The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-05-12
MAKING NEW ALIGNMENT
BUSINESS FINDS ITS NEW LEVEL
WITH COMPARATIVE EASE.
Reaction from Abnormal Activity
without UnfavOrable Results
Movements i'm Various Staples.

NEW YORK, May 11.-R. G. Dun & Co. IS
weekly review of trade will say: With
wholesome promptness the country is re-
covering from the embarrassment of I'M
naturally high prices. In some lines the
great manufacturing associations have
taken the lead; in others reduction is still
deferred because the entire producing ca
pacity is engaged at high prices for some
months to come; in others 1t comes in spite
of resistance, because buyers hold back
orders for their own protection until ma
terial concessions are made No disturb
ance nor stringency of credits results, nor
any sign of alarm, and the movement is
perhaps more healthy than 1t could have
been If entirely controlled by the competi-
ton of many small concerns. The proper
ton of works and of hands unemployed is
yet quite small, and the volume of business
New England and in Middle States cities.
is larger than ever before at f1fty-four out
of sixty-three clearing houses in the entire
region west of Pennsylvania and south of
the Potomac
Production, stimulated by high prices,
rises above consumption retarded by them.
The weekly output of pig iron May 1 was
293, $50 tons, against 2S9,4S2 April l, while
unsold stocks not held by the great steel
makers increased H,656 tons. This would
indicate daily consumption of 1851 tons,
against 1,642 tons in January, hitherto the
largest, but for the fact that considerable
stocks have also accumulated in the hands
of consuming concerns, of which enough
to use more than 100 600 tons daily are now
III 1Al. III al
Lehigh valley No. 1, here. are quoted at
so per ton, and market wire has been re-
duced in correspondence with barbed and
plain. Considerable increase of business is
reported, resulting from recent reductions,
but demands for higher wages and also for
closing some iron works two months in the
year, whether there is business or not
causes some hesitation regarding further
contracts. The Smelling and Refining Com
pany has reduced lead 50 per ton to Az
cents, and copper declined Is to 1875 cents
for lake. while tin Is also lower at % cents.
Wool yields a little more. chiefly in finer
grades decrease Of nearly 10 per cent.
at the London sales is one cause, but a
more potent one is the continued abstention
of manufacturers, who do not nnd the mar
ket for goods at the advanced prices named
this year, except for a few staples. Cam
cellations cause some trouble and slow
payments some, and prices OF many grades
are irregular. Cotton goods are also irregu-
lar and in unsatisfactory demand; the
than they were Nov. 1, while cotton has
risen 1873 per cent. from 7asc to 97sc, and
is supported by foreign buying.
Shipments of boots and shoes from the
East. from the first week of May, We're
smaller than in the corresponding week of
every year. save one, since 1894. Accounts
indicate that dealers stocks throughout
the country are unusually large. and many
shops have closed. while many more have
but nltle work ahead. Prices asked are
practically as high they were Jan. i,
though leather averages per cent. lower
and hides about 10 per cent. lower.
In spite of good exports, wheat prospects
suffice to cause a decline of 1asc, while corn
has declined csc. Corn exports still run
much beyond last year, in two weeks $780,
500 bushels, against 4.720,656 last year, and
Atlantic exports Of wheat, flour included,
have been in two weeks 5,199,50S bushels,
against !. 236. 705 bushels last year, with Pa
cific exports 1,094.697 bushels, against 1,0S9.-
132 bushels last year.
Failures for the week have been 1872 in the
limited States, against 165 last year, and
fifteen in Canada, against twenty last year.