The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-10-17
Finance and Labor Disturbing
Elements This Year.
OUTPUT IN Pig REDUCED
A General Reduction in Wages is to b. Looked
for Among Iron and Steel Workers.
Idle Cotton Mills Start
Up.
(By the Associated Press.l

(By the Associated Press)
New York, Oct 16.-R. G. Dun and
Companys weekly review of trade tomor-
row will say:
While some contraction in trade and in
dustry undoubtedly has taken place, it is
not in proportion to the reduction of 20
per cent. in pig iron output or the re-
action in prices of securities, although in
normal years these have usually proved
fairly reliable barometers. Many branches
OF manufacture, however, are working full
force, with large orders still untitled,
while the latest returns of the crops are
most encouraging. Finance and labor arc
the disturbing elements this year, neu-
traliZed very largely by favorable COM
mCrcial and agricultural conditions. The
net result is a fairly well maintained
volume of trade, offset by conservatism
in carrying out protected new undertake
ings and proposed extensions of facih-
ties. Railway earnings thus far available
for October are 62 per cent. larger than
last year and 1921 per cent. above 1901
Widely conflicting reports are received
as to the condition of the iron and steel
industry. There is evidence that the de-
cline in quotations has been checked, al
though it is occasionally stated that spe-
cial terms are made on important con-
tracts. A better inquiry is noted in the
West, pig iron being freely taken by open
hearth steel furnaces and makers of rail-
way supplies. and in some favored lines
the new orders cover deliveries through
all of next year. significant event was
the announcement that control of the
Clarion Steel Company had not passed
to the leading producer and these mills
with their modern equipment viii CON-
tinue to operate independently One re-
suit of the severe fall in prices and di-
minished activity will be a general re-
duction in wages some plants having al
ready announced their intention to make a
new scale on January /.
Foot wear factories are busy on con-
tracts that will require some time to fin
ish and wholesalers still complain that de-
liveries of heavy goods are not made
promptly, yet there are indications that
trade is quieting down at the East There
is no elimination in activity at the West
More idle machinery has resumed at
cotton mills, but the cost of raw cotton
Is still considerably above parity with
the prices that buyers are willing to give
for goods Increased inquiries are noted,
although the unsatisfactory quotations
prevent business being consummated
Woolens are dull in mems wear fabrics
and quiet in dress goods
Failures this week number 20S in the
United States against 206 last year and
IN Canada rs compared with "a year ago.
COMPARATIVE COTTON STATEMENT.
New York, Oct. 16.-For the week end
ing Friday, October 16. 1908: Net re.
ceipts at all United States ports during
week, 301 $40; net receipts at all United
States ports same week last year. 314, Isl;
total receipts since September 1st, 1885,
1888; total receipts to same date last year,
1,637,S79; exports for the week, 270,k71;
total exports since September 1st, 776,707;
total exports same date last year, 1,054,-
169; stock at all United States ports,
437 ,465; stock at all United States ports
same time last year, SAC, POL stock at all
inferior towns. 159 44S; stock at all IN
terror towns same time last year, 350,S42;
stock at Liverpool same time last year,
q, 400; stock of American afioat for Great
Britain same time last year, $4,000.
MOVEMENT OF COTTON.
New York, Oct. 16.-The following sta
tistics on the movement of cotton for
the week ending October 10th, 1903, were
compiled by the New York Cotton Ex
change:
Weekly MOyement-