Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1903-10-24
TRADE REVIEW.
The Financial Failures Not So
Very Embarrassing
Al Immense Volume Of Business Said
to Be Transacted.
Traffic Facilities in West Unable to
Answer the Demands.

New York, oct. 23-Dun's Weekly
Review of Trade will say. tomorrow:
Failure or several banking institutions
reflects the fall of prices in securleties,
and should be considered the logical at
termath of the protracted depression
in the speculative channels rather than
ANY evidence of current weakness III the
industrial or trade situation. Funds
were quickly forwarded to the disturbed
centers and confidence promptly re-
stored although it was impossible to
prevent some contraction of business.
Numerous labor controversies have APP
peared and more furnaces and mills
have closed, the tendency being to OPP
crate only the plants provided with the
most modern equipment. There is no
anxiety regarding legislation at the
special session of Congress and despite
the curtailment of activity in many
manufacturing lines Il heavy volume
of business is being transacted.
Flour mills at Minneapolis have fully
resumed and Il big seasons cut is con-
tcmplated at Minnesota lumber mills.
Western traffic facilities are proving
chandise being enormous at the inte-
rior. and, taking the country as Il
whole, conditions may be considered
fairly satisfactory, although there are
indisputable evidences that abnormal
activity has received a check.
Another general reduction in quota
tons of pig iron occurred, notwith-
standing the restriction of output, and
d movement is on foot to further re-
Inrn ,,nIlst Inn
proves. New orders are few and limited
20 immediate requirements, which is
also true of finished steel Not only
have additional contracts failed to be
offered, but cancellation of old or
ders are reported. Thus far there is
little accumulation of stocks.
Pank failures in the Pittsburg region
have added to the unsettled condition
of the iron and steel industry and the
financial situation is largely RESPONSE
BILE for the postponement of contemp-
lated structural work. A further re-
duction in output of coke and coal is
reported.
A little encouragement WAS given to
the textile industry by placing of mod
crate orders for brown shectinss to be
exported but this Chinese business is OF
4 special nature and not Il revival OF
regular trade for the East. AS to WOOL
ems ana Worstcd:s a Slight increase in
orders is noted. although there is no
idle machinery and supplementary buy
ing fails 10 reach normal proportions.
Clothing manufacturers are not seeking
Woolcn goods ana there is still d pres
sure to sell wOrstcdS that make prices
irregular. Silks are weak and inactive.
arSe contracts have been placed for
sprin" shipment of shoes and prices are
somewhat tirmcr on Il few lines, While
others are steady and firm in tone.
Heavy hcmiock sole leather is strong,
but other grades decline in response tn
the general weakness OF domestic hides.
Exceptionally Favorable weather has
made il possible to secure much more
grain that was in danger of injury and
the latcness of the crops is being offset
by most encouraging conditions at the
close of the season.
as to cotton there appeared 4 sudden
increase of speculative interest at tho
South option prices rising sharply.
Coffee also developed strength and act
ivIty in speculation.
Liabilities of commercial failures thus
far reported for October amounted to
sic 5S6. 963 of which sG.12G, sos were in
manufacturing, So 2G0, 4SS in trading,
and $59S,670 in other commercial lines.
Failures, this week, numbered go in the
United States, compared with 239, last
year: and in Canada g. against %, I,
year ago.