The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-10-10
MORE CAUTION.
Il. q. Dun & Co. Notes a Wari-
ness in Making Contracts.
Cneasiness Regarding Financial
Affairs Is Disappearing.
is NOTHING ALARMING.
But General Tendency Toward
Conservatism.
Business of Fair Volume But
Less Active.
IS NOTHING ALARMING.

. NcW 1ork, Oct, 10.-The reduction IN
sne steel corporations dividend on the
common stock and the showing that the
company has orders for over a million
less tons than year ago on it's books.
nave served to call attention to the fact
that demand has. ceased TO keep up with
increased production in this line, and
possibly in many other lines of indus
try. This is the important development
IN the world of trade this week. 1t is
important to remember. however, that
the iron production has been pushed
under the impulse of high prices, until
the output is at the enormous rate of
20 million tons a year. and the failure
of the demand to keep uD with the ire
mendous pace does not necessarily mean
an important falling off in business.
The trade reviews this week are rath-
er conservative in tone. r. G. Dun &
Co. says:
As rule. there is more caution in
making contracts, especially among
manufacturers. Uneasiness regarding
the financial situation recedes as the
season advances without producing any
monetary pressure in connection with
crop moving. The proposed reduction IN
pigiron output has been Endorsed by all
leading producers, steadying prices just
when changes in freight rates started
another reduction. Other manufactur-
ing news IS favorable, except where the
raw material markets are unsettled or
labor struggles cause trouble Suspen-
sion of an iron plant was attributed to
the latter cause and the movement of
cotton at New Orleans suffered also be-
cause of a strike.
Trade locally, in New York is quiet
preparations for election, with unsea-
sonable weather, having an adverse eff
feet. Wholesale trade is active d Bal
timOre. d brisk business has been trans
acted in fall clothing and the outlook
for spring is considered bright. Man
ufacturers are busy at Philadelphia,
but building materials and chemicals
are quiet, with collections slow in sew
eial lines. Trade is brisk at Chicago,
orders well distributed and payments
prompt. Railways are not yet severely
congested by the crops. yet there is
some delay in traffic and earnings for
September are 81 per cent larger than
last years.
--latest returns of foreign commerce
1t this port are unsatisfactory, exports
showing a loss of 81. ,646. compared
with the same week last year, and i'm
ports decreasing $2577.124. Bank ex-
changes at New York for the week
were 23.6 per cent smaller than last
year while at other leading cities there
was a gain of IA per cent.
Reduced dividends and curtailed
production in the iron and steel indus
try sbow thar conservatism is inereas-
ing and that there is no disposition to
disguise the fact that business is cot
progressing without Interruptions Yet
there is nothing alarming in the sit
tracts now in sight would have assured
full occupation for all plants. Prices
receded as it became apparent that the
industrial boom was Interrupted, and
it is now found desirable to shut down
plants not thoroughly equipped. AL
ready the effect is felt in the greater
urgency to place contracts by concerns
that were waiting fer the most favora
BILE terms. Railways are seeking much
new equipment, giving this branch of
steel production a better tone than
other departments. while more bridge
contracts are being placed Plates are
fairly steady, but in bars and sheets
there is no activity.
Textile manufacturers report no in
crease in business and jobbing trade is
less active than in the busy weeks inn
mediately preceding. Another sharp
fall IN raw cotton has not stimulated
makers of goods. nor are buyers dis
posed to be any less conservative.
"A generally lower level of quotations
for the leading farm staples was encour-
aging for larger exports 1t indicated
that supplies were coming freely to
market and testified to the growing
confidence in ample crops. Speculative
control in cotton ceased with the mar
keting of greater quantities than the
maniDulators could handle and the
trade always flourishes better when nor
NAL influences prevail. Lower prices
also attract purchasers abroad and for
eign commerce will be stimulated A
moderate recovery late in the week was
natural as fluctuations became suf-
ficiently narrow to bring out many
buyers who feared the violent price
changes of the past month"
Bradstreet's says: TRADE conditions
are irregular Business is of fair vol
ume. but not so active as a year ago,
partly because of the backward season,
heavy rains interfering with crop move
ment and collections. Vexatious labor
troubles past and present, discouraging
building operations and the spread of
the conservative feeling among buyers,
based upon stock market liquidation
and the feeling that high prices Of many
products will tend. if they have not all
ready done so, to automatically cnecK
consumption.
Many underlying conditions are
however, still favorable First in i'm
portance should be reckoned the de-
cidedIv better tone of advices from the
corn crop. which has developed a larg-