The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-01-01
Condition of the Produce Markets,
Bank and Other Financial Records
and silver Fluctuations.

NEW YORK. Dec. 31-Dun's Review will
say on Jan. +: Most marvellous of all the
phenomenal evidences of advancement IN
business during the year was the progress
made in manufacturing. 1t is impossible
to be too extravagant jim delineating the
movements of the industrial world Never
I'm the history of this any other nation
has such development occurred within the
space of a twelve months
The expansion of productive capacity was
enormous the improved methods of work
and organization were conspicuous. wise
economies were introduced. but more than
ali other factors that made for permanent
prosperity was the conservative resistance
70 price imitation.
Iron and Steel
After the reaction of 1900 the level of
prices remained depressed for some months
but gradually responded to the increasing
demand as excessive accumulations were
absorbed. From a condition Of glut there
arose almost a famine, greatly exagger-
ated by the stubborn strike. Some idea
OF the changes in size of supplies may be
found in the comparison of furnace stocks
Of pig iron. published in the Iron Age
which amounted to 54S, ,663 tons on Jan. l.
These figures steadily declined throughout
the year until only 223. 462 tons were held on
Dee l.
Aside from the slight fall during the
ptI,od affected By tie strike there appears
almost a steady gain in production. closing
with the maximum quantity on record.
. While the output on Dec l was at thesun-
parcueIed rate Of 1O.SS7,5u tons yearly. i is
obvious that the actual production for the
7 aIr crrf-
fcient TO establish a new record, and judg-
ing by the amount of business already
placed for 1902 the current years yield may
not unreasonably be expected to surpass
seventeen million tons. Output of rails was
beyond all records, yet. contracts for 1902
already show another high-water mark OF
probably three million tons
Minor Metals
Readjustment Of quotations was secured
\ during December. after a year of unrea-
d sonably Inflated prices. Copper was stub
bOrnly held at u cents most OF the time
j Dat when the reaction began there was
4 fall OF = cents within a few days. Tin
advanced 10 2S%4 cents in June, but fell to
p cents in December. Similarly with lead
81 the nominal price of 4ss cents was cut to
cents. Tin plates closed the year where
they opened, but in the interim there
an advance to s. on account of the famine
that followed the strike.
Coal and Coke
Al records of output for hard and soft
& Goa were surpassed during 1901, despite the
Il scare city of cars that retarded operations.
Il feature OF great advantage was the ex-
a panolng export movement, which reached
more encouraging proportions than in
earlier years In ten months the value of
Shipments was SlS,OSl.353, against 17,S20,S64
s the year previous. Coke ovens made phe-
n0menal record, establishing a new high
: water mark of weekly output at 244. .529 tons
8 late IN November.
leather Conditions
An entire year of activity and an era of
> high prices characJerized the leather mar
ket- but there has been no boom such
4 existed during 1873. and resulted in one of
the most disastrous slumps ever known in
leather history. The rise in values was
steady and by easy stages and entirely
s. legitimate. inasmuch as it was based on the
laws of supply and demand
Market for Wool
Further declines occurred in the price of
this staple during the opening months of
j 1901. and the bottom was not reached until
July I, when one hundred grades, according
y - Coates BrOs circular, was quoted at
100 cents. This represented a loss of 81
per cent. from the high point Of 2f.70 i'm De-
cember. 1899. With the absorption of sur
plus stocks and general revival in the in
, dustry. the turning point reached in
| September Further strength and activity
was in evidence each succeeding month
Produce Markets.
While 1900 was the best year ever expert
| enced by domestic agricultural interests, the
opening year OF the new century was in
many ways more profitable. and the two
=. together have put the farming population
IN much the most satisfactory position in
the Nations history Formerly the season
harvesting and crop moving brought
eaVy borrowing of funds at the East. but
lteriOr conditions have changed to such
extent that Western banks are tenders
New York and Chicago. and while there
still large amount of money away from
Ie East during the fall months it is of
lnds that We're held here for the account
interior correspondents. There is
-eady tendency 10 enlarge the acreage
own in the leading crops. yet supplies do
OF increase owing to the better demand
9th for home consumption and export.
teat and drOuth caused a serious cUrtail-
lent OF the corn crop. which proved the
i lost important event of the year While
Ms influence naturally induced an ad-
ance in price that practically prohibited
xpOrts and thus seriously affected foreign
ommerce, il was by no means unmiXed
vii. since the return to growers was even
1 7rger than in year of normal produc-
M while the enormous WELD of wheat
4 rs absorbed by stock feeding and for
IN consumers in place of corn. Hence,
i stead OF a low price for wheat in pro-
ined an even Iigher average quotation
an in the short crop year preceding.
eats naturally reflected the expensive
4 1sition of fodder. and 1t was gratifying
notice that exports were not materially
Guced bv the high level. Cotton passed +
season of wide variations. in the early
/ onths attaining the highest price of the
sCade but falling back sharply as the
)inninc situation rendered unfavor-
ole by exorbitant material. crop
estimates were also far apart, causing ir-
.gularity and tendency to await more
efnite information. The outlook grew
1uch more cheerful from the producers
ONT OF view when the closing month |
r0ught a higher price than eight |
,ents Equally erratic was the course |
7f coffee. account of heavy ]