The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-10-28
EFFECTS OF THE WAR
BUSINESS FEARS CAUSED BY TRANS
vAAL CRISIS DISAPPEARING.
Reaction Is n General Strengthening
Along Many Lines-SIight Easing
Up of Distributive Trade.

NEW YORK, Oct. 27.-R. G. Dun & Co.'S
weekly review of trade tomorrow will say:
Fears. and not facts made war in South
Africa seem menace to prosperity here,
and a week of conflict has cleared away the
fear. British markets for securities have
been helped by the belief that mining shares
would be worth more with no Boer control
in mining regions and large purchases here
of ammunition, packed meats and other
army food have swelled the balance due this
country. Money markets have grown less
embarrassing, stocks have gradually ad-
vanced, industries still are supported by
volume of demand for which no precedent
can be found and payments through the
principal clearing houses for the past week
have been 366 per cent. larger than last
year and 57.3 per cent. larger than in 1892.
So great an increase shows the net result of
many and potent forces making for public
prosperity.
The heaviest transactions in steel rails
ever made easily cover 10000 tons for next
years delivery or two-thrds of the entire
annual capacity Of the works. The Penn
sylvania is said to have taken 10000 tons
at SSS, but all the Leading railroads made
large purchases and the price was then adj
vanced to $50 per ton, the same works hav-
ing delivered during the past year at SIS TO
$40. Great contracts for material follow,
one concern having bought 100000 tons Of
bessemer pig at Pittsburg for $23. while
s24.59 is paid for early deliveries; and $1,000
tons of billets were sold to one concern there
and $4,000 at Wheeling, $3.50 being quoted,
with slabs at $3.50 and sheet bars at $96.
Such transactions only show the general be-
lief that high prices will run far into next
year. For structural work many orders APP
pear, including some of consequence for the
East and for Cuba, and in bars the car and
implement demand makes the Chicago mar
het very strong, but at Pfttsburg works
anxiety for future contracts has depressed
the price TO 2.15, and in plates some works
have nearly caught up with contracts and
are accepting 2.15c. Sheets are also weaker
at Bose. Markets for minor metals are re-
acting, tin having fallen to 30.62c with re-
covery to 25c on Dutch sales in October
400 tons larger than usual, and lake copper
is largely offered at 17.37c. Lead is a shade
lower at 45l12c and spelter is demoraliZed
and offered at &c. Coke holds strong, short
ness of cars hindering deliveries though
more ovens than ever before producing.
Shipments of boots and shoes for September
were $50, $50 cases. against 343, S14 last year,
and less iE any other
Buying of wool has been heavy at Boston,
1o,07l,2l0 pounds for the week, and at the
three central markets 1859, S37, making
~ 92s. 2S9 pounds in four weeks against
&C. 1894, $50 in 1897, when the last great specula-
sixteenth lower shortage of movement
being attributed largely, and perhaps too
largely. to concerted holding of stocks by
growers or factories. The increase in -Octo-
Der movement compared with last year has
been heavy and exports have been small. al
though at such prices that 500 900 bales repre-
sent nearly as much value as 10000 last
year.
Wheat remains practically unchanged,
While Atlantic exports, flour included, have
been II, 932. S41 bushels in four weeks, against
I3,iS5.Oo6 last year and Pacific exports
2,19l.171 against g. 800 last year. Western
receipts fall short and in four weeks have
been only 3O,O22 ,053 bushels, against 40 l5O 69g
last year. Without concert, there is prob
ably some waiting for better prices by farm
ers. Corn exports continue to show the
magnitude of foreign demand for bread
StuffS, reaching 14,4S719 bushels, against
S,546.sI3 last year, and the demand has been
large enough to advance the price 115c
Failures for the week have been 1870 in the
united states against 226 last year. and
twenty-three in Canada, against twenty
four last year.