The Birmingham age-herald., 1903-12-31
PAST YEAR WAS ONE
 OF |RREGULARITY Business Withstood Severa
 Very Severe Strains
 MONEY WAS VERY SCARCE Building Construction at Many Larue
MONEY WAS VERY SCARCE
Building Construction at Many Large Cities Was Checked And it Was Practically at StandstiII at
 New York During Summer.

New York, December 30.-In it's annual review of the business of the year 1903, Bradstreets will say:
 Nineteen hundred and three was A year of irregularity in speculation, distrbutive trade and industry, and in some cases of severe strains, variously applied, and as inherently withstood. As the residuary legatee of at least five years of great prosperity it had to bear cumulative ef- fects of previous years mistakes, and at the same time to carry burdens having their inception in the year itself. Yet, the tests were all withstood and while ex- cesses occurred, the course of events so far has proved that the general trade foundation was essentially sound Stock market liquidation, though slow, has been apparently thorough, and while many weak spots have been found, ordinary trade has had some opportunity to grad ually adjust itself to changed conditions of supply and demand, without the i'm pertinent which would have followed d speculative crash, such as has been freely predicted. Among the causes lead ing to unsettement in stock speculation, and later in important industries, the re- port gives "the injury to sentiment grow ing out of disclosures of overdoing to put it mildly, in industrial stock fluctua- tions." Scarcity in money supplies, due to absorption by these fotations and to heavy borrowings by railroads; the feel ing that a subsistence of the rampant &C., tivity of preceding years was inevitable; but chiefly the effects of enhanced cost at which business was done, has been felt. High-priced raw materials. increased transportation rates, enlarged cost of manufacture, and last but not least, the | manifest determination of labor to get all that the traffic would bear, has also been dominant factor, the review states, and elements tending to check consumption Building construction at many large cities was checked, and it was practically at a standstill at New York throughout the summer. The high price of cotton caused the more or less constant idleness of g. 100000 spindles and 100000 operatives in the middle of the year, while reductions in wages of many thousands of workers in the last months impaired the purchasing ability of the industrial element.
 The crop situation was less favorablN N than earlier, but later prospects helped out fall trade. Stock market liquidation and numerous suspensions caused some | tension in October and November. but ordinary failures continued smaller in number, though liabilities were larger than year ago. Clearings reflected dullness in stock speculation, and showed | decreases from 1902 and 1901. November and December showed more optimistic | tone In general business, though trade | in dry goods was unsettled by the enor- nous advance in cotton. Trade as a | rl,e.I. .f... I.
 wheat crop was slightly less than that of 1902, and corn and cotton were effected by the late spring floods and early frosts ! The price of corn has been below that of 1902 by the high prices of cotton coupled with the improved quality of most crops insure a financial return 10 the farmers above that of 1902
 Manufacturing industry was feverishly active early in the year, iron and steel | leading. Curtailment. following a 40 per | cent reduction in prices, cut down the output Lumber and building material felt the decline in activity Shoe manu- featuring was active. Cotton manufac- turing struggled against advances of 45 to 90 per cent in raw material compared with increases of only 10 to 25 per cent in goods, and the silk industry was also | affected by high raw material. Anthra- cite coal was active, soft coal was strong
 
 | showed great extremes in prices Export | trade amounting to $1 4S0, 800. GOO. showed per cent increase oyer 1902 and i'm i ports of $1 GOO, 0O0 GOO may make the aggre- gate of foreign trade the best on record 1 Reduced stock speculation at the me- tropolis cut down the bank cearings at New York 13 per cent from 1902. but the country, as a whole, showed per cent gain. Prices early in the year evil 1nnnad hp cf pf and T, ing, on March 1, the highest level for l three years. Metals. live stock. meats hides and leather, coal and coke are | strong. but breadstuns textile. mineral oils. building materials. coffee and mis- cellaneous products finished higher Car congestion was complained of early. but facilities were greatly expanded later. and, continuing heavy, business was economically handled.
 Gross railroad earnings gained 10 per cent over 1902. A disquieting feature in business was the large number of heavy manufacturing suspensions. It is with chastened spirit coupled with some doubt. the review concludes, that the business community awaits the develop ments of 1904 Unsatisfactory conditions are sufficiently widespread to take away some of the buoyant feeling with which the advent of recently preceding years idS Dtcn CpHleiupldleu. InOftS 10 re- | wise cost of production and readiust- ments to meet changed demands and supply conditions have made good pro- gross, notably in iron and steel Some | important lines. particularly cotton goods, are unsettled. The strength of | the agricultural interest makes for confi- | dence for good trade in the country's | basic industry. Building operations beav better appearance Free exports for | excess manufactures and minerals are l to be expected, but yet no evidence exists of over-producton. Up to the middle of 1903, the country has been travelling at swift pace, but no market signs of over-extensions are visible. Moreover. the United States of today is in far stronger position than ever be- fore. There are still some cloud shad- | ows, but the barometer has begun to rise. and the commercial world may ex- pect fairly satisfactory business along lines of confident conservatism.
 Mrs. WinsIow's Soothing Syrup.