The Montgomery advertiser., 1903-12-31
TIE NATIONS TRADE
 FOR THE COMING YEAR

November. but ordinary failures contin- ued smaller in number, though iiabili- ties were larger than a year ago. Clearings reflected dullness in stock speculation and showed decreases from 1 1902 and 1901.
 |, November and December showed more optimistic tone in general business though trade in dry goods was unset tied by the enormous advance in cotton Trade as whole was probably in excess of 1902. The market crop was slightly less than that of 1902 and corn and cot ton were affected by the late spring floods and early frosts. The price of corn has been below that of 1902, but the high prices of cotton, coupled with the . improved quality of most crops. insure financial return to the farmers above that of 1902.
 Manufacturing industry was feverishly active early in the year, iron and steel leading. Curtailment, following a forty percent reduction in prices. cut down the output. Lumber and building material welt the decline in activity. Shoe manu- featuring was active. Cotton manufac- turing struggled against advances of i5 to 50 per cent in raw material, compared with increases of only ten to 25 per cent in goods, and the silk industry was also affected by high raw material. Anthracite coal was active, soft coal was strong and brisk early weakening later, and coke showed great extremes in prices.
 Export trade amounting to q. .4sO. .oOo. 900 showed [ per cent increase over 1902 and imports of $1.000. .Oo0.0oo make the ag- gregate of foreign trade the best on record.
 Reduced stock speculation at the Metro polls cut down the bank clearings at New York 13 per cent from 1902, but the coun- try as a whole showed a 4 per cent gain Prices early in the year evidenced the strength of demand. reaching March the highest level for three years.
 Metals, live stock. meats. hides and leather. coal and coke reacted, but bread stuffs, textiles, mineral oils, building ma. terials, coffee and miscellaneous products finished higher.
 Car congestion was complained of early. but facilities were greatly expanded later, and continuing heavy business was econo- mically handled.
 A disquieting feature in the business mortality was the large number of heavy manufacturing suspensions.
 It is with a chastened spirit, coupled with some doubt, the review concludes, that the business community awaits the developments of 1904. Unsatisfactory COuNAklOhS sdlhCiChtAy WlOCcpACdu tO take away some of the buoyant feeling with which the advent of recent preced- ing years has been contemplated. Efforts to revise costs of production and read justments to meet changed demand and supply conditions have made good pro- gress, notably in iron and steel. Some important lines. particularly cotton goods. are unsettled The Presidential campaign may also be unsettled.
 The strength of the agricultural in- terest makes for confidence for good trade in the country's basic industry. Building operations bear better appearance. Free exports of excess manufactures and minerals are to be expected. but as yet no evidences exist of over production.
 Up to the middle of 1903 the country had been travelling at a swift pace, but no marked signs of over extension are visible. Moreover. the United States of today Is in a far stronger position than it was ten or even five years ago. and we owe less abroad than ever before
 There are still some cloud shadows, but the barometer has begun to rise, and the commercial world may expect a fairly satisfactory business along lines of con fident conservatism.