The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-14
Pessimisim, However,, Still Rules i'm
Some of the Eastern, Central and
Middle western States.
HIGH PRICES CHECKED DEMAND
AND STEEL MANUFACTURERS r.
NOV TRYING To REMEDY EVIL.
No. Great stocks Have Been Accumu-
lated by the Big Industries and
Depression May Soon Wane. :

NEW Iohh, NOV. l0.-bTduSlTCtl "
morrow will say: "Quietness and even re-
preston govern general trade and indus
try. but prevailing pessimism cannot hide
the fact that some really encouraging signs
are visible. Taken as a whole, general
business this week is rather larger, due
to the expansion in retail trade at the
Northwest, where it is favored by cooler,
settled weather. and at the South. where
an enormous quantity of cotton is being
marketed at excellent prices. Wholesale
trade is still quiet as a whole, awaiting
developments in price and demand. Export
trade seems to be at last expanding. Ex-
| ports of leading products aggregate the
second largest total ever recorded in Oc-
tober. A fact that has not been given full
weight is that there are nowhere such
great accumulation of stocks as threaten
sacrifice of values. Indeed buying has been
conservative for some time past. Hence it
is, that despite the weakness manifested
in iron and steel. stocks of pig iron in the
aggregate are little more than ten days
production. and the authorities are assert
ing that present quotations represent rock
bottom values. Another example of this is
noted in the leather trade. stocks of which
at leading centers are said to be well re-
stricted.
pig iron. though no more active, is in
better tone. A reduction of freight rates
on steel from Pittsburg for export has been
granted by the railroads. Other metals
show downward tendencies. Chief among
the depressing features brought to light
this week are the reports thai finished
steel products have been cut, that wages Of
iron and steel and cotton mill employees
must come down, and that some new
strikes. notably a general shutdown of
Colorado coal mines are menacing far
Western manufacturing and railway activ-
ity- On the other hand the fact might
just as well be faced that high prices have
checked demand. that manufacturers Of
iron and steel believe the demands can be
revived If price concessions are made and
that the wage reductions are calculated to
render this policy more effectual, not
withstanding that a decrease in earnings
and consumptive power results Temporal
rily.
1.-The lumber market is irregular. Building
activity is favored by, the late favorable
ments are still heavy. Print cloths have
been dull and unsettled, and the claim is
made that cloths and coarse cottons are
selling below cost of production.
Wheat, including flour, exports for the
week ending Nov. II aggregate 1859, S23 bu.
against 4.3i0.21 last week, 4,44o, 100 this
0Ch oot a IsycOst u III lVV1, aiu VD-+p-U
in 1900. For nineteen weeks of the cereal
year they aggregated 81 .9o1, Isl blu, against
9 |, s79,654 in 1902, 122,S77.726 in 1901. and
aggregated 1.5SS,2S2 blu, against 1,459, 1856
last week, 2S1,90 o. a year ago, 629, 924 in 1901,
and 3,976.914 in 1900. For nineteen weeks
q. $50. 959 blu. against 2.144. 799 in 1902, 1858, $50
in 1901, and 81, 031, 71 in 1900.
Business failures in the United States
for the week ending with Nov. II number go.
/ against 2l6 last week. o03 in the like week
Of 1902, 23 In 1901, 27 in 1900, and 1893 in
1885,"
tomorrow will say: "Readjustment of
wages and abnormally warm weather are
not calculated to stimulate distribution of
merchandise, especially wearing apparel
and fuel. Several other staple lines are
quiet, as Is usual at this season. yet the
splendid profits of agricultural commune
ties cannot fail to put the large sums of
money in circulation and provide a market
for commodities. Prices of all staples were
slightly higher on Nov. 1 than a month
previous, but In the past two weeks the
level has fallen somewhat. Settlements OF
labor disputes IA meat packing. Autograph
ing and several minor industries are offset
by new struggles In the building trades,
street car lines and coal mines, while the
cut in wages Of iron-workers and spinners
may result in strikes. A helpful event was
the resumption of work at Montana copper
mines, coke ovens and Western stockyards
Railway earnings for the first week of No.
vember were AS per cent. larger than last
year. Several significant events have oc.
Cured that indicate clearly the situation in
the iron and steel industry. While furnace
stocks are far in excess of all recent high
points, there is some offset in the very
small supplies elsewhere, and now tina,
quotations have fallen to a more attractive
position there is reason to look for some
recovery in demand. After the first SHOCK
of new prices was over. the markets be-
came more active. One feature is the loss
suffered by jobbers and dealers who haG
stocks on hand purchased above the new
level, but there is more satisfaction ex.
pressed than otherwise over the lower fig.
ures, since they are calculated to stimulate
activity"