The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-29
business in This Country Influenced
by European Approximations OF
FrancO-British War.
WHEAT EXPORTS STILL HEAVY
AND PRICES HOLDING UP WE'LL DE-
SPITE INCREASING RECEIPTS.
Little Change i'm the General Situa-
tiOn, Except a Better Demand for
Goods i'm the south.

NEW YORK, Oct. OR. G.. Dun & CO. S
Weekly Review of Trade will say to-mor-
row: Business has been more affected by
foreign affairs than many realize. London's
apprehension of war first caused an adj
vance in wheat and fears of monetary pres
sure here. Then came the conference in
London with flight of French money
across the channel and stock markets adj
vanced while wheat fell. Mobs in Paris did
not mean to influence American interests
from New York to San Francisco, but cleo
trio wires have made the world small. SO
the wires moved cargo of wheat from the
Pacific coast, started $2,500O00 more gold
from Australia to this country on London
account and the selling of American securi-
ties one day and buying the next. There
has been no domestic change of much i'm
portance, and the rise in prices of Western
railroad stocks indicates that the Supreme
Court decision against the Trunk-line Asso-
citation is considered helpful to railroads.
Wheat rose &c from Friday to Monday
and then Age to Friday. But such changes
do not represent actual conditions, and with
Western receipts for the week 1865 POS
bushels, against 6,9964S7 bushels last year.
nobody can pretend that holding of stocks
by Western farmers is an important factor.
The Atlantic exports, flour included, amount
to 3796,S3O bushels, against S,S64 $40 bushels
last year, and Pacific exports S35, 1894 bushels,
against 1.326,S0S bushels last year. making
160io,362 bushels in four weeks, against
Is, 847 bushels last year, when the foreign
demand far beyond all precedent In
four weeks the Western receipts have been
over 4O.150,699 bushels, against 80 723, 2SS
bushels last year, and yet prices are 25c
supplies and greater readiness to part with
them than was seen a year ago when no.
body doubted the magnitude of the foreign
demand. Corn refused to follow wheat, but
Cotton rose to size last week, but has
fallen to 5ssc in spite of heavy frosts in part
of the growing region This expresses
strongly the belief that no curtallment OF
yield is possible that will affect the surplus
more than the closing of Eastern mills one
month in three and the reduction of con-
sumption abroad. For European mills, as
well those of this country, have surplus
stocks produced from high-prced cotton OF
last year which they cannot profitably mar
ket. There has been some closing of mills
at the South and also some reduction of
wages. The frosts seem not to have dam
aged the crop appreciaby, but a yield much
smaller than has been expected will exceed,
with old stocks, the quantity the world can
consume.
that, with the heavy stocks on hand, 1t is
no longer question of profit but of avoid
ing losses, ana concessions nave brought a
big increase in sales for the week. though
for four weeks the aggregate has been only
ii S9S 800 pounds against 81, 1874 O9S pounds
last week, IS 320,1OO pounds in 1885, and g.
5SS. SOC pounds in 1892. Now Ohio holders are
asking to cents less than month ago,
having rs per cent of fine and 40 per cent.
of medium wool yet on hand, while 10000
bales of wool are offered to Cincinnati bid
ders. who may decide to export it. Colder
weather has made somewhat more demand
for goods and yet not enough to change the
situation materially.
The iron manufacture has still good de-
mand. late as it is, but the makers are de-
pressing prices by bidding against. each
other, although in the average of all quo
tations the decline has been less than half
of per cent. from the highest point. But
the wire nail manufacturers have reduced
prices per cent. and the rail manufac-
turers, according to current reports. have
decided not to advance prices, and there is
a prospect that heavy demand for products
will be further encouraged by the later
quotations.
Failures for the week have been 226 i'm the
United States. against A9 last year, and
twenty-four in Canada, against twenty-five
last year.