The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-12-28
RECORD BREAKER ALL AROUND
ONE HUNDRED AND EIGHTEEN Bill
LIONS OF BANK CLEARINGs.
Food Products Higher, but Prices ON
"A whole = Per Cent. Lower Than
in February Of 1900.

NEW YORK, Dec. 27-The annual re-.
view of American trade. prepared by Brad
streets and given publicity to-day. de-
clared 1901 TO be a record breaker among
the five succeeding years OF commercial
expansion enjoyed by the United States.
Its prominence, the review stated, was all
the more notable because il suffered from
a combination OF happenings that In a nor
NAL year would have proved depressing
if not disastrous Enumerated i'm the lat
ter were the machinists' and steel strike.
the stock panic of May, the failure OF
several imprudently managed combina-
tions, the efforts of some combinations.
including that Of copper, TO fix prices, the
shortage in corn, cotton and oats. and
the assassination of President Mckinley.
Summarizing the general situation the re-
view said:
Briefly summarized the year has seen
transacted aggregate of general busi-
ness, as reflected i'm bank clearings, far
in excess of any preceding period: has
witnessed stock speculation rampant be-
yond the dreams of old-time brokers.
checked and curtailed by the sharpest
stock panic In history ana yet with
remarkable minimum OF disturbance OF
general financial operations; has watched
general industry and production grow
steadily until new and larger figures were
needed to express the outputs of coal and
and iron and steel and leather and
lumber and a multitude 81 other branches;
has seen the freight transportation facili-
ties of the country strained TO the break
ing point, prove insufficient TO handle the
volume of business offered. and finally
has witnessed a volume of holiday trade
passing all previous bounds both on the
quantity and quality and the vastly in
creased purchasing power OF the public
in late years. From the standpoint OF
the present estimates the clearings this
year will exceed the highest records of
railways railway earnings have S increased @ 12 per
cent. and net returns have gained 10 per
cent. the best preceding year. Pig
iron production will not be far from one
seventh larger than the heaviest ever be-
fore recorded. Shoe production and ship
ments and, therefore, presumably leather
production, show almost as large gain.
IRON AND COAL.
Iron orc production and shipments were
never before equaled: certainly lake ship
ments were never so large. Anthracite
coal production will be fully 10 per cent.
larger than last year and 5 per cent.
heavier than the record. The bituminous
production promises as heavy gain over
past records woolen manufacturing has
been helped by low cost OF material ard
good demand for clothing All the returns
are not so favorable There has been less
money in cotton for the South this year.
and the margin of profit I'm manufacture
has occasioned complaint there and I'm New
and old England The agriculture interest
has been favored by heavy advances in
farm products, which have done much 10
counterbalance reductions in yield. Ex-
port trade has shown signs OF hesitation
after years Of steady advance, and i'm
ports have increased, but mainly in ma
terials intended FOR domestic manufacture,
and the margin in favor of the exports is
still enormously heavy"
The bank clearings were estimated at
I -
last year and IS per cent. over the record
OF 1888. The Middle States showed the
greatest increases in clearings. The fall
ures for the year were placed at l0175. with
aggregate liabilities of $4,000 900 and assets
of S6030,0g0. As TO this showing the re-
viewer said: 'This is "A gain Of S6 per cent
in number 1900 and OF nearly u per
cent over 1899, but back OF that year COM
parsons favor the current one. Liabilities
/ have not gained relatively heavily. as
shown by the fact that they are only "a
per cent larger this year than last and &6
per cent larger than i'm 1899 In only three
liabilities Smaller than they were this year.
a point often lost sight of is that there
firms and corporations in business each
year, and this alone furnishes a basis for
the recording OF numerous unsuccessful
ventures. There are now ll2.ooo more pco-
pie in business than there were a decade
ago. an increase Of Is per cent. but fail
ures have only increased per cent. in
number during that period and liabilities
unfavorable feature is the small percentage
of assets TO liabilities. IL is only 46i per
cent this year. as against 47.2 per cent.
a year ago and . per cent In 1893 and 1855
FOOD is DEARER
As to prices the review said: Wheat has
reached the highest price since 1885, corn
and oats are higher than for almost a dec
ade and other produce has sympathized
Food products as a whole are higher than
I'm the general price boom OF 1900 while
manufactures are lower notable in this re-
spect being leather, textiles. coal and coke
naval stores building materials. chemicals
and drugs and miscellaneous products
Prices as "A whole are per cent lower than
February. 1902 and December. 1888, but are
higher than in any year from 1898 until the
third quarter Of lSge. If other products fol-
low the lead OF food products. is not un-
usual "A further advance of the former Is
not unlikely. Iron and steel prices seem TO
lead in this latter-day advance. but the
other metals have broken away from them
and copper, lead and tin are weakening.
the result Of failures OF injudicious at
tempts AT controlling production. Food
products largely imported. like coffee and
sugar. have reached low-watcr mark prices
on large production
In summarizing the foreign trade the re-
view declared that there had been a falling
OF in the demand abroad FOR American
iron. steel and copper. loss in profits IN
cotton exports. owing to the decline in
prices. "A reduction in the exports OF corn
and oats. phenomenal wheat shipments and
larger shipments OF animals and provisions.
Exports were estimated at 81 &a5.0lo. 90. I
per cent less than the record of last year.
This calculation treated Porto Rico and
Hawaii as American territory.
As 10 imports the review declared. I'm
ports have gained slightly they viii aggre-
gate al least SSs5. .000 000 a gain OF SIS per
cent over 1900 leaving the balance OF do
nestle exports over imports not far from