The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-05-11
BUSINESS NOT AFFECTED
THE WALL-sTREET PANIC DID NOT
CHECK LEGITIMATE TRADE.
Commerce and Industry Never on a
Better Basis Than Now - Tex
tiles the Only Soft Spot.

NEW YORK May 1O.-Bradstreet's to-
morrow will say: One looks in vain at this
writing for any evidence that the general
business Of the country has been in any
way interfered with by the-for the time
involved-severest fall in prices in the his
tory OF the New York Stock Exchange.
very general conclusion reached is that this
CONFUSION is purely stock panic not
involving or connected with the general in
dustries of the country in any way. There
will not, in fact, be a bushel of wheat or
ton Of coal less in the country as a re-
suit OF this CONFUSION. Speculation in
grain and other staples has. however, been
checked by the concentration of interest
upon the stock market. General trade ad-
vices this week are, in the main, rather
demand for iron and steel made last week
mainly because of Improvement in crop
prospects. due to seasonable rains follow
ing planting. The lull in the active buying
de mand for iron adj steel noted last week
is even more pronounced to-day, but this
is mainly because mills and furnaces are
already heavily sold ahead, and large con-
sumers. having placed orders. are now
awaiting delivery Bank clearings, swelled
by enormous stock operations, break all
records. Gross railway earnings continue
to show satisfactory increases and failures
are down a normal minimum.
The feature of the week in the crop situa-
ton is the arrival OF needed rains through
out the entire Northwest, which have
placed the spring wheat crop. now nearly
all planted, in excellent condition. Corn
planting has also progressed well, but
warmer weather would be desirable In the
Southwest and central West crop reports
are very generally good although oats are
reported backward because of cool weather
Late rains have helped the Kentucky to-
bacco farmers.
Corn has lost strength with the other
| grains, but the manipulation at Chicago Is
still the feature, and the strength of the
market is said to be due to extensive buy
| ing by the agricultural interests. Oats are
lsaigher on less favorable crop reports, ana
the fear of manipulation OF corn ana oats
| in the summer months is very real chS'
Russian wheat crop reports are very gOou.
Wheat-including hour-shipments for
| the week aggregate 4,i7S.S72 Du, against
| 5,l00 1853 last week, 3,4sO5I4 in the CORE
| spending week of 1900, and 3,2A.lS2 In 1888.
| From July l 10 date wheat exports are
| Isl, OSLO bu, against 1695l6.l76 last season
| and co., $50 in 1889. Corn exports for
! the week aggregate 1.5S3,S31 bu against
| 2.371 S92 last week 4,63S 40 in this week
| year ago and 2,76S. 69i bu in 1899. From July
| l 10 date corn exports are loS.5J9,2oi gu,
against 177,S4l,2l5 last season and l45.219,S ol
in 1S9S-99.
r. H. Dun's review of trade takes the
| view that a panic in Wall street does not
mean that legitimate business has sud
| denly ceased To prosper nor is the condition
| OF mercantile trade and manufacture ad-
| versely affected by violent fall in price
| OF securities Throughout the entire cOun-
! try fundamental conditions were never as
sound at the present time reports from
nearly every city this week showing an
payments promptly met. Production is not
overtaking demand at the finished steel
mills and all Pittsburg plants are two
| months behind orders, while ninety days
| is the limit at many. Although the eX-
| pected advance in bar iron did not appear
the tone continues firm and orders are
| liberal. Bilets remain at the top point
| for prompt delivery. but reasonable terms
| are available on forward contracts. In
structural shapes and railway equipment
| there is all the business in sight that MAX
| ers desire, and effort is made to Sc
| cure additional orders. Less urgency is
| recorded IN pig iron markets, but buyers
| don't md terms more satisfactory; in fact
| forge and foundry iron is rather more
| firmly held. Though the total number of
| smaller than on Feb. 1, 1900, the Iron Age
! estimates the weekly capacity at 3Ol l25
tons. which exceeds all previous high
| featuring is emphasized by the decrease of
| 34,12y tons in furnace stocks during Anril
despite unparalleled production.
Less sensational events transpired i'm the
| cereal markets than in the preceding week.
| although quotations are slow to recede
| Corn eased off few cents but is still
| about l0c a bushel or nearly % per cent
| above the quotation at the corresponding
cate IN the two preceding years. Western
operators continue to entertain strong
views and appear little daunted by the
| larger receipts attracted to interior cities
| by the unusually profitable prices offered
Shipments of boots and shoes from Bos-
ton rose TO an unusual point, aggregating
lOS,32S cases for the week, against 70 ri
| cases in the previous week and 6S15l in
| the corresponding period last year The
| total movement since Jan is now but
900 cases below 1900 TO date and far above
any other year.
Recovery in the price of cotton was only
| temporary, and heavy liquida tons of on
| items was accomplished by q fall in spot
| middling uplands TO the lowest figure re-
, corded this year. Even at a loss of 90 n
| bale compared with quotations prevailing
| q year ago. there is little disposition to Sc
| cure raw material either by domestic or
| foreign spinners. AS the end of the crop
| year approa ches there is no sign of the
famine predicted by many experts earlier
| in the season, and with most monotonous,
| regularity port receipts continue two or
! three times as large in the same week
last year With a large yield probable
| this year and unsatisfactory conditions at
| the mills there is no inducement to hold
| stocks. The situation is similar regarding
| wool and woolens.
| Failures for the week numbered 1S7 in the
| United States. against 1872 last year, and
20 in Canada, against l5 last year.