The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-08-11
SITUATION is IMPROVED
TRADE CONDITIONS GETTING ON A
SATISFACTORY BASIS.
Conditions i'm Iron and Steel, Textiles
and Grains-Increased Orders in
N Number of Lines.

VIEW YORK, Aug. 1O.-R. G. Dun & Co.'S
weekly Review of Trade Tomorrow will
say: Progress has been made toward a
more stable position of business, with a
few more heavy contracts to hold the
ground already gained; but for a proper in
depreciation OF the weeks results one must
look beyond Wall street operations, where,
more than any other quarter the vacation
season is leaving its impress of inactivity.
Speculation Is cautious, but investment
holdings are being increased rather than
diminished, and operators cannot see that
their hesitation on the ground of politics is
echoed any more in general business cir
Cles than two months ago. Small change
appears in railroad stocks; ten industriais
are 81 higher and traction issues a shade
lower. Workin forces are smaller and
will soon be further reduced, probably for
three weeks. by the closing of cotton mills
in New England, which has been delayed
longer than expected; but our strength is
evidenced to the world by the oversub-
seription here of the new British loan of
f1O,O0,OW, on about a 3A per cent. basis,
of which over half is allotted to American
applicants.
London sales Of 10000 shares of stocks
and some bonds and American purchases
of the new foreign loans explain why gold
goes out in the face OF foreign
returns, which show for New York alone,
for the week, an excess of exports over i'm
ports of more than s.. 900, 900. Exports for
the week of $12, 1863, 719 were more than dou-
BILE those of the same period in 1899, and
for the year the gain is over sS5,0O0,0O6,
while imports gain only $40, geo. 900. The
money market is untroubled by financing
of the foreign loan, though the volume OF
new commercial loans is well sustained.
cotton fell so sharply that some recovery
occurred In an oversold speculative market.
and spot sold at 10 cents when the official
report appeared, Notwithstanding many in
dications of further reduction in consump-
ton Wheat advanced about a cent, helped
by poor foreign crop reports. The domes-
tic outlook Is fairly cheerful, and farmers
have marketed freely. Receipts at interior
cities aggregate 6,2S7, 5S1 blu, against 1913, 2l6
bu last year, and 2,446, III bu in 1898. Ex-
ports from Atlantic ports were only 1,720. 1853
bu OF wheat, -four included. against 2,503. 3H
blu last year, although purchases on foreign
account were large and promise an in
creased movement hereafter. Corn gains
nearly 2 cents. with the aid of dry-weather
reports, and is 8 cents above the price at
this time last year.
The textile markets have been free from
such features as marked recent revisions
of prices. but business is of fair volume.
Loss of the Chinese market has put coarse
brown cottonS in a bad position, other
grades being less seriously affected. In
wooden goods recorders are not up to ex-
pectations and some serges sell lower.
Although the conference at Chicago re-
Gently failed to agree to reduce the output
of pig iron, individuals have acted indie
pendently. and on Aug 1 only 240 furnaces
were in blast, with the weekly capacity of
4 ,426 tons, according to the Iron Age.
/ InlS COTnDareS With "A nrnHucfl0n of c&2 412
tons July l by 2Si furnaces, and 267,672 tons
a year ago by Isl plants. Present figures
| are the lowest since March, 1899, when
the capacity was 22S, 1876 tons. Furnace
stocks are 504,341 tons against 421, OBS tons
July. l. Prices nave steadied on the lower
level in most directions, but in some prod
ucts the struggle is still on between buyers
and sellers. A serious feature is the wage
controversy which extends over a wide
territory. Production of coke decreases
in proportion to the smaller output of iron.
Failures for the week were III in the
United States, against 1856 last year, and
% in Canada, against 20 last year.