The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-12-30
No Winter Shut-Downs i'm Former
Years, Nearly All Factories Being
Busy ON Spring Trade Orders.
ONE THREATENING CLOUD
SPECTATORS ENDEAyoRING TO
DARKEN THE FINANCIAL Sky.
Failures Would Have Been Few and
Liabilities Small but for the Deal
ings I'm Inflated Stocks.

NEW YORK. Dec 29.-Bradstreets re-
view OF ''The Year i'm Business" to-mor-
row, will say: Rarely have sanguine COM
mercial and financial hopes predictions
found such adequate realization as they
did during 1893. Certainly nothing like the
widespread and general upward movement
of values, alike of staples and Of securi-
ties. such as occurred during this year.
could have been foreseen. Linked with an
immense business and a record-breal<ing
production in nearly all lines of business
and industry. except. perhaps. In some
products OF the agricultural interest, there
was with 1t an advance of staple values.
either Of which. alone, would have made
the year notable and, combined. they have
served TO establish the year a record
breaker and set up new standards.
The volume of domestic and of foreign
trade alike was the largest ever recorded
and the bank clearings.. rejecting immense
business expansion. active speculation in
stocks and immense new Industrial float
ings. far surpassed all previous records.
Prices. as a result. primarily OF the stimu-
lation proceeding from supply and demand
conditions, scored probably the greatest
advance in any single year and brought the
]
est point reached for more than eight years
past. Failure statistics point to the small
est number reported for seventeen years
past. These results have como to pass. in
the face of considerably lessened pro-
duction OF wheat. and immense falling
of in the yield of cotton. With the excep-
tion of marked speculative activity in the
latter during the early months OF the pres
a m ha
changes has been most largely confined to
stocks and securities.
In industrial affairs the year has been
one Of enormous expansion. Certainly
nothing like the general advance in wages
of industrial empioyes has been witnessed
for many years and this had been accom-
plshed with a minimum Of friction, en-
titling the year to special mention on this.
| IL on no other account. The close OF the
year finds order booAs filed to from three
| to six months ahead in nearly all lines.
Distributive trade was naturally of i'm
mense volume throughout the year. though
mild weather at the close tended to modi-
fy the satisfaction with which retail trade
in winter fabrics was regarded. This was.
however partly compensated for by a
holiday business SURPRISING all previous
records.
| INCREASE IN EXPORTS.
Notwithstanding the smaller exports OF
agricultural products during the calendar
year. breadstuffs shipments being Is per
cent. smaller. cattle and hog exports 12
Per cent. less and cotton shipments, owing
to the short crop, at least Is per cent. less.
there was such an expansion in our manu.
factured exports that the entire export
trade of the year will considerably exceed
| that of the last calendar year. which was
the heaviest recorded, and make the year
no less notable in the line OF foreign than
| in domestic trade, with a total of exports
little less than sl,2S 100000. an aggregate
which, If reached, will mark a gain of 3
per cent. over the record total of 1885, I'm
ports have naturally shown a marked re-
vival, and If the gain for the eleven
months is maintained for the month OF De-
cember a total little below $500, 10000 may
be expected. which would guarantee a to-
tai foreign trade well I'm excess OF g. COO e00.-
600, an amount. II might be remarked,
never before equaled. AS TO exports. it is
to be noted that nearly one-third of all are
OF manufactured products, a proportion
never before reached; and To imports
the heavy increase In raw products in
tended for manufacture bears testimony to
the activity of domestic industry. The ap-
parent trade balance in our favor. though
not az heavy as in 1885, viii still aggregate
| an enormous sum.
That the advance in the price OF staples
/ has not been a fictitious one or based oa
arbitrary actions of combinations. il is
evidenced by the fact that a similar price
movement has been witnessed abroad. the
general level OF prices in England, for In
stance. being higher on Dec. ] this year
than for more than eight years past The
course of values. too, has been I'm accordance
with expectations OF economists, in that
! the greatest relative rise has been in man.
ufactured goods or In products of Industry
not exclusively agricultural Breadsturs
alone OF all the classes of staples are ac-
tually lower now than they were a year
ago. the decline being about 6per cent on
the other hand the manufactured or part
! ly manufactured products. such as metals.
raw and manufactured textiles. building
materials. coal and naval stores. have
scored a remarkable gain. Metals. as a
whole. are so per cent. higher than a year
ago. due largely. OF course, 10 the upward
rush OF iron and steel prices. which have
all practically doubled In value within the
year.
NOTEWORTHY ADVANCES.
Raw cotton and wool have made espe-
cially noteworthy advances. ana beina
among the most depressed OF industries.
the textile manufacturing trades have b.
come among the busiest there is record a.
Other textiles have shared In this ad.
! vance and the result = that textiles as 3