The Montgomery advertiser., 1903-10-10
WEEKLY TRADE REVIEW
MORE CAUTION IN MAKING
 CONTRACTS.
Uneasiness Regarding the Financial Situation Recedes as che Season Advances-Plenty of Money
 for Moving the Crops,

New York, Oct. 9.-R. G. Dun & Co. s weekly review of trade tomorrow will say:
 There have been no developments of tm- portance in the commercial world. As rule there is more caution in making con @ tracts, especially among managers. Un- easiness regarding the financial situation recedes as the season advances, without producing any monetary pressure in con, nection with crop moving. The proposed reduction in pig iron output has been endorsed by all leading producers. steady ing prices just when changes In freight rates :, started another reduction. 0tnsr markets are unsettled and labor struggles cause trouble. Suspension of an iron plant was attributed to the latter leans also suffered because of a strike. Trade locally Is quiet: preparations for election. with unsea sonable weather hay s s active an aanerss and s ssmTs sak s ness has been transacted in fall clothing and the outlook for spring is considered bright. Manufacturers are busy at Phil. chemicals are quiet with collections slow In several lines. Trade is brisk al Chi- cago. orders well distributed and pay ments prompt. Railways are not yet se- Is some delay in traffic and earnings for September are S.1 per cent larger than last year. Latest returns of foreign com
  ports showing a loss of s1.1ss.e46 compared with the same week last year and imports decreasing $25T,1A. Bank exchanges at New York for the week were 2S6 per cent smaller than last year, while a. other leading cities there was gain or A per cent. Reduced dividends are cur. tailed. production in the iron. and steel industry show that conservatism is in- creasing and that there is no disposition to disguise the fact that business is not progressing without interruptions Yet. there is nothing alarming in the situation and q few years ago the contracts now in sight would have assured full occupa- ton for all plants.
 Prices receded as it became apparent and 1t is now found desirable to. shut down plants not thoroughly equipped Already the effect is felt in the greater urgency to place contracts by concerns that were waiting for the most favorable terms. Railways are seeking much new equipment. giving this branch of the pro ducts a better tone than other depart ments while more bridge contracts are but in bars and shots there Is no activ- ity. Progress in agricultural sections IS closely watched, as large tonnage of iron and steel is dependent on success on the farms. Lower freight rates made 1t feasible to reduce prices of pig iron. particularly at the south. but no further reduction of about 25 per cent. in output. Textile manufactu report no increase in business and jobbing trade is less act i've than in the busy weeks immediately preceding. Another sharp fall in raw cot ton has not stimulated makers of goods. nor buyers disposed to be any the less conservtive. A less generally lower level of quotations for the leading farm sta pies was most encouraging. It indicated that supplies were coming freely to mar ket and testified to the growing confl- dence in ample crops. Speculative con- trol ceased with the marketing of greater quantities than the manipulators could handle, and legitimate trade always four ishes better when normal influences pre- vail. Lower prices also attract purchns- CTS abroad and foreign commerce will be stimulated. moderate recovery late m the week was natural as fluctuations be- came sufficiently narrow to bring out many buyers who feared the violent price change of past months.
 United States against 245 last year and l. In Canada comnared with q a year ago.