The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-23
SUMMER TRADE DULL
AT THE SAME TIME IN EXCESS OF
FORMER JULY BUSINESS.
Preparations for Extensive Dealings
and Bradstreet's Reports.

NEW YORK, July Pr. G. Dun & Co.
in their weekly review of trade tomorrow
will say: A state of war does not disturb
business. But reaction after a phenomenal
movement of grain causes relative loss,
which many mistake for decrease in the
volume. So much grain has been required
and shipped during the past twelve months
that decrease was inevitable, and granger
and Pacific roads show a loss in earnings,
even compared with 1892 though not much
yet compared with last year. After the sur
render of Santiago barely a week of rest
has preceded the sailing of the Porto Rico
force, but meanwhile the Presidents proca-
nation opening Santiago to trade on terms
singularly favorable to inhabitants there
and the rush to build up business in eastern
Cuba are occupying the thoughts of many
enterprising firms. Reduction of one-half
in the tax heretofore paid with honest in
stead of Spanish administration, brings
home to Cuban residents the meaning of the
change, and they also learn the use of
money of which paper dollar is as good as
gold, which for them is long step forward.
In the stagnant midsummer season, with
business larger than ever before, the great
manufacturers nearly all share the gain.
Once before, in 1895, with an extraordinar
lily small movement prior to July, the ship
ments of boots and shoes was larger than
this year, but in no other year have ship
ments in three weeks of July been as large.
Print cloth works at Fall River have in
part combined to curtail production, stop
ping half the spindles of that city for
month, but in other branches of the cotton
goods trade no such heroic measures appear
necessary. There is an increased demand
g.. 11- olk ,nh tn 1rnc
slow and disappointing, but the number of
establishments at work increases though
the mills not yet assured of satisfactory
prices Only 5,233 200 pounds of wool were
sold last week, and in three weeks only H.
$40 500 at the three chief markets, of which
S629,7OO were domestic, against S4.l24,7O o last
year and 23,347, $50 in the same weeks of 1892,
Is, 500 900 being domestic.
The iron manufacture seems to be at the
verge of another revolution, since Bessemer
pig is held by curtallment OF production IN
the Shenango and Mahoning valleys at
$1025 at Pittsburg, and yet some steel works
have made enormous sales OF blllets-lOO,OOO
tons to the great wire association at prices
unknown, 10000 tons to various parties at
Chicago at $1575 and 10000 tons at Pitts
burg at $1475 The demand for structural
forms keeps all the works busy, ana IN
cludes for the week $500 tons al Chicago in
three contracts and 1890 at Pittsburg in
four others, while the plate mills are every
where crowded, sheets and bars are both in
better demand than heretofore and the pro-
longed weakness in cast pipe, which usually
requires nearly 100000 tons of pig in q year,
may presently be cured.
Heavy sales of lake copper have fixed the
price at 111a cents, and the output for the
last half year has been 120, 4S7 tons of Amer1-
can. against 40 $50 tons of foreign, although
three years ago the foreign output consider
ably exceeded half the American. Tin at
1856 cents and lead at 3.921a cents are both
a shade weaker.
With abatement of foreign needs and
prospects of excellent crops in many foreign
countries wheat has declined during the
week cents in price, Notwithstanding ex-
ports from Atlantic ports amounting to
1881, O92 bushels, flour included. against
,997 last year. and from Pacific ports
577, 755, against 1888 last year. Total ex-
ports for three weeks have been 7,399,259
bushels flour included, against 5,194.4S last
year Corn still goes abroad in astonishing
quantity, all the circumstances considered.
exports having been in three weeks 5O17,84
bushels against 6635,S9 last year. The
price has not changed in spite of the decline
in wheat. The closing of some New Eng
land mills has doubtless affected the price
of cotton to some extent, and yet the crop
reports are sufficiently favorable to depress
prices an eighth during the week without
other influence. The collapse of a strong
pool to advance prices and control the mar
ket is also reported.
Failures for the week have been POI in the
United States, against 227 last year, and
seventeen in Canada, against tWenty-elght
last year.