The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-03-18
Payments Through the Clearing
than Last Year or I'm 1892.
EXPORTS ARE INCREASING
AND IRON AND STEEL INDUSTRIES
UNABLE TO FILL ORDERS.
Foreign Demand for Wheat and Corn
Are Lower than Expected.

NEW YORK, March 17.-R. G. Dun &
Co.'S Weekly Review of Trade will say to-
morrow: In business this year cannot be
compared with any other 1t can be said
that payments through the principal clear
ing houses for the past week have been IA
per cent. greater than in 1892 and 45.9 per
cent. greater than 1898. The February ex-
ports of anufactured products have about
doubled since 1892. Omitting New York
clearings where speculation in stocks is
most active, payments through the other
principal clearing houses for the same week
show increase of 37.6 per cent. over 1892 and
27.1 per cent over last year. But without
regard to such details all realize that the
volume of business in all branches is the
greatest ever known.
The national prosperity rests on more
solid foundations. The exports of bread
stuffs provisions, cotton and oil in February
showed a decrease of Sc, 900, 600, but other ex-
portsy mainly manufactures, were $685. 4O6, 94S
in value, against S31 ,275396 last year, and
were sufficiently large to cover so per cent
OF the entire imports. The merchandise ex-
ports exceeded imports for the month $685.
64117, the gold supply increasing and there
appears no occasion for monetary disturb
ance. The treasury recorded its first pay
ment of the s59. OOO.O 900 for the Central Pa
cific Railroad. having previously received
s59.OO0 600 for the Union Pacific and over
| So. 600 600 for the Kansas Pacific.
Swiftly rising quotations for iron and it's
| products would mislead if it were not kept
| in mind that more than nine-tenths of the
| iron manufa curing capacity is engaged and
| will be until July or later, in the execution
| of orders taken months ago at low prices.
| If million tons of products go out this
month. 10000 at such prices as SIS or $50
| for steel rails. at which the entire output
| of the Illinois Steel Company for this year
| was sold some time ago, it hardly indicates
| the true character of the iron manufac-
ture business, for less than 10000 tons are
| going out at such prices as SIG to s2s for
| steel rails, made here for small Totes this
week. Beated buyers now have to pay
| fancy prices to get orders accepted at all.
Withdrawal or postponement of business
| because Of high prices begins to be a signif-
| cant figure, and much foreign business is
evidently lost, though there are still sales
for export, $500 tons of pipe for South
America and 5000 tons bridge material for
| Burmah. The Connellsville coke works.
with an output of l67 ,2i0 tons weekly, and
many operating on Sundays TO catch up
with ORDERS have advanced prices only 10
cents.
Wool sales al the three chief markets have
| been only 4.3O5600 pounds of which 3 761. 800
pounds were domestic, against SOS 200
pounds in the same week of 1892 of which
| O,5O,a were domestic; but prices are soft.
and some dealers are said to have yielded
as much as to cents per pound clean
| because nobody can guess what effect the
| new combinations may have. Prices are
| largely nominal, and vet there is q some
| what better demand for goods. Nor has the
| strong demand for cotton goods been helped
by the weaker market for cotton, which ha s
fallen to 6.31 cents in spite of a volume of
! reports about the bad condition of the late
| picked product. The price of goods has been
| strongly advanced, and is held, but vet de-
| pendS on the price of cotton.
| The market which has lost most is that
| which has least statistical reason to lose.
because no estimate of wheat in farmers
( hands March l would provide more than
/ about last years exports and domestic de-
| mand to July /. The actual exports flour
| Included, from both coasts during the past
| two weeks have been 7.95693S bushels
against 1866. S92 last year. But such exports
| imply foreign demand which is not unlike
! ly TO exceed last years and the corn exports
are also a little larger than last year. The
| western receipts for the week have been
3309.eOO bushels. against 1851. 666 bushels last
| year.
| Failures for the week have been 1S9 in the
| United States. against 20S last year. and
| thirty In Canada, against twenty-seven last
| year.