The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-05-19
UNDER NEW CONDITIONS
TRADE IS SEEKING THE LEVEL OF
SUPPLY AND DEMAND.
Shading Of Prices I'm Iron and Steel
Grain and Textile Situations
Failures for the Week.

NEW YORK, May 1S.-R. G. Dun & Co.'S
weekly review of trade tomorrow will say:
Business is not what it was year ago. but
men do not agree in defining the differ
ence. The working force. then increasing
fast, is now decreasing. Works are stop
ping to relieve excessive output in manu-
features of paper. cotton. WOOL leather
and some forms of steel. while prices are
suddenly reduced for the same purpose In
lead, wire and nails. What seems to some
merely spring dullness," others think 'the
beginning of reaction" The remedy for one
difficulty does not fit the other, and there
is more need than usual for close attention
to the meaning of events. In place of the
wild speculation in securities which swelled
exchanges year ago, there has come such
liquidation that twenty preferred industrial
stocks have sold this week at prices aver
aging 1914 per share, though the same
stocks Sold in April last year, for $99.66
per share. and twenty common have sold,
this week. for $3.50. which sold, last year.
at $3.50. double the price. Yet many Of
these companies have earned and paid
good dividends. and all have enjoyed
year Of extraordinary business. The indus
trials have reached the lowest average
they have ever known. while the sixty
most active railway stocks, though de-
pressed about 81 per share since early in
April, are higher now than in most of jan
uary and February; higher than early In
December and higher than a year ago.
Business In some lines has been hindered
by the holding of prices so high as to check
consumption. The closing of works by the
Steel and Wire Company, followed by the
reduction of $50 ton in prices of it's prod
ucts; the closing of many paper mills be-
cause OF overproduction; the sudden re-
duction OF 20 cents a hundred pounds in
lead from the price to which II was raised
late In December; the report that tin-plate
works may be closed while for similar
reasons, create feeling that some busi-
ness no longer has the guarding and guild
to the demand for consumption. But prog
ress toward healthy adjustment has been
rapid within the past week.
Transactions at Pittsburg in bessemer
pig seem to be largely at guaranteed
prices" so that definite quotations are
avoided. though much bessemer from the
East Is offered at very low figures. Gray
forge is a shade lower there. and local
coke at Chicago, while No. l Lehigh is
quoted at s2150 here. Bar. at Philadelphia,
is sold for 1.75c. while the Pittsburg as
ISOLATION reaffirms its quotation of &c.
which is shaded. Plates also sell there at
Lie, with 1.75c quoted at Philadelphia. The
demand for structural and other products
has been much reduced. in part, by build
ing strikes
Wool manufacturers are not meeting a
very satisfactory market at the advanced
prices asked. and until a change appears
In that respect the holders of wool need be
patient Cotton has broken I'm price and
may go lower the time comes for new
crop prospects TO have weight. but the de-
cline OF an eighth to q quarter in brown
sheetings and drills has been largely due
TO opportunities in the export trade. which
have been promptly met. Large sales for
shipment 10 China have been effected, said
10 cover fifteen thousand bales and for the
first time since August the American out
look I'm that direction is cheering
The movement of grain continues large
corn still rivaling wheat in quantity ex-
ported. Atlantic exports of wheat. I'm three
weeks OF May. have been. flour included.
S,2s2, 041 bushels. against 7.0l6.540 last year:
and Pacific exports 2.203.909 bushels. against
1857, SOC last year, while exports OF corn In
the same weeks have been 1852 e5S BUSH
els. against 6.9lf.536 last year Wheat has
advanced over a cent, and corn shows no
change for the week. but I'm both grains
the prospect for the coming crop is excel
lent.
Failures for the week have been III In the