The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1874-01-06
FINANCE AND BUSINESS.
GENERAL MARKET REVIEW.
MONEY NOTES.


The eEtuatien II Chicago at the close of last
week. - well stated by the Times: There
was srore than al ordinary movement in
monetary circles las week. There was no
lpartioulsr cha age il the general situation,
but as iseustonsrysacOund the opening of a
new yeaS, when hUE6reds of maturing obi
cations must be paid settled. the banks
enjoyed 81 unusually active business. From
tie opening to the close of the week, EOr-
rrOFeTs patronized the aOan market in a re-
l1asrkably liberal manner, and with scarcely
zaE. exception all the prominent institutions
-axRsriencs6 more or less difficulty to honor
oven q fair Ter. cent of the C alls made upon
StlReEl for fundS. Customers IN good stand
i1lg.and parties whose necessities were of a
character to 6ltitle theEa to ONE cOnsidera-
tiCsn were accommodated to 81 ,me extent, but
- IS DEPOSITS. sTs now cOI1paT stiEely small,
= a 81 ,Eaoney gather close, the feeling was
TN oze uufdvovable for eppic lnts than for
So 4lef4ims previous. If fact, tive loan mar
ket EsSs unQuestion2bly closer than at any
Gin e,41nce the subsistence Of thai excitement
that ,GsslOwed the panic, and in money quar-
tiers CO. siderable trouble WAS su Tered TO OBJ
tain ACCOUNTS and other fSVors 40 meet the
dema AIS OF the annual "settle ment day"
Long snd large loans were utmost uni
Versal i-.~efUsed, and the banks, sa rule,
cOnfin ;, their fayors, frequently to their
custom ell best to call loans, or temporary
accom- sszzatiOns Still, notwiz hsta nding the
market WSs uncomfortabiy stEngei 1t no par
ticulara Ediety waSshOwn ove- the future.
.RBODUcE- SUMMARY.
The Trf kline givesthe usual review: The
Chicaoo xeduce markets was &c uerally
firm on SAT ETliay, with less doing, exc ept in
wheat snd taur. Ness pork was quiet and
unchanged. closing at Ga 3oal4 &c cash. and
s14 75aII 90 ssller February. Lard was
0uiet and s. higher, closing at IS 50s S %
cash and sS : bf.8 so seller February NJ eats
were ouiet an, lStrong at -51za55s fer shout
ders, 7J%a7&ct " abort rbs, 712c fer sh' 'rt
clear and Q doc for sweet pickl ed
hams Dresse, I hogs we're qui6t an
easier closing at Sc ssJa6 80 per 1O0
mounds Hipbw Hpes were less active and
Steady at gSe ner yGllon. Flour was ia bet
ter demand and - EOnger. Wheat was Gctive
and IIIc higher. ri king atsl 1874 cash, and
81 229{ seller Fet ruary. Corn was quiet
and &c higher clos tDg at 54c cash, and .55Cl
55lZc seller Februar v. Oats were quiet and
shade easier az 39sEi 1SStZc Rye was quiet
and IIc lower at 76 -. No. 3 barly was in
good demand and at hAnce0 &C, Closing 2t
81 j.. Live hogs ere oCH ana easier,
closing at 81 qoIA5 r. !. Cattle were fairly
active and firm. Shee 7were steady.
IRON PRO SDECTS.
DECLINE IN TB DEMAND
It ia the opinion of b. Iron World that
had it not been for the n ssut financial crisis
the production of pig iron this year would in
all probability have reac hsd 30eo, 900 tons,
against ,s3O,07o in 1872. ~ 1t is,.it will not
reach two and three-uual tor million tons.
The impOrtatiOns of iron fSlz were oOO,-
655 tons, in which are inclu oed !s0,SoI tons
of pig iron; while for the T. ISL nine months
of 1873 the imports were HAy SOIsooz TONS,
including 81 ,936 tons of pig rhh. III a~gues,
quoting other good authori 1es, that Refore
the iron manufacture is reStC Ia 10 It's posi-
ton of year ago, there u nave 20 De
inauguTated general reductio tan the cost OF
production. The cost of pr oeiuction has
been too great, and if the h-ice OF GRE
and labor can be lessened to Dc require
ments of the situation, the pros F2etlon mar
possibly be kept up to its presen '~oluIne 50
as to employ all tho Furnaces. Til prices OF
ore must come down. The Iron paountain
Company. of st. Leus have fixed the price
of ore at 81 per ton at st. Louis, bI the iron
World does not encourage CONTRACT . az that
figure nor at the ruling prices of Ii Ae supe-
riOr ores at this time. 1t adds: Ont 'IhNlg Is
certain, the day is not far distant 'hen the
idea of shipping ore from 900 to 100 h,iles
to be smelted will be deemed an alb mrditys
except in cases where transports tion Is
cheap by routes that can be traverS 81 the
year round. The speculative build ing OF
railroads having ceased, the demand tor
eign rails will continue to fall OFT; bu I the
demands of existing and paying roaC Tor
such renewals and repairs as they wi De
compelled to make will, it is 10
be hoped, fairly employ the rol ling
mills of the country. Our consumption OF
rails in 1872 was ], Az, S32 tons, Of which we
imported from Great Britain So, $50 to. as.
But in the first six months OF 1873 there as
falling off of imported rails of over fiji
per rent, "a compared with the first 81 Z
months of 1872. Last year 7,779 miles o.
railroad were built, while the estimate for A
1874 fixes the amount at not more than 1900
miles, These figures do not indicate that the
prospect is very bright for 1874; but they go
to show that in order to hold our market
against foreign competition and effect sales,
the cost OF manufacture must be materially
reduced. To effect this, all must help, the
cooperation must be mutual, producers
must lower their prices, labor must be con-
tent with less remuneration. and manufae-
turers with less profit.