The San Francisco call., 1903-09-26
TRADE VOLUME
IS STILL LARGE
Railroad Earnings Con-
tinue to Show
Gains.
Prices Indicate General Be-
lief in Improved Crop
Prospects.

NEW YORK. Sept. 25-R. G. Dun &
Co.'S weekly review Of trade to-rnorro"
will say:
N-o+vvt+bs+anding several unsatisfactory
features the volume OF trade continues
large and the distribution Of merchandise
taxes shipping facilities. Announcement
Of a concerted effort to restrict produc-
ton Of pig iron indicates that suppheS
have begun to accumulate. Railroad
earnings continue to show gains SoP
tember returns thus far exceeding ldsS
years by 81 per cent, and those OF 4'VA
by I72 per cent. Traffic blockades oc-
Cured to some extent. although the
movement of farm products IS still un-
seasonably small
New labor controversies have begun
but a number OF serious troubles have
been averted, and on the whole the num-
Der Of men idle voluntarily has dlnih-
ished. Enforced idleness in the iron and
steel industries is more than onset by the
resumption Of spindles at cotton mills and
there is great activity at footwear tac-
tories although the margin OF pront is
narrow Lower prices for the leading ag-
rtcultural staples indicate general De
lief in improved crop prospects JooOinS
trade is still making good comparisons
with previous years and. while the zenith
has been passed in fall dry goods, 1t Is
still a satisfactory season. At many I'M
portant points the weather has been more
propitious for retail trade and collections
are fairly prompt, considering the uSht-
ness Of the money market
Failures this week numbered 20 IN the
United States against 2O7 last year, and
19 in Canada, compared with 80 year
ago.
Bradstreets tomorrow will say:
Reports of conservatism and even eau
ton in fall and winter trade testify to
the Sbserce Of the spur Of insstent de-
rand which a year ago gave the selling
side such an advantage. The feWnesS or
car shortage complaints Is evidence alike
of the later movement OF crops and or
discrimination in orders by consumers
The quieting of demand has become more
manifest in iron and Steel where plans
for restriction Of furnace output are be-
ing discussed and finished products lag,
and in anthracite coal, where a number
of cOlleries have been put on shorter
time. Building activity at New York has
not been resumed in full. strikes OF YES
sci men on the lakes retard shipments,
and advanced freight rates and high
prices for cotton. with lack OF correspond
ingIy higher prices for finished products,
check full resumption Of operations.
Railway earnings returns are still
slightly favorable, those roads reporting
for the first half Of September showing
a gain Of 10 per cent over year ago.
Relatively the best reports come from
parts of the Northwest, due to better
weather and crop conditions; the South
west, which has escaped crop injury, and
the South, where. despite crop delay and
declining cotton prices, the general out
look is still good. Eastern advices are OK
fair trade, but quietness in general bust-
ness is noted in New York.
Lumber and building materials are not
so active earlier expected at the East
Lumber is also rather quieter at the
West.
Wheat Qncluding hOur) exports for the
week ending September "a aggregate
3.O55, ,4S0 bushels. against 1.909.OS3 bushels
last week, 5.O77.O70 this week last year.
4,470,352 In 1902 and 3.242S10 In 1900.
Business failures In the United States
for the week ending September 3 number
1s0 against 17O last week, 172 IN the like
week of 1902 and 10 in 1901 In Canada
failures for the week number Is, as COM
pared with 10 last week and 10 in this
week a year ago.