The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-01-01
STABLE BUSINESS YEAR
AND COMMERCIAL CON-
OPTIONS WE'RE FAVORABLE.
Yielded Enormous Re-
turns to the Husbandman-De-
pressed Interests Are Few.

III It's summary, reviewing the business OF
the year just closed, will say, regarding
the leading markets: Conditions in iron
and steel during 1900 were much more
sound than in the preceding year, when
speculation was rife and prices inflated far
beyond the bounds of reason. Statistics
of the weekly capacity of furnaces in blast
show that the highest point on record was
reached on Feb. /, while there was little
diminution during the next few months.
But, with the collapse of speculation dur
ing the spring, and realization of the fact
that operations had been overdone there
came a steady reduction in output. From
296 furnaces in blast on Feb. ] there fol-
lowed continual shutting down until but
20l were in operation on Nov. l and the
weekly production decreased S2,710 tons.
Even at this rapid rate Of declining output
stocks accumulated with startling rapid
ity, and on Oct / the top was reached
at 6l0,331 tons. Business conditions were
satisfactory, however, and demand ex-
banded while exports of finished products
grew very heavy when prices reached a
level that made competition possible with
British and German producers. In two
months ended Dec. furnace stocks OF
pig iron decreased 1885 tons, and the
tone was so much improved that many
idle furnaces resumed.
Manufactured articles have moved along
similar lines, Quotations of iron and steel
products at the beginning of the year We're
little below the level prevailing thirteen
years previous, and the fall was almost
uninterrupted until !, October, when the the
figure prevailing on Jan. ], 1887.
1t is difficult to select any one branch of
this industry as being pushed harder than than
another. Railway supplies or all KINDS
have sold very freely, and the market Is
flooded with urgent orders for freight cars
Structural materials, particularly for
ter demand than supply. Steel rails were
reduced from last years price of $50 to $26
but 1t was an open secret that the former
figure had only been nominal for months
prior to the official change in September
Contracts for 100000 tons deliverable in
1901 have been placed at $26 and numer-
Gus export orders also suggest the prob
ability that the list will be maintained.
Tin bounded UP from 25A cents at the
opening to 80 cents in July, and then
gradually lost all the gain. But during the
last week there was recovery to 27A. Cop
per has done nothing startling, variations
remaining within the range OF three
quarters of a cent Opening at 1612
there were sales as low 16A and the
close was at the top, at IL cents. Trade
has been active and production pushed
One authority places the American yield
we'll in advance of any other country.
Lead fell from $4.27 at the start to 1851,
and recovered to $i.16 where it has been
The year 1900 opened with favorable con-
ditions prevailing in nearly every branch
of the dry goods trade. The home trade
continued good for the first three months.
and then fell away until the market had
lapsed into pronounced dullness and from
a steady upward course in prices began
gradually to decline again. The arrest OF
buying was remarkable In wooden goods
stocks began to accumulate again and their
course up to the close of the year has
shown pronounced weakness in both mems
wear fabrics and dress goods, with the re-
suit that the gain in prices made last year
and in the early part of this has been lost
in many directions, and where any is re-
tanned at ALL 1T Is of limited extent. A
brown cottons in May the first purchases
made for that market in several months
unfortunately was checked by the outbreak
/ of the Boxer uprising, and since then there
has been an entire suspension of buying for
| that country. in September another
stimulus given to cotton goods by the
rapid advance in raw material, which fol-
lowed the Galveston disaster and short
crop predictions. Prices resumed their up
ward course and the market ruled strong
again until the end of October, when there
| was lull in the demand. Stocks, however
| had been well cleaned up. as rule. and al
| though some of the staple lines have eased
| off slightly, fairly steady tone has pre-
vailed since
The prosperous condition of the cotton
goods trade last year and the early part
| OF this has had marked effect upon the
cotton industry in the South, reviving the
| boom in mill building, which the previous
depression had checked. A number of new
| mills have been added, and many more are
| in course of erection 1t is probable that
| when the years statistics compiled
| they will show the addition of nearly 1000
| 600 spindles to the productive capacity of
/ the South.
After advancing from the average OF 100
grades of wool reported by Coates &
Brothers, on May l. to 24.70 in December.
1889, it only natural that the year 1906
should witness severe reaction and return
| to a more normal level. The decline was
gradual and the year closed about % per
cent below the top point touched twelve
months previous.
| The closing year of the century was a
| and planters. Notwithstanding the fact that
| some sections harvested smaller crops than
| in preceding. years. While the South pro-
| duced less cotton than in the two previous
record-breaking seasons. prices were the
highest in ten years, and the net profits
made on plantations were enormous Spring
wheat States lost much grain, but Kansas
| crops and the average was high. In fact
| the cereals were all abnormally advanced
until there occurred a loss in exports. SO
| that Russian ports were able TO secure
much of the grain trade that had belonged
/ to American producers Corn was put IN
/ to within a fraction of SOC here, and specu-
/ lative manipulation forced the Chicago
/ price still higher. These operations had
i a naturally deleterious effect on exporta-
| much of the benefit from the excessively
/ inflated domestic markets.
4
/ penSfans for Keferuna