREAT
ENED by WAR SITUATION.
Banks in Strong Position to Meet Any
Possible Emergency-Dun Il Co.'s
and Bradstreet's Reports.

NEW YORK, April 15.-R. G. Dun & Co.'s
weekly review of trade tomorrow will say;
The meaning of Congress regarding Spain
is not in doubt but the form of declaration
at this hour is in question. The Presidents
message has been accepted as strong
statement of the situation and the question
in Congress is whether it will without
change adopt his proposal. Preparations for
war continue as if it were inevitable There
is some hindrance in business, and yet the
volume of payments through clearing houses
is still 1873 per cent. larger than last year,
and outside New York about % per cent.
larger than in 1892, though speculative stag
nation here makes the aggregate lower. New
York banks may now realize that they are
strong enough for all possible emergencies,
and may give the government valuable aid
by greater freedom in business loans. Sound
New York banks are not in the least
alarmed about, the business situation, nor
have they any occasion for alarm. The in
dustries are doing well, because they have
enormous orders taken in February and
March earlier, which insure operations
for periods varying from a fortnight to sew
eral months But the new orders, upon
which they have to rely if partial stcppage
or closing of many works is to be pre-
vented, are just now restricted by appre-
hension about the money market and the
possibility of loans. In the iron business
there are orders for about 20 eco tons struc-
tural work held up by questions of law; in
Chicago the large postoffice order is yet
waiting, and the Russian order for rails is
still pending, possibly because of financial
difficulties. While new business offered in
this line is still very heavy, the produc-
ton is SO large that it may easily be dis
astrously checked by persistent restric-
ton of the current demand. But foreign
orders for six large vessels are pending IN
Eastern ship yards, and actual orders for
cars alone cover 10000 tons basic steel at
Pittsburg. Angles have been advanced 81
per ton, and structural works are all
crowded with orders, while pipes are in
With prices for print cloths still at the
lowest point ever touched, buying of cotton
goods is more hindered than many are will
ing to admit by the idea that other goods,
not equally overproduced, may likewise de-
cline in price The stagnation in wool is
something remarkable. the total sales at
the three chief markets having been only
1881 LA pounds, against 9,6O6,6O0 last year.
and in the first half of April only 1886 ,044
pounds, against 20, BAG, eco a year ago Manu-
facturers are still waiting, although some
what encouraged by rather better tone in
the clothing trade of late They have ample
orders for the present in most lines though
not in all. Wheat rose 51ac and held 21bc for
the week. although Atlantic exports for the
week have been $685. OIL blu. flour included
Il
S27, 1868 bu, against 2l2 056 last year. The total
from both coasts for two weeks of April
has been 1879, 1856 blu, against 3,C57. 4S2 last
year. The receipts from Western farms
show some decrease for the week, but for
two weeks are only about 100000 bu smaller
than a year ago. Meanwhile it is astonish-
ing that receipts of corn continue remark
ably heavy, for the week more than mil
lion bushels larger than last year, and for
two weeks more than 1,650.0O0 bu, and the
exports for the week have been 4653,O31 blu,
against 2,70S73S last year and for half of
April S.1466S1. against 6,032,015 last year.
Such extraordinary exports of corn go far
to show that outward movement of wheat
is by no means of d speculative character,
nor likely to diminish speedily. The official
reports show that exports in March were 49,
1855 bu of wheat, -four included, against
1901 722 blu last year, and in nine months
from the principal ports 1863 900. 730 hui
against 1866 1853 bu last wear. Meanvvhile
the exports of corn in the nine months have
been l3S9O5,934 bu againsl l,J, uo1-.4 ". -,,.,~
year.
The volume of legitimate business is enor-
NOUS and meanwhile failures are remark
ably small For the. week they have been
254 in the United States, against l207 last
year. and Is in Canada. AGAINST 80 last wear