The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-09-27
BUSINESS men BUSY
ACTIVITY CONTINUES IN FACE
OF MANY DISCOURAGEMEN
Confidence Has Not Been Shaken, De-
spite Disarranged Money Market,
Fuel Famine and Crop Damage
Spectators the Only One to Suffer
Hardship From Scarcity of Funds.

NEW YORK, Sept. 26.-R. G. Dun
& Co.'S weekly review of trade tomor-
row will say: Notwithstanding the
disarranged money market, almost a
fuel famine and some damage to crops,
industrial and commercial activity
continues undated, and the magnl-
tude of plans for the future indicates
that confidence has not been shaken.
Scarcity of funds has thus far caused
no hardship except to spectators, and
the stringency will remedy itself by
contracting loans on stock exchange
collateral, together with such aid as
may be offered by the treasury, which
is partly responsible, through abSorp--
ton of funds.
Injury to crops by frost has no more
than offset the increased acreage,
producers. 1t is not a time for pes
simism, although securities have de-
clined sharply. Railway earnings for
September thus far exceed last years
by 6.8 per cent and those of 1900 by
1875 per cent.
In Iron and Steel.
Pressure in the iron and steel indus
try has been somewhat alleviated by
larger receipts of coke and liberal i'm
ports of pig iron, yet the outlook is by
no means devoid of unfavorable fea-
lures. No fuel famine exists, although
the furnaces are consuming receipts of
coke as they arrive, and 1T is possible
to provide for more than immediate
needs. Some idle plants have resumed,
and now operate with the constant
menace of an interrupted movement of
| fuel which would suspend operations.
At the West this factor is most seri-
Gus, coke commanding $40 ton or
more, while in exceptional cases $l3
has been paid. Owing to the numerous
influences now in evidence there is dis
position to place large contracts for
distant delivery Of pig iron, and sales
are chiefly of small lots. Foreign iron
is freely received and other conSign-
ments are under consideration. More
steel rail orders have been placed
abroad. Needs for structural shapes
are increasing, much work being held
back by slow shipments, and orders
are reported for delivery nearly two
years hence. In an effort to provide
adequate transportation facilities, the
railways are purchasing literally OF
rolling stock and other equipment, and
great improvements in terminal meth
DDS are planned.
Shoes and Hides.
A further slight advance in footwear
| quotations indicates that the healthy
demand mas maze II pOSSlple lOI IIldIIu-
facturers to secure compensation for
the recent sharp rise in materials.
Country hides show the principal de-
clines of the week, but even foreign
hides are easier. Although cotton
goods are firmly held. the market is
quiet, as buyers are content to take
only such quantities as are needed for
| immediate distribution. The situation
| is not satisfactory for producers show
ing the high price Of raw materials,
but the attitude of purchasers Of
goods indicates that they do not con-
slider the present position of raw cot
| ton one that can be sustained.
1t is too early for supplementary or
ders in mems woolens and worsteds,
yet there is some extension of orig
! inal purchases and the tone of all
staple lines is firm, while in some in
stances advances over prices are ask
ed. No concessions are possible in the
wool market, which has increased in
activity in the East The decline in
meats has received a check, and sugar
! is firmly held, with refiners behind in
| delivery.
Failures for the week numbered 207
in the United States, against 217 last
year. and % in Canada, against "a
year ago.