The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-02-04
LESS SPECULATION.
Interest Quieting Down in Number
of Markets-Grain Exports.

NEW YORK, Feb. 3-Bradstreets to-
morrow will say: A quoting down of spec
ulative interest is noticeable in a number
of markets this week without however,
bringing to light any important impair
ment of the underlying strength of the gen.
eral business situation. The outburst of last
week in wheat and cotton, in fact, must be
regarded as furnishing vent for outside
speculative interest, because these staples
did not suddenly gain in strength from
causes located in those trades. But the ac-
tivity was really a result of ain overflow of
speculation from the stock market. The i'm
pOrtant price recessions of the week are
those noted in wheat and other cereals, eX-
cept oats. Immediately instrumental in
bringing about this reaction might be men
toned the final government estimate of last
years crop placing it at 675 100000 bushels,
far in excess of earlier estimates by the
same authority, and exceeding all but the
most sangufne OF trade estimates, which
had generally fixed upon 659,000,000 bushels
as the probable maximum yield The ad-
vance in wheat checked export trade, but
an Improvement in this direction is re-
ported at the lower range OF values. A SYM
pathetic queting down of interest in cotton
is to be noted, but the scarcity of good
spinning grades and the advancing tendency
in manufactured goods. which appear to be
moving well on spring account, have oper-
ated toward steadying this staple, more par
ticularly as the crop movement shows little
tendency to increase, Notwithstanding the
recent advances. Explanatory of this latter
condition may be the reports of bad weather
and country roads throughout many sec
tions of the South. Print cloths are at the
highest point reached for over year past
and sympathetic strength in other classes
of cottons is noticeable.
The feature of the iron trade this week
is the announcement of the selling of prac-
tically the entire output of the Lake Su-
perior ore mines for the coming year Large
pig iron consumers appear to have, temper
arily at least, withdrawn from the market
and the iron markets as whole quiet.
An active demand for finished products
however. still continues and steel plates iron
bars, rails structural and car material have
advances reported, more particularly at
Western points. The strength of other
metals continues a feature, heavy advances
being reported in copper, tin, spelter and
lead.
The strength of the lumber market is a
feature and the scarcity of hard woods is
still complained of. Leather is firm on a
and shoe trade. Cold, stormy weather while
interfering to some extent with wholesale
distribuIive trade. has been beneficial to re-
tail lines, which have made good sales of
heavy clothing and footwear. Spring trade
has shown a further advance at number
OF markets and the outlook is regarded IS
a favorable one.
Wheat. including -four. shipments for the
week aggregate 6,5S6,4lS bushels, against f.
1892 last week. 1856. 035 in the correspond
Ing week of 1885, 3.l6S 40 i'm 1897. ? 907 35A in
1886 and aH IN 1895. Since July ] this
season the exports OF wheat aggregate 1867
Slice bushels. against 80. i29.g24 last year.