The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-31
REVIEW OF TRADE IN 1903
YEAR OF IRREGULARITY IL sPECU-
LATION AND INDUSTRIES.
Five Years Mistakes eliminated This
Xear-Largest Volume of Foreign
Trade on Record

NEW YORK. Dec. 3O.-Iu rs annual review OF
the business year OF 1893 Bradstreet's viii say:
Nineteen hundred and three year Of ir-
regularity in speculation. dstrIbutive trade and
Industry. in some cases Of severe strains vari-
ously applied and as differently withstood. AS
the residuary Iegatee OF at least five years OF
great prosperity 1t had to bear cumulative ef-
fects OF previous years mistakes and at the
same time carry burdens having their incep-
Zion in the year itself. Yet the tests were well
withstOod. and. while excuses occurred, the
course Of events 50 far has proved that the gen
sral trade foundation was essentially sound and
hat the structure reared upon it in the
main well built.
Stock market liquidation, though slow, has
been apparently thorough. and. while many
weak spots have been found. ordinary trade had
Eome opportunity gradually readjust itself to
changed conditions Of supply and demand. with
4he impairment which would have followed a
peculative crash such as has been freely pre-
icted would close the present period Of pros
Gritty"
Among the causes leading to unsettlement in
iock speculation and later in important indus
lies the report gives 1.-The injury TO sentiment
rowing out of disclosures Of overriding. to put 1t
Idly. in Industrial stock fluctuations" Scar
" In money supplies. due TO absorption by
ese fluctuations and TO heavy borrowings by
iroads: the feeling that a subsistence Of the
mpant activity OF preceding years was inevita-
e. but chiefly the effects Of enhanced cost at
nich business was done; high-priced raw ma
rails. increased transportation rates enlarged
manifest determination labor get all
Hat the traffic would bear the review states,
were all elements tending 20 check consumption.
MANY LABOR TROUBLES.
Summarizing the years development, the re-
view calls attention 10 the excellent condition
OF trade and industry during the first quarter
and the multiplication OF labor troubles during
the second quarter. June / seeing the largest
number OF men out OF employment in many
years Building construction at many large
cities checked. and it practically at
standstil at New York throughout the summer
The high price Of cotton caused the more or less
constant idleness OF 100000 spindles and 100000
operatives in the middle OF the year. while re-
dnetions In wages OF many thousands OF workers
In the last months impaired the purchasing abil-
fty OF the Industrial element. The crop situation
was less favorable than earlier anticipated, but
better prospects later helped out fall trade.
Stock-market liquidation and numerous sus-
pensions caused some tension in October and
November, but ordinary failures continued
smaller In number, though liabilities were larger
than year ago. Clearings reflected dullness in
1902 and 1901 November and December showed
more optimistic tone in general business.
though trade in dry goods was unsettled by the
enormous advance in cotton, Trade. as a whole,
was probably in excess Of 1892 The wheat crop
was slightly less than that OF 1902, and corn and
cotton were affected by the late spring floods and
as whole. falling behind 1902.
The price Of corn has been below that Of 1902.
proved quality OF most crops insure financial
return 10 the farmers above that of 1902
EARLY ACTIVITY IN MANUFACTURING
The manufacturing industry was feverishly
active early in the year. iron and steel leading.
Curtailment. following 40 per cent. reduction
In prices, cut down the output and liberal ex-
port movement started Lumber and building
material felt the decline in activity. The cut
viii probably 10 per cent. below 1902. Shoe
manufacturing active. and shipments from
Eastern centers exceeded 1902 but sold at
advance over 1902.
Cotton manufacturing struggled against ad-
vsnces OF 40 TO so per cent. in raw material.
compared with increases OF only 10 to % per
cent In goods. and the silk industry was also
nuected oy nigh raw material Anthracite coal
was active. Soft coal was strong and brisk
early, weakening later, and coke showed great
m oS sfdy E4p3r[ trade ~ a
gate of foreign trade the best on record.
Reduced stock speculation at the metropolis
cut down the bank clearngs IL New York Is
per cent. from 1902, but the country, as whole.
IN NE per Se. gam over g PFiees early
reaching. on March 1, the highest level for three
Metals. live stock. meats, hides and leather.
coal and coke reacted. but breadstuffs, textiles,
celIaneous products finished higher.
BUSINESS ECONOMICALLY HANDLED.
Car congestion complained of early but
facilities greatly expanded later and con-
tinuing heavy business was economically
handled. Gross railroad earnings and net re-
ceipts gained 10 per cent 1892 A disquiet-
Ing feature In the business mortality was the
larger number Of heavy manufacturing suspen-
sions. Immigration the largest ever known.
1t Is with a chastened spirit, coupled with
some doubt the review concludes. that
business community awaits the developments OF
1904 Unsatisfactory conditions sufficiently
with which the advent OF recently preceding
years has been contemplated Efforts revise
costs OF production and readjustments TO meet
changed demand and supply conditions have
made good progress. notably in iron and steel.
Some important lines. particularly cotton goods,
unsettled. Producers ability TO take lower
prices Is. Of course. predicted upon the accept
ance or decreased wages by employees.
Expenditures for engineering enterprises. while
nelprul TO demand. may restrict supplies OF
money for ordinary business. The presidential
campaign may also be unSettling. though not
as in previous years. a Of financial dis
quiet The strength or the agricultural interest
makes Tor confidence in good trade in the coun-
trys basic industry. Building operations bear a
better appearance.
erals are TO be expected, but yet no evidences
exist OF overproductiOn. Up to the middle of
1898 the country had been travelling at q swift
pace. but no marked signs Of OverextensiOn are
visible Moreover. the United States Of to-day
Is IN a Tar stronger position than il was ten or
even hVe years ago, and we owe less abroad
There still some cloud shadows but the
barometer has begun 20 rise and the commercial
world may expect a fairly satisfactory business
along lines OF confident conservatism governed,
as the year advances. by crop and Industrial de-