The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-03-29
ALL RECORDS EXCEEDED
DIsTRIBUTIVE SPRING RAD IN A
VERY LARGE VOLUME.
Iron and Steel Demand still Exceeds
SuppIy-CereaI Prices Depressed
Weeks Bank CIearings.

NEW YORK March 2S.-R. G. Dun &
Co.'S weekly Review of Trade tomorrow
will say:
Favorable weather greatly facilitated
Easter retail trade, the volume of transaC-
tions in all lines of wearing apparel being
OF exceptional magnitude Activity was by
no means restricted TO the specialties. how
ever, the general distribution of merchan-
disc exceeding that OF previous seasons,
with prices we'll maintained. A distinct
evidence Of the vigor of legitimate trade is
found in the decline Of only PA per cent.
In bank exchanges eat New York notwith-
standing the fact that transactions at the
Stock Exchange were not more than a
third Of those in the corresponding week
last year, while at other leading cities clear
ings exhibited a gain of 9S per cent. over
last year and Sl.5 per cent. over 1899.
Demand for an eight-hour day after May
L by the blast furnace men was the most
disturbing feature in the iron and steel in
dustry, but this is not causing much alarm,
as an agreement probably will be reached
during the Intervening month. The pro-
duction is now beyond all previous records
and the movement of coke is ample, al
though the early opening of lake navigation
may withdraw some of the transporting
facilities which cannot well be spared. Buy
ing has been notably active in bars for
implement makers. and producers have sold
their entire output so far ahead that new
business is not sought. Many plans for i'm
mediate structural work have been aban-
doned, owing to the insufficient supply Of
available material. On the other hand there
are reports Of reselling contracts for rails
and other supplies by consumers who have
secured larger deliveries than will be need
ed. The appearance of this speculative ele-
ment would be ominouS If quotations were
more excessively inflated. Aside from the
advance in bar iron at Pittsburg TO 1.S0c
and foundry iron at Chicago to $3.50 there
are no important price changes, Southern
furnace producers having decided to post
/ pone the contemplated advance.
"A severe reaction occurred in cotton, due
entirely to the excessive speculative pur-
chases, which made the market topheavy.
A slight recovery in coffee from the bottom
price must be attributed to aggressive OPP
ton buying, as the statistical position is
not improved. Brazil receipts exceeding last
years high record TO date by over a third.
A reduction in refined sugar was quickly
restored. as the market for raw grades
became very strong. Meats again advanced
In the face OF easier grain, a helpful in
huence being the largest single order ever
placed for the British army.
Weakness appeared in the cereals early in
the week., when there was a certain unan-
unity about encouraging weather reports
and increased acreage. Subsequently there
was partial recovery, owing to less cheerful
news from Kansas and Oklahoma, but the
net result for the week was a decidedly
lower range Of prices. Wheat exports ma
terially declined from the satisfactory rec
ord OF ~4,657,625 bu last week to only 3,0SS, GAP
this week, which compares with 1886, SS2 in
the same week last year. There was a de-
crease in Western receipts TO 2,747, 094 blu,
against 4.O52, sos a year ago, but the differ
ence in arrivals of corn was less striking,
1876, 064 bu, against 2,6S2, 91S a year ago. At
lantic shipments Of the minor cereal were
only 3S,344 blu, compared with 2,946, 461 in
1901. According to an analysis of the official
returns by a Liverpool authority. there will
be only $1,000. 900 bu of wheat in this country
at the close Of the crop year, but the state
ment is based on exports for the last four
months of half as much as the record
breaking shipments OF the preceding eight
months, which is extremely improbable. A
further alteration in the figures should be
made to allow for the underestimate of the
total crop.
Failures for the week numbered 205 in the
United States, against 206 last year, and 2
in Canada, against % last year.