Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1903-08-08
BUSINESS OUTLOOK.
Sentimental Drawbacks Are
the Only Obstacles.
Has Caused the Trouble With New
England Cotton Mills.
Cotton Crops Are Growina-RuII Clique
Still in Charge.

New York, Aug. 7.-Bradstreet's to-
morrow, will say: The future in trade
and industry, despite some mainly
sentimental drawbacks, is highly prom
Using.
Divided geographically, it has to be
noted that the East feels the effect of
speculative liquidation, and the dull
ing effects on manufacturing of high
prices of raw material, or of strikes,
while the West and South contemplate
the prospects of good yields of staple
crops and remunerative prices for the
same with confidence and even optim-
ism. The speculative liquidation has
had a sentimental effect on jobbing
business at the East, but Western ad-
vices are that only Il calamity to the
corn crop or money scare ut the East
can prevent good fall and winter
trade. Shut downs of Eastern cotton
mills due to high prices of cotton have
rendered 100000 Eastern spindles idle
and reduced the earnings of $4,000 OPP
eratives and the Philadelphia strike
delays or curtails business in WOODEN
goods. Other developments i'll actual
trade and manufacture are favorable
backward, partly because of the later
season, but largely because the farmers
are slow to accept anything below the
basis of so cents at Chicago. For the
first time in five years American sup
plies of wheat decreased in July
Seven months returns of clearings,
failures and railway earnings, are Ger
tainly encouraging, backed up as they
are by more detailed statistics of half
yearly results in manufacture and in
inland commerce.
With the exception Of rain being
needed in South Carolina, the cotton
crop reports are really very good. In
Texas the weather has been very good
and the crop is Improving daily. In
Alabama "a large yield is promised. In
Arkansas the crop is steadily advance
mig. Good rains, but some rust, are
reported in Florida. In the New Or
leans district cotton is making good
progress and the same report comes
from Memphis. where the crop is, how
ever, still backward.
The high premium on spot cotton
still holds, showing that the bull clique
is still in charge.
Wheat, including flour. exports foH
the week ending August 6, aggregate
3.O4O,629 bushels, against 3,191, 442
bushels, last week, 4,244,363 bushels,
this week last year, S,S31,199 bushels
in 1901 and 3.31S,760 bushels in 1900.
Corn exports for the week aggregate
SS4.42S bushels, against 92S,S39 bushels,
last week, and 70,611 bushels q year
ago.
BUSINESS failures for the week end
ling with August C, number 1G1 against
100 last week. 169 in the like week of
1902, 1856 in 1901, IT, in 1900, and 166
in 1899.
Canadian trade is good for this sea-
son. and fall business already booked
of satisfactory volume. East of the
Great Lakes crop prospects and results
are satisfactory, but the Manitoba
wheat crop estimate has been again
reduced. Ontario crop yields will be
very heavy. Winnipeg advices arc
that the present outlook is for a wheat
Weld of 100000 to 50000,G00 bushels.
Wheat harvesting will be Il week earl
Ter than usual
Failures in Canada for the week
number 26. as against II last week ana
IA, this week year ago