Daily Kennebec journal., 1903-08-01
ON SOLID BASIS.
/ legitimate Business Not Affect
ed by Speculative Slump.
More Harmffom Cotton Imitation Than
Depression in Stocks.
Foreian Trade Maintained-Most een'
eraI Lines Are Firm.

New York. July 31.-R. c.. Dun &
90 g Weekly Review of Trade, tomor-
row will say: Further evidence OF the
solid basis upon which legitimate trade
is established has been furnished by the
aonanin,ity with which the commercial
and financial institutions regard the
recent speculative collapse. There is
no indication that the brokerage fail
ures or the severe decline Of prices of
securities was extensively felt outside
of Wall street. Much more harm mas
heen done to the country's manufactur-
ers and trade by the inflated prices OF
cotton than by the depression in stocks.
Foreign trade is maintained, both eX-
ports and imports from this city show
ing gains ever the corresponding week
of last year.
Moderate Improvements is noted IN
the tone of iron and steel industry.
Textile industries are still waiting Tor
re-adiustment or evidence of perma-
nence in the present position of prices
for raw material That there is no con-
tidence in the maintenance of current
quotations for cotton is clearly demon
strated by the attitude of cotton goods
buyers. Orders are placed only on con-
dition of prompt delivery.
Aside from a few of the highest grad
es, new lines of lightweight woolens
for next spring are fully opened. Prices
are about the same as aayear ago.
Footwear factories are crowded with
work, orders coming in briskly for fall
goods, and Western jobbers have placed
additional contracts for next spring.
Hides again average much lower and
this continued weakness encourages
shoe manufacturers to postpone pur-
chases of leather in expectation of bet
ter terms. ssA
The number of comnlerciai failures.
this week, in the United Sta tssc is 100
as against 191, last week; 21S, the pre-
ceding week, and 1913, thsScorresponding
week, last year: and in Canada 10
against 10 last week, 16 the preceding
week, and IS last year. OF failures, this
week, in the United States So were in
the East: 81, South; 10, West; affd15 in
the Pacific States; and 54 reported SIia-
bilities of $4,000 or more.
Conditions in the Dominion are afe-
ported as follows: Midsummer QUIET
prevails at Halifax. and unseasonab1e
rainy weather also retards trade. Min
ing operations are pushed. and lumber
commands good prices in foreign mar
kets. Groceries and provisions are in
better demand at st. John and crop
prospects improve. Haying has COM
menced, an average yield being expect
ed despite the unfavorable spring
weather.
Haying is delayed at Montreal by
damp weather, but no material damage
has occurred and general crop reports
are favorable. Trade is good for the
season and failures few. Business is
quiet at Quebec. although fair orders
come in from men on the road and COL
lections are fairly prompt. Wholesale
trade at Toronto is fair for the season
and conditions are favorable.
Trade conditions are without change
at Winnipeg, and crops make rapid
progress. Trade improves at Vancou-
yer, reports from the interior are en-
couraging and mining operations are
more active. Labor troubles are near
ing settlement, but retail trade shows
the customary midsummer quiet.