The Barre daily times. (Barre, Vt.) 1897-1959, 1903-12-12
CONDITION
OF TRADE
Approaching Holidays Give Impetus
to Retail Business
HEAVY IMPORTS OF GOLD.
No Probability OF Financial strin-
gency During Rest of Year.
Iron and steel-Failures
In December.

New York, Dec. 12.-R. G. Dun &
Co.'S weekly review Of trade says;
Developments are not encouraging
as to cotton spinning, but there is evi-
dence of better condition in the iron
and steel industry, while retail trade
feels the usual impetus as the holidays
approach. Some large department stores
report that sales exceed last years,
which is especially favorable in view
Of the contraction that has occurred in
many branches Of business, the lower
wage scales in force and the losses that
have occurred in Wall street.
Idleness among New England lumber
mills is Offset by increased activity in
the south. Owing to pressure of grain
there is still delay In handling freight
promptly at a few western points, but
as a rule traffic facilities are adequate,
and railway earnings for November
show an average gain of 4 per cent
over last year. Both exports and i'm
ports for the last week at this city
were considerably smaller than year
ago, but preliminary figures of farm
products sent abroad during November
from all ports Of the country show a
phenomenal gain of $34,7s7, 23S over
1902, chiefly due to a new monthly rec
ord of cotton shipments
More gold has arrived from abroad,
and further engagements promise inn
munity from serious stringency in the
money market during the remainder OF
this year unless the stock market
should develop a more pronounced up
ward tendency than now seems proba-
bic. There has been sufficient in
crease in speculation, however, to raise
bank exchanges at this city 3,S per cent
above the same week last year, which
is the FIRST gain that has been recorded
since July
Contraction In steel Industry.
It Is significant evidence Of the atti-
tude of consumers that while output of
pig iron declined TO about 100000
tons in November, the lowest point in
several years, furnace stocks rose to
65S 107 tons, far exceeding all recent
records. Such a striking discrepancy
indicates clearly the extent OF con.
Traction in this leading branch of man
ufacture. According to the monthly
statistics complied by the Iron Age
furnaces were blown out or banked to
such an extent that on Dec. / the total
weekly capacity Of furnaces in blast
was only PSI, ISL tons against 343, S17 a
year ago and 39S, 139 tons at the high
est point on record, established June ].
Structural steel is sought freely, sew
eral large contracts being under con
sideration, and many smaller orders
have been actually placed Wage
scales are under adjustment, numer-
GUS meetings promising amenable set
Element before long, and coke producers
are arranging a selling agency that is
expected to put the fuel situation on
frmer basis The CHEF event among
the minor metals was a manipulation In
tin, which forced prices sharply up
ward, but demand for consumption Is
not brisk.
AT the leading staple exchanges there
is unusual activity at high level of
prices. Cotton failed to maintain the
sensational position touched last week,
but is still 1925 bale above the price
at the corresponding date last year.
which was BY no means low point.
It is not yet possible to determine what
part Of the advance must be credited TO
speculation, although the existence of
a heavy short account undoubtedly ae-
counts for much Of the sharp rise.
There Is a wide difference Of opinion as
to the accuracy Of the governments re.
port but even those who are most con
fident that the figures We're understat-
ed exhibit caution regarding the estab.
lishment Of another short interest.
Liabilities Of commercial failures
thus far reported for December amount
TO $5,342,094 Of which $2.725,O 36 were
in manufacturing, $1,970,8s3 in trading
and $646175 in other commercial lines.
Failures this week numbered 331 IN
the United States against 269 last year
and 20 in Canada compared with 80
year ago.
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