The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-04-28
DEMAND Is MORE SLACK
DIsTRIBUTIyE TRADE NOT so WIDE
AND PRICE LOWER.
Break I'm Iron Had Little General
Boots and shoes and the Textiles.

NEW YORK, April 27.-R. G.. Dunn &
Co.'S weekly review of trade tomorrow
/. will say: Gold begins to go abroad and
prices of iron products broke sharply in
the same week. Four months of the new
year have passed and business does not
sc expand as to need the large increase of
circulation which the new monetary bill
has permitted. nor enough TO sustain all
the extraordinary advance in prices last
year. The abundance of gold and of cur
rency and the large disbursements by the
treasury in the exchange of bonds have
rendered rates for money unusually low
tor the season here, while rare industrial
and speculative activity in Europe, with
the war in South Africa have tended to
make money dearer abroad. So new gold
from Alaska answers the loss Of supply
from the Transvaal and America builds
up in credits abroad a breastwork against
prostration in future here, as in the past,
caused by troubles in Europe.
The reaction in prices came where it was
expected least. in the industry more fully
organized than any other TO check COM
petition and in the branch which, through
contracts covering rod making and other
machinery and through patents, seemed
more fully controlled than any other. Re-
auctions of $50 per ton in wire nails.
barbed wire and galvanized fence and SIS
In smooth wire showed that no control can
afford to hold prices so high as to check
consumption. In a week the prices of iron
products have declined $50 per cent, and
since Feb. Z 1913 per cent. AS the wire and
nail prices have been relatively the high
est others in the iron and steel industry
can be expected to fall i'm like measure.
But pig iron Is weaker. No. / local coke
at Chicago Is $3.50 and Southern pig Is
also lower. Plates and bars can be OBJ
tanned Tor about is cents In good contracts,
both at the East and at Pittsburg; the pro-
posed advance in sheets 10 SO has not been
attempted and cut nail mills, which have
gained much by selling at Z cents per keg
lelow wire nails, will now lower prices.
The tendency toward lower prices Is
strengthened by the idea hat overpro-
auction may appear in other branches. In
cotton goods, after the rise of about 80
per cent. following the advance I'm cotton.
IL is asked whether the surpris-
ing increase in Southern output has
lot cut OF part of the demand which East
ern mills find insufficient. In staple goods
no change is seen. but in other lines and
fancy goods ~irregularIty Is increasing. and
greater concessions are made for future
delivery. Cotton futures fell and recov-
cred; with good prospects for the next
crop. Northern mills having taken already
what they will require until September.
hut Ellison's estimate is thought likely
II stiffen the foreign demand. Nor has
wool changed in quotations, though some
sales of fair amount are reported al such
prices as 81 cents for Ohio Xxx and 80
cents for clothing. territory cleaned, but
manufacturers are not disposed to do any
thing. and the West asks prices which
dealers have no reason for paying.
~ipmen of boots and shoes from the
East in four weeks have been 300, 80 cases,
against 49, 9S last year. 30i,06l In 1865 ana
less in any other year. New business bears
no proportion TO the present output and
the number of works which are closed or
running part time is increasing. Manu-.
fscturers realize that this is a result OF
prices asked OF slow retail distribution and
large stocks remaining on hand. but claim
that lower prices cannot be made without
loss. Business in sole leather is reported
TAR, and prices do not yield. but upper
leather Is Gull.
The produce market is inactive. though
wheat yielded a fraction and corn gained
] cent for the week. Exports OF both con-
tfnue larger than a year ago, Atlantic ex-
Forts of wheat. In four weeks, flour in
cluded. having been S.09a.567 bu, agains:
H0l1,4So last year: and Pacific exports p
-. log. against l.3I3.S22 last year. Corn ex
Forts In the same weeks have been IL. &c.,
f7 bu. against l0.0c3.5 z last year. Exports
Of merchandise from New York. In three
weeks have been 37.9 per cent. larger than
last year. and with the aid Of the heavy
cotton movement the agsregate OF the
yzonth promises to considerably exceed