The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1903-12-25
FRIDAY. DECEMBER rs, 1903.
BUSNHSS CONDITIONS AND OUT
LOOK.

Henry Clews & Co.'S. letter for last
week is a most Encouraging one Inc
facts given and conclusions drawn
from them as 10 the condition of
the business OF the country show
that. While there IS not the boom ana
rush there was a while back. there IS
steady progress and growing demand
at good prices for the countrys chler
products. The iron and steel trade.
generally considered the barometer or
the condition of business. shows con-
finued growth OF development and in
crease of demand for the products
of the mills. and indicates healthy
conditions i'll other ines of business.
The attitude of labor in the mig IN
dustrisl concerns is declared 10 be a
rcassurIng feature of the conditions
Labor has accepted the situation
brought about by the reaction from
the unusually high prCes of he pro-
ducts in the recent past. This IS one
of the best signs of continued pro-
gress and prosperity in this leading
branch of the cOuntry's industries.
The south is reapins the fruits of
the Increased activity. And while. as
CIevs & Co. say some of he mills
may suGer from the high prices of
cotton the south as d whole is likely
TO have more money to spend in 1904
than ever before" Cotton is just now
an important factor III the country's
foreign trade. OF the t~hirty-fve mil
Ia, lalI,r- ir1ra4S .. in 9xnnrrS for
November last, over those OF the same
month in the preceding year thirty
two million came from cotton.
We give some extracts here from
CIews x Co's. letter in which they
say:
Iron and steel are still the best
business barometer. this industry
more than any other being influenced
by new enterprise and growth. AS
the country develops the demand for
iron and steel expands also; and for
tunateiy there are no indications of
this growth being arrested: on the
contrary. there is every Indication
that that growth is to continue for
some time to come. The chief OBJ
StaCle has been that in 1902 and 1908
We were going ahead too fast. Moth
ing could check that notwithstanding
pace except prohibitive prices; hence
the extraordinary high levels of
prices. profits and wages. There is
still a large demand for iron and steel
products at a price. but not at recent
figures. There are still many impOr-
tant enterprises projected that will
be deferred until the steel market
settles down to 4 more normal basis
In New York city, for instance. n1Ly
millions of iron and steel will DE used
,-,, tn ,~1~f Fn,,- ~ TI-A v-an 80 for
improved transportation facilities. The
same is true also in other large cities
American railroads must, too, con-
tinue heavy purchasers of steel for
their mOderniZatiOn, which is still in
completed. \ new railroad across the
continent Is projected in Canada, and
other great works such as the Panama
and Erie canals must be completed.
which will impose n continued de-
mand upon our constructive energies
There is plenty of business in sight for
the steel trade provided prices are
not too high; and as soon as values
become settled and nearer normal we
are likely to witness a revival of ac-
1jVity in the steel trade withOut. how
ever. the abnormal and unwholesOme
prOfits that fOStered the boom Cul-
minatinS a year ago.
One reaSSurinG feature is the evil
dent willingness of labor to accept its
share of reaction in this important in
duStry. Wages lac been unusually
high. and it was impossible to reduce
costs without imposing n share upon
labor. which had enjoyed exceptional
advantages. y moderate decline in
wages seems likely to be accepted
without the friction and h~indranCe
hat were feared, which promises we'll
for the future AS soon as materials
and wage i'll the iron trade get upos
----N~.II1 laval +b0 ,N~ ct.h1a
will business conditions be.
General business is fairly aCtive
for the season. Clearing house re-
turns and railroad earnings show only
slight reactionary tendencies. general
ly explained i'll the first case by less
ened speculation and in the latter by
smaller iron shipments. The west
seems to be enjoying uninterrupted
prosperity. and the south is partiCu-
larry eKuherant over the high price Of
cotton and the consequent prosperity
of planters. The burden Of dear cot
ton f'"S with special severity upon
the mills. some of which may be
forced into temporary curtallment
but the south as a whole Is likely to
have more money to spend in 1904
than ever before.
Cotton also proved to he an i'm
pOrtant factor in our exports. Last
month. November. our merchandise
exports aggregated $16O.0OO.O0O or
$500 g 600 more than IN the same
month last year. Nearly the Who'll"
OF this increase. $50. 900. 00G. wa i'm
cotton. and was due to high rriCeS
and backwardness of the crop. While
our November exports were only
twice exceeded. our imports amount
ed to only SIT. 900. 600. compared Will
s85,006.e zoe last year. This left an
excess of exports this year of $50
000.0Os against less than $40, 900. 900
a year ago.. So favorable a trade
balance easily explains the recent in