The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-12
GOOD NEWS is DOMINANT
TRADE Is BROAD AND ACTIVE,
WITH PRICES VERY FIRM.
Big Orders for Pig Iron on Con-
servative Basis-Cereals and Tex
tiIes-Week's Bank CIearinSs.

NEW YORK, April 11.-R. G. Dun & Co. s
Review of Trade tomorrow will say:
Good news predomnates in the business
world, notwithstanding two somewhat seri-
Gus drawbacks. Weather conditions have
been unsatisfactory at many points. re-
tarding retail distribution and delaying
outdoor work, while excessive rain has
put many Southern planters behind with
work in the cotton fields. Still more of a
handicap is the strife between wage-earner
and employer. Manufacturing is excep-
tionally active in lines not disturbed by
strikes, and there is a vigorous movement
of goods through regular channels.
AT the close of last week negotiations
were concluded for a large sale OF pig
iron at $3.50, furnace deliveries beginning
in October and covering six months. This
price is in line with the avowed conserva-
tive intentions of the leading interests.
Yet spot transactions are reported at 81
higher quotations whenever buyers are SO
fortunate as TO secure prompt shipment.
Not only high iron, but bars, billets and
structural shapes are all sold SO far ahead
that new business is comparatively light.
although consumers would quickly absorb
any earlier deliveries that might be Of
fered. The situation may be briefly summed
up in the statement that ii is the eXcep-
ton when order books are not filled for
full capacity we'll toward the end of 1902.
Buyers are still placing contracts abroad,
and on urgent business this probably will
be done frequently during the remainder
of the year.
Firmness in cotton goods naturally fol-
lows the accumulation of light stocks and
the interruption of work at some mills
with threatened disturbance at Others to-
gether with the higher price of raw ma
terial. In many lines it is no longer pos
sible to secure prompt deliveries, and buy
erS have practically ceased to ask conces-
sions. Large transactions have been effect
ed for export. mainly of sheetings fol
China. Clothing buyers are seeking to Sc
cure wooden goods to substitute for deliv-
cries retarded by the strike, but find the
market heavily overbought and many lines
withdrawn or advanced in prices. Worsted
manufacturers are busy, and there is a
noticeable inquiry for yarns.
Footwear manufacturers have secured a
little more business and shops have been
able TO avoid the reduced time that was
feared. JobberS have placed orders for fall
supplies earlier than usual, which had a
helpful influence. Quotations are fairly
steady, and in the jobbing trade there IS
a greater demand for tan shoes than was
expected. Leather is quiet after the re-
cent activity, yet there is no indication OF
weakness and exports Increase Dry hides
have advanced.
More animation has appeared in the spec
ulative markets for staples. Fluctuations
were more irregular in corn, which broke
sharply here and at the West, but made
/ partial recovery. although still remaining
below the price last month. Wheat moved
within narrow limits, varying fraction &C.
! cording to the preponderance Of good OF
bad crop news. Western receipts for the
week were 1,722, 542 bu, against 2.96S,0 42 q
year ago, and the total for the crop year Is
| gradually falling back to last years fig
/ ures Lower prices stimulated exports foI
/ a time, but shipments of wheat and fioul
! from all parts Of the United States durinE
/ the week were only 3.S49 $50 blu, against A..
! SIG SO last year, and Atlantic exports OF
! corn were only 15s,213 bu, against 2,020.34
/ a year ago. Cotton moved up to the highes
/ point of the season, and in the option mar
/ ket 1t was noteworthy that heavy iquida
ton failed to produce weakness. offerings
| being readily absorbed. Coffee was de
| pressed by excessive stocks and receipts
! the spot price falling close TO the Low
| record.
Failures for the week numbered 19S il
| the United States, against 2O3 last year
/ and nineteen in Canada, against twenty
| four last year.