The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-21
EXPORTS ARE STILL HEAVY
COTTON GOODS FIRMER AND RAW
MATERIAL SLIGHTLY HIGHER.
Speculation on the New York stock
portions and Quotations Soaring.

NEW YORK, Jan 20.-R. q. Dun & Co. 8
weekly review of trade will say tomorrow:
new year rarely opens brilliantly. Too
many traders have to wait for the demand,
which in winter comes slowly. The indus-
tries resist fairly well the tendency to un-
limited expansion which some have to meet.
Speculation in products is gaining but lit
tie. while in stocks an enormous volume of
business has resulted in continually higher
prices. The volume of payments through
clearing houses is extraordinary-l27 per
cent. larger than last year, 96.9 per cent.
larger than 1897 and SIS per cent. larger
than in 1892, even the transactions outside
Of New York showing a gain over 1892 OF
44.4 per cent. Speculation at New York
therefore cannot be the main cause OF
gain. Difficulties between holders of ma
terial and manufacturers continue to him
der in some industries. and in some may
prove seriously embarrassing, but the
activity is, on the whole. unsurpassed
hitherto, and the volume of traffic is beyond
all expectations. In some branches con-
sumption is running beyond the producing
capacity, but in others it is hindered by
doubts about future supplies and prices OF
materials
The wooden manufacture is still waiting,
with only a moderate demand for goods as
yet. The production is large and consider
ably larger than in recent years, but does
not nearly approach the capacity of the
mills. Sales of woods for the past three
weeks at three centers Of the Eastern mar
ket have been 16.495,S 800 pounds, against 3D.
S22,970 last year, and prices Of domestic
fleece are lower, with present demand rum
ming largely to quarter and half blood and
Australian crossbred. But there is not
oh in, foJ or in nd
for goods to encourage heavy buying by
manufacturers as yet. The cotton manu-
facturer has a large demand for goods, but
raw cotton has so rapidly advanced that
possible buyers apprehend a fall, and there
is hesitation in the purchases of staples.
With receipts of cotton far ahead of last
years from the greatest crop then ever
raised, there is now apprehension that good
qualities may fall short before the year
closes Much cotton remains in the field yet
unpicked on account of bad weather and is
deteriorating in quality. The silk manu-
facturer knowing many threats of its in
reference and disputes about duties, seems
to be making steady progress
The iron and steel manufacture leads all
others in the volume of new business. While
production is much the largest ever known
many of the works are Withdrawing all quo
tations or naming prohibitory prices in or
der to check orders which they cannot iill
for months to come and do not want to ac-
cept at current prices. The number Of such
works is rapidly increasing, as the very
demand for materials covers many months
capacity. Bessemer pig is a shade higher
at 5000, with sales of 25,0O0 tons at Pitts
burg and there is something like famine
in grey forge, with sales at 1915, although
a ar f., 4 xalla IS sff.ff
While finished products are in very good
demand, especially for car building and
special works at the West the week shows
no advance in prices excepting 80 cents per
ton in steel rails at the East
These conditions favor continuance of the
extraordinary foreign trade. which resulted
in the greatest balance in favor of this
country ever known. January this year in
dicates a similar excess of exports over inn
ports, and while wheat exports have in
creased every month since last August,
they have been in three weeks l5,OisOlT
bushels-nour included--from both coasts,
against H. S99, ,952 bushels last year Corn
exports have been quite up to last years
unprecedented record, amounting to 9,5O9,S9J
bushels. against 9270, 1S9 bushels for three
weeks of January last year, although prices
have declined about half cent. Contest
between spectators in wheat at the West
and at the East has held prices fairly
steady, with an advance of only one-eighth
of a cent for the week. Cotton fell to
cents but afterwards rose to Gle without
satisfactory reason in trading, but because
of apprehension that supplies of good quail
ity might fail short.
Failures for the week have been 2i9 in
the United States, against S4 last year,
and thrty-two in Canada, against nifty
three last year.