The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-14

NEW YORK, Dec 1S.-R. G. Dun s. Co.'S
weekly review of trade will say: The rapid
advance in prices of iron and steel prod
ucts has been to the immediate benefit OF
the industry, but there is the same reasons
for doubt as to its permanence, as in 1885
when shrinkage of buying and reaction soon
carried prices lower than before. But there
is now larger demand for many other prod
ucts, and the industry is doing Well
Throughout, the country was never in as
strong a financial position as all governors
of London banks admit, one stating thau
as London has financed America heretofore
now for the first time New York is financ-
ing Europe No evidence of weakness is seen
in the other branches of industry nor i'm
those upon which the great excess of ex-
ports most depend. Wheat and cotton still
go out largely Europe is buying because 1T
has needs and New York is lending to-
Europe, nobody knows how many millionss
because there is for the present no need
to call loans. The receipt of $2,5O0OO0 gold
from Australia is announced at San Franz
cisco. Americans are in the humor to in
vest in their own country and have greaS
amount of money to put out without recall
ing any of their loans to Europe, so that
the heaviest transactions ever known in the
week without the evidence Of reaction for
which many strong operators have been
looking
In products also the position of the coun-
try grows stronger Last years exports of
wheat and corn were far beyond all prece-
dent, but the past week has seen exports OF
4, ,2S7, ,6s6 bushels of wheat, flour includeds
against S,216.470 bushels last year from At
lantic ports and in two weeks 9452,109
bushels, against 6,0S6,7SS last year, besides
exports in two weeks from Pacific ports OF
1524,051 bushels, against 2,340o09 last year.
Meanwhile corn exports have been in two
weeks 1893, ,9l3 bushels, against 6091,57S
last year. There was an advance of ia cent
in wheat during the week and l cent in
corn but without any indication that sup
plies are running short, and the Western re-
ceipts of wheat have been in two weeks 81
GAO $50 bushels, agaist 5,55S,z5O last year.
Neither is there evidence of weakness in
the great industries. The output of pig iron
Jan. 1 was 24S,516 tons, against 23552S tons
Dec /, showing product of about 5000 tons
weekly more than has been estimated, with
a further decrease of 81, ,449 tons in stocks
unsold during December But while an AUS
tralian order for 5000 tons is still in the
market, with another European order for
that prices are moving up rapidly. Bessemer
pig iron is only 10 cents higher at Pitts
burg and gray forge Is cents. but plates adj
vanced 10 cents and cut wire nails have
been advanced 10 cents by the combinations
Minor metals are also stronger. tin having
risen in sympathy with London to S22 and
copper to $13.62 and lead to 4c, heavy con-
suming demand helping in each case. while
the new combination in tin plates has ad-
vanced the price to SO per box at the works.
There have also been large demands for
structural work, 10000 tons in bridges and
buildings at Chicago.
Wool is stiffly held at the West. At
Boston Ohio Xxx is quoted at 261ae and is
much higher at Philadelphia. The woolen in
dustry has been hampered beyond all ex-
pectations by the prices demanded for wool
with the extraordinary stocks yet unsold-
The market for cotton goods has been fairly
large and at rather better prices in accord
with the price of cotton. which has risen
to SOC cents.