The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-06-10
Fear of Further Advances Inducing
Purchases Far I'm Excess of Re-
quirements of Consumption.
BANK CLEARINGS GROWING
OVER so PER CENT. GREATER THIS
WEEK THAN ONE YEAR Ago.
No Advance In Cereals, Despite In-
hallway Earnings Increasing. &

NEW YORK. June s.-R. c. Dun & Cos
| weekly review OF trade tomorrow viii say:
The past week has brought rise in
prices not equalled in any other week OF
many years. Iron products have advanced
s.s2 per cent in one week and pig iron As
| per cent, following advances OF per cent.
in pig and per cent. In products during
May. Cotton has advanced 1 per cent and
cotton goods Is per cent. during the week.
with woolen goods 0.s per cent. and boots
and shoes / per cent. A little reaction or
o.6 per cent. appears in leather and OF per
cent on hides. but the Characteristic OF the
time Is that expectation Of higher price In
duce buying far in advance of requirements
for consumption. 1t Is needless TO say that
this is a symptom of danger. and the most
conservative manufacturers. especially IN
iron and steel. have striven to avoid II. but
actual inability to deliver the products de-
manded. leaves them little power. while
speculation in wool and other lines is run
ming away from consumption. 1t is savino
feature that quotations are quite largely
fictitious. Almost all the goods now being
delivered or produced in some industries are
on prices fixed by orders accepted several
months ago and nearly all the iron works
being this tied up far ahead. the prices
getting, but what they see fit to ask a. q
way of refusing orders which they cannot
accept or else the bids of impatient buyers
who can find nobody ready to delivery large
quantities.
During the past week quotations have
risen on anthracite No. to $3.50: for bes-
semer. to $3.50 at Pittsburg; for grey forge,
to s1625: for billets with practically no sales.
to $3l; for bars. 81 per ton; for plates and
sheets as much: for rails, to SIS; for struc-
tural beams and angles. IS per ton and for
wire nails, q cents per keg. But there are
no accounts Of large transactions at these
or any other prices, though small sales OF
pig last week for Italy and this week for
Bremen at market prices. with German
offers for 1000 tons Southern pig. indicate
that needs abroad are quite as great as they
are here.
While there Is better demand for wooden
goods so that prices OF some have ad-
vanced, II Is not yet possible to distinguish
heavy speculative operations In wool at
Boston from efforts of mills to buy. The
prices current in all wool-growing sections
are so high as to prevent sales In Eastern
markets TO consumers. and traders who BE-
lieve that mills will presently be forced 10
pay higher prices ar taking thu same risk
the size of stocks held. The cotton market
has advanced 1-1sc without o,her reason
than the great demand for goods hut stocks
Of cotton here and abroad are heavy. and
the Financial Chronicle estimates de-
crease of only 80 per cent. In acreage
Goods are selling largely and prices OF
ginghams and prints have advanced.
After some advance. wheat suddenly de-
clined cents. closing lower for the week
Against all accounts of injury is the solid
fact that Western receipts were 5,04s.l9l
bushels for the week. against 1.477.0z5 BUSH
elsels from the great crop Of last year and
at current low prices such receipts would
be inexplicable If growers really expected
a short yield. Exports have declined being
only 1.s49,373 bushels. -four included. from
Atlantic ports, against 4.eo6.2s3 bushels last
year and s33. 400 bushels from Pacific ports.
against 253,213 bushels last year. but even
as TO future foreign demands this Is not
strong evidence The estimates of reduce
ton in yield are weakened i'm market jude-
ment by certainty that spring wheat acre
age is unknown and may exceed expecta-
ticns. and that the prospect in spring wheat
States Is excellent. Corn has shown unusual
independence, scarcely changing I'm price.
with exports of 2.so4.soo bushels. against ~
134, Gal bushels last year.
For the current week failures have been
l5s in the United States. against 2D0 last
year and 10 in Canada, against IL last year.
Bradstreets Review.
NEW YORK, June s-Bradstreet's OF to-
morrow, June 10, will say: Exceptional
frmness in prices at the highest level az
regards general staple values yet reached.
a seasonably small rate of business mortal
ity undiminished industrial activity. per-
haps most manifest In all branches OF trade
in which iron. steel and other metals enter.
and large bank clearings. rejecting 10 some
extent the improved tone OF stocks. but
likewise large payments On previous profit
able business. are among the features not
necessarily new, but still noteworthy, re-
fected in trade advices. Enlarged shipments
OF breadsturs. a result OF recent buying
induced by crop damage report at home
and abroad. have. IL is true. not been sum
cient to offset liquidation on the late mod
crate rise. but this Is partially explained
by continued good adyices from the spring
wheat crop, confirmed by liberal receipts
at primary points Iron and steel display
all or their old and some new strength IN
the urgent demand for the rest OF the year.
and the usual summer shutdown seems
likely 10 be hcnored more In the breach
than in the observance in this trade. The
outlook in the trade as regards next sea-
sons labor scale Is still unsettled.
The usual early spring predictions OF an
immense reduction in cotton acreage have
failed OF realization. and current estimates
favor falling or OF TO per cent. In the
cotton belt as q whole. This. added 70 eood
trade AZ home and abroad and advices that