The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-02-18
Demand for Pig iron and Finished
Products StilI Enormous, Resulting
in Advance of Prices.
WHEAT AND COTTON HIGHER
WITH CONTINUED BRISK DEMAND
FROM OTHER COUNTRIES.
Spring Trade Reviving After the Sc
we're Cold Wave-Bank CIearings-
Our Commerce with Germany.

NEW YORK, Feb. 17-R. G. Dun & Co s
weekly review of trade will say tomorrow:
Beyond question business is expanding, and
in many branches it is larger, notwith-
standing speculative interests which tend to
reduce it. All monopolies, or attempted
monopolies stimulate business while they
are coming, but tend to stihe it after they
come and the throng OF combinations and
trusts which have been formed or proposed
have given a temporary but very quiet i'm
pulse to trade. Beyond the influence of
these there is a genuine and substantial en-
largement of business due to the uneX-
ampied prosperity of a growing population.
The weeks output of pig iron Feb 1 was
237,639 tons, against 2S,5l6 Jan. l, and Z5,52S
Dec. l. The average weekly production
thus indicated was about l 900 tons greater
in January than in December, and the I'M
sold stocks were reduced 361 tons in jan
uary against 37,449 in December, SO that
apparent consumption in manufacture was
in January 1,1l0079 tons, against 109S,176 in
December The stoppage of several fur
naces for repairs at a time when the de-
mand is most pressing has caused some fear
of famine, although quite a number of other
furnaces have started since Feb. l, or are
about to start Pig iron has advanced, but
the largest consumption ever recorded in
any month is in part due to the hasty pur-
chase of products about to be controlled or
advanced in price by q combination. There
are so many of those in the iron and steel
industry that the present market does not
clearly indicate the magnitude of the de-
mand, and disappointment in some branches
is not improbable, but the rise of 81 in steel
rails, with the entire capacity of all works
engaged until after July l, is not unnatural,
nor the strength in plates, Tor which legiti-
mate demand is beyond all precedent; and
the same is true of bars, the quantity re-
CURED for cars, railway and agricultural
implement works being enormous. In pipe
the association lifted prices per cent, due
partly to a very heavy order from Indiana
gas works and the expected combination in
sheets
No unnatural demand has caused the rise
in grain, for the exports continue so
heavy in wheat and corn that the advance
OF Of SAc IN Wneat IS aoundantly JustlIlea an6
for the occasion. Atlantic exports have
been retarded by the blizzard, but have
been 2,227, 752 bushels, flour included, against
057 last year, and for the crop year thus
far the exports including flour, have been
l56, 1910 bushels, against 143, 4,l42 last
year. 1t is remembered that the exports
of corn are almost as large as the largest
ever known, and there is reason for aston
lSnHeHl at the continued foreign demand
That it persists in spite Of the strong ad-
vance in prices here since Sept. / is most
encouraging. 1t is obviously impossible to
judge how far 1t may go.
Nor does the foreign demand for cotton
abate, though the price has again been
raised three-siXteenthS during the past
week. The exports have decreased some
but the controlling fact is that a remarka BILE
shrinkage In receipts from plantations ap-
pears to indicate that a smaller yield than
has hitherto been expected. 1t should be
remembered that the receipts have been
greatly hindered of late by bad weather, and
when it passes away they are likely to look
large, as they now look small, but snow in
New Orleans also means failure to save and
market some cotton which might otherwise
be saved. The heavy demand for goods
helps to advance prices just now, although
no assurance can be given that the declin-
ing prices will not presently check that de-
mand.
There is much more inquiry for wool and
the manufacturers have a larger demand
for heavy weight goods but they maintain
that they cannot pay prices now demanded
appear to have been at some concessions.
Sales at the three chief markets were
high, 10000 pounds, which is about the
weekly consumption with Eastern mills
well employed but they were partly on
speculative account and in fine and fine
medium territory sales are mentioned at 40
cents cleaned, and in Ohio Xxx at 26 cents
and upwards.