The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-10
CURTAILMENT OF OUTPUT
AN UNFORTUNATE CONDITION IN
VIEW OF THE DEMAND.
Unabated Activity i'm Iron and Steel
Grains, Footwear and Textiles
Weeks Bank CIearings.

NEW YORK. May Or. C. Dun & Co.'S
weekly review tomorrow will say:
At a time when consumptive demands
surpass all previous records in the Nations
history, it is unfortunate that production
should be curtailed. Yet that is the pres
ent situation. Fires, labor controversies and
a tornado stopped work at many points,
greatly reducing the output, and many more
wage disputes must be settled before the
end of the month or furnace fires will be
banked and wheels cease to revolve. Losses
by the elements have been severe, the larg-
est tin-plate plant in the world being rem
dered idle probably for a month, while
many foundries and shops were destroyed.
Prices of commodities on May /, as shown
by Dun's index number, rose to the highest
point in recent years, gaining 60 per cent.
over the corresponding date last year, but
this week there has been a material decline
in some products, notably grain. Distribu-
ton through retail channels continues very
heavy, seasonable weather e~xerting a most
helpful influence. Railway earnings are
steadily gaining, full returns for April ex-
ceeding last years by 1916 per cent. and 1900
by % per cent.
Procrastinating consumers who predicted
a collapse in the iron and steel market sim
liar TO the break that occurred two years
ago a greatly augmented the pressure
by tardily attempting to supply their re-
quirements. 1t has been obvious for some
time that there is utterly lacking the ar
tifcial element tending TO initiate prices
that was conspicuous in the opening
months of 1860. The only limit to prices APP
nnarG RI hn the ahfIfrx- 90 pr,robaearS 70 nov
fancy figures, according to the urgency of
their needs. Meanwhile, there is no ad-
vance on long-term contracts, and these
cover the large bulk of the business. Pro-
ductive capacity is being greatly enlarged,
but there is no evidence as yet that the
Nations needs are not expanding equally
fast.
Footwear shops in New England have re-
ceived more orders, although the aggregate
OF new business is not heavy. Western job
bers have not taken all their spring shoes,
While there Is a general tendency to delay
placing contracts for fall. A few small
concessions in prices are reported. Domes-
tic hides have again advanced, especially in
packer varieties.
A disposition to await developments is
still seen in the textile markets. although
outside distributing points make more IA
vorable returns as crop prospects improve.
Recent depression in silver has seriously
afected exports TO China. Holders OF cot
ton goods are not urging sales at the ex-
pense of values. Wooden goods are scarce,
but the demand is still confined To substi-
tute orders caused by the strike. Raw ma
terials in the textile manufacture continue
to exhibit a decidedly firm undertone, al
though cotton suffered a sharp setback
early in the week. Dispatches TO this pa
per promise a large wool clip, though the
late spring has delayed shearing. There
has been less selling of wool on the Sleeps
backs, and ranchmen appear TO be in inan-
cial condition TO hold their yield until sat
isfactory prices are forthcoming
More encouraging weather reports nav
made the outlook brighter for a normal
wheat yield, while the wide discrepancies
between census figures and those Of the
Agricultural Department regarding the
crop of 1893 suggests the idea that in sue
ceeding years the production was heavier
than officially reported. These influences
were depressing. while there was little of q
sustaining nature in speculative operations
Exports from all ports In the United States
during the week amounted 10 3,41I,3E
bushels. flour included. compared with
5.519.03T in the preceding week, but Their,
appeared an increase over the 3.l5S.52
bushels shipped a year ago. Special reports
TO Dun's Review indicate that the spring
wheat outlook Is good. although some re
duction In acreage was caused by hiSf
prices for coarse grains and last year