The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-10-10
CONSERVATISM IN
BUSINESS INCREASES
IradeIs FalrIyActivea and Finan.
clal Situation Causes Less
UnedSineSS.

NEW YORK. Oct 9.-R. G. Dun e.
CO.'S weekly review of trade tomorrow
VIII say: There have been no develop
mentS OF Importance in the commercial
world. AS rule there. is no more eau
ton in making contracts. especially
among manufacturers. Uneasiness re-
gardlng the financial situation recedes
as the season advances without pro-
-ouclng any monetary pressure in con-
nection with crop moving. The pro-
posed reduction in pig iron output has
peen Endorsed by all leading producers,
steadylng prices just when changes in
freight rates started another reduc-
ton. other manufacturing news is IA
vorable.
Trade locally is quiet, preparations
Tor election, with unreasonable wealth
er, having an adverse effect Whole
SAFE trade is active at Baltimore. a
Disk business has been transacted in
falI clothing, and the outlook for spring
is considered bright. Manufacturers
are busy at Philadelphia, but building
materials and chemicals are quiet. with
COLLECTIONS slow In several lines. Trade
Is brisk at Chicago, orders well dis
tributed and payments prompt.
Railways are not yet severely con-
gested by the crops, yet there is some
delay in traffic, and earnings for Sep
TENDER are 81 per cent larger than
last year. Latest returns of foreign
commerce at this port are unsatisfac-
tory, exports showing a loss of $1,188,-
646, compared with the same week last
year, and imports decreasing $2,577,124.
Bank exchanges at New York for the
week were 1856 per cent smaller than
last year, while at other leading cities
there was gain of "A per cent Re-
duced dividends and curtailed produc-
ton in the iron and steel industry show
that conservatism is increasing and
that there is no disposition to disguise
the fact that business is not progress
ing without Interruptions. Yet there is
nothing alarming in the situation, and
few years ago the contracts now in
sight would have assured full occupa-
ton for all plants.
Prices receded as it became appar-
ent that the industrial boom was inter-
rupted, and 1t is now found desirable
to shut down plants not thoroughly
equipped. Railways are seeking much
equipment and giving this branch of
steel production a better tone than
other departments, while more bridge
| contracts are being placed. Plates are
fairly steady, but in bars and sheets
there is no activity.
Another sharp fall in cotton has not
stimulated manufacturers of goods. nor
are buyers disposed to be any less con-
servative.
Another rise in farm products was
much encouraging. 1t indicated that
supplies were coming freely to market
| and testified to the general confidence
in ample crops. Speculative control
ceased with the marketing of greater
quantities than the May purchasers
| could handle, and legitimate trade al
ways fiourishes when normal inf1u-
| ences prevail. Lower receipts also at
tract purchasers abroad, and foreign
| commerce will be stimulated. A mod
crate recovery late in the week was
natural, as fluctuations became suf-
| ficiently narrow to bring out many
| buyers who feared the violent price
| changes of past months.
Failures this week number 239 in
! the United States, against 245 last
| year, and II in Canada, compared with
| II year ago.