The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-01
JSINESS REIMBURSEMENT
eUsTRIAL AND FINANCIAL HIS
TORY OF COUNTRY FOR 1903.
heral Recovery Looked for the
Was a Good Year.

Ew YORK, Dec. 3f.-The annual review
rade OF r. G. Dun & Co. will say:
adjustment is the one word that sums
the Industrial and financial history OF
United States during the year 1903. From
lowest point OF depression in 1861 to
zeneth Of prosperity and commercial
witty In l902-0s the course of business was
defined and Uninterrupted although
nervous events occurred that were calcu-
d to check even this great momentum.
ut five years Of expansion in trade and
nufacture brought financial and indust-
excess. The result was the building of
ger barns the preparation for more
Einess than appeared and the capitaliza-
OF the hopes and expectations of the
ure.
he past year has chiefly been devoted to
renchment. Assimilation of securities
5 only accomplished by the drastic rem
of a 30 per cent. reduction in prices.
cumulation OF iron and steel found a
rket only with the aid of lower prices
Il curtaiied production.
n the process Of resdtustment there were
ny failures. the number being especially
&c in the last quarter. Some industries
re not shared in the reaction to any APP
Ecsable extent, and this provides an ele-
mt of uncertainty regarding the future
{ II many sections Of the country and on
meroas walks Of life the setback has
Echsd such proportions that there is rea-
10 look for recovery in 1904.
DEVELOPMENTS IN IRON AM STEEL.
Z iron and steel, starting with the heavi-
/ production On record. the furnace stocks
pig iron practically wiped out, the year
b brought some startling developments.
bees declined and production was cur
lied. Labor troubles, especially in the
Hiding trades, tied up work on buildings
sting many millions of dollars, and eau
bus investors Cancelled many plans for
ork. The decline in quotations continued
rough the faI. but at the recent meetings
manufacturer former price lists were
affirmed, and even Southern foundries de-
med to accept future contracts at the
west figure for pig iron.
Agriculturally the year has not fallen
bort of expectations. A smaller yield of
btton was accompanied by more than an
Euivalent rise in prices, while the yield
cereals was abundant. and the livestock
portage OF recent poor corn years was full
made UP.
Neither corn nor oats equaled the record
feaking crops of 1902, but there was an
hormous wheat crop, part of which was
Pst because Of inadequate facilities for
bndling IL.
Artificial quotations for meats were dis
pated during the past year, many of the
eclines reaching striking amounts and re-
toring the situation TO a much more
Iealthy position, although less profit came
the grower. AbnOrmally higher prices,
owever. curtailed demand. especially for
Export. and there was much forced selling
Trough the maturity of loans.
HIGH PRICE FOR COTTON.
The last two years saw cotton in a strong
o%sition. averaging s TO cents a pound for
bidding uplands in the New York market.
Hoods and other climatic conditions proved
diverse. and injury by insects was very
evere. SO that as the season advanced
stimates of the crop were gradually re-
|uced until about 10. 800. 900 bales were gen
rally anticipated. spectators
became active and prices moved steadily
Upward until the highest figures since 1875
Fere attained.
Hides and leather during the year of 1906
we're characterized by a severe decline In
kaiue. which. continuing into the late fall
farTfed prices down TO a lower point in
|ne Chicago packer market han had beer
feached at any time in several years
Prices or hides touched the bottom during
he early part of November. Since ther
fateS have been advancing and the mar
ket at the close of the year was y TO Il
higher than two months previous.
The shoe business of 1903 exceeded In
Eoiume that of any year in the history OF
The Industry. More shoes were made and
bold than ever before. and this was rather
unexpected owing TO the decreased activity
n most OF the other large trades.
1t is estimated that the shipments o
Fhoes from Boston for 1903 will exceed thos,
1902 by 60.e0 or 10000 cases. and up Il
the last week of 1903 these shipment:
Slightly exceeded 100000 cases for tn,
year. which makes the first time thai tn,
100000 mark has been passed.
In cotton goods the year opened with
fair degree of promise. There was an av
bragg demand from the home trade and
considerable amount OF business for ex
port in January. Stocks i'm most lines wer,
moderate and in some departments, sucl
hS print cloths and heavy brown cottons
mills were sold ahead. Prices were Low
compared with cotton, but were advancing
I'm a way 10 encourage manufacturers ii
hopes OF reaching a normal parity late
In January spectators took a stronl
hold of the cotton market and from thel
until now they have practically dominate,
the situation at all times.
THE YEAR IN STOCKS AND MONEY
Ffnancia conditions were precarious 70
time during 1903. but the season of pres
sure was passed with light mortality. an,
TIC 1N1A NiCSt0 WIN NHdn tie CUSTOM
AIRY stringency In preparation for Januar,
disbursement.
Unusually heavy exports of gold mad
early in the year were Offset by very larg
imports during the autumn. Withdrawal
OF funds for moving the crops began earle
than usual and reached very large figures
chiefly because of the abnormal cotton mar
ket.
The readjustment of stock prices that oc
CURED during the year 1903 caused no sen
sational bankruptcies in the stock market
Prices had risen far above all previous rec
ords during 1902. the sixty most active rail
road stocks averaging 1852 at the top point
The decline vas well under way when IN
year opened, and il continued until tn
same securities averaged S262. There wer
10 sharp breaks such as occurred during IN
Northern Pacific in 1861 nor was there any
thing OF a spasmodic nature about the reaC
tion.
Incomplete returns of commercial In
solvencies during the year 1908. reporte
by II. G. Dun * Co. show that 12,c0l cor
Germs suspended. having liabilities OF $l56
g.. $50. These figures compare with fns
returns of 11.6l5 failures for Sill, 476. 769
1909. ThrOughout the early months of IN
year there were fewer failures. but aIway
larger defaulted Indebtedness than in 800
In addition To these figures there was IN
collapse Of a few stock companies not pror
er1y Included under the classification int
which these failures are Divided potobr