The San Francisco call., 1903-09-05
BUSINESS TONE
IS CONSERVATIVE
Tendency to Eliminate
Anything in Way Of
Speculation.
Manufacturing Industry Is
Showing Continued
Activity.

NEW YORK, Sept. 4.-Bradstreets to-
morrow will say Crop developments
have been mostly favorable, fall jobbing
trade reports indicate further improve
ment and monetary conditions show less
tension. The tone of general business is
conservative and the tendency is to elimi-
nate anything in the nature of specula-
| tion or overextension from business. The
manufacturing industry shows continued
activity, except in such lines as cotton
and silk production, which note the in
f1uence of special conditions, and some
lines of iron and steel. Evidence of an
approaching slackening in the output of
anthracite coal is to be seen. Some inn
provement is noted in the car scarcity
trouble and gross earnings of railways
continue large, but increased cost of ope-
rations and heavy improvements limit net
receipts. Failures show only the usual
midsummer volume so far as number is
concerned. but average suspensions foot
up larger total of liabilities particu-
larly of small financial institutions and
manufacturers.
Wool is firm on demand sufficient to
and firm at the West but leather is slow
and draggy at the East, where labor con-
ditions are not altogether settled.
Wheat, including flour, exports for the
week ending September 8 aggregate 3,131,-
2S4 bushels, against 3,245,0 ,056 bushels last
week.
Business failures in the United States
for the week ending September 3 were
16S against 142 last week, 1873 in the like
week of 1902 and 129 in 1901.
In Canada failures for the week number
eighteen against twenty last week and
fourteen in the same week year ago.
r. G.. Dun & Co.'S weekly review of
trade tomorrow will say:
A startling contrast is shown when COM
parison is made with the corresponding
week of last year in trade. Prices were
then tending upward in many branches
of industry, rev business was coming
forward more rapidly than it had been
and in the security market all records
for activity and high prices were being
surpassed
Later events have demonstrated that
the situation was unhealthy and specu-
lative excesses have been followed by re-
action and readjustment. Conservatism
was then the exception; 1t is now the
rule. Prospects for steady gains and
their maintenance are brighter under the
present system. Legitimate business will
continue. to suffer from speculation and
the high rate for exchange will initiate
against industrial expansion, but in the
long run a larger degree of caution should
prove beneficial. Buyers are still COM
ing to the leading markets in great num-
bers and testify to the sound condition of
business at the interior. Manufacturing
plants are busy throughout New Eng
land aside from cotton mills and there
is notable activity in wearing apparel at
the South, while prospects for large fall
retail trade are bright everywhere. Al
ready there is traffic congestion at sew
eral points. despite the fact that crops
have only just begun TO move, and rail-
way earnings in August show gains of
9.3 per cent over last year and ia per
cent over 1901. Undoubtedly low prices
have had the effect of curtailing produc-
ton in the iron and steel industry.
Wool is firm at Eastern markets.
Failures this week in the United States
are 191, against 176 last week, 23S the pre-
ceding week and 200 the corresponding
week last year. and in Canada T. against
Ii last week, the preceding week and
IS last year.