Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1903-07-18
LOW RECORDS
In Average Price of the Active
Railroad Stocks.
Iron and Steel Work Unsteady -High
Cotton Affects the Mills.
Lower Grain Quotations-New England
Shoe Factories Busy.


Review of Trade, tomorrow, will say:
At the lowest point on Wednesday, the
average of the GO most active railway
stocks was $S9.1S surprising all lowrec-
ords since the memorable collapse, May
8 1901. when the average touched $S6.25.
In neither case was liquidation in Wall
street due to depression in legitimate
business, being confined to stock market
and financial influences. Conditions
continue satisfactorily outside the re-
gion of speculation, many reports inGi-
recent months the two disturbing fac
tors have been labor controversies and
weather conditions, but each week has
brought better things in these two re-
spects until the outlook contains much
that is encouraging. Retail trade in
seasonable merchandise is fully up to
the average and there is less than the
customary midsummer quiet among
Wholesalers, while the preparations of
joi'bers and manufacturers indicate
confidence in a large fan business.
Unsettled conditions exist in forge
and foundry pig iron markets, while
Rcssemer iron is only barely steady
The chief difficulty appears to be the
inclination of prospective purchasers to
wait for the lowest possible quotations.
Structural steel begins to reflect the
settlement of labor troubles in the
building trades, but several important
undertakings have been postponed I'M
til next year, two large buildings in
Pittsburg being conspicuous examples
1t is a season of uncertainty in the
manufacture of cotton goods and moth
ing in the nature of Improvement can
be expected until the artificial position
of the raw material is radically altered.
Supplies of cotton goods in first hands
are low and there is no effort to make
spot sales. Buyers fill their require
ments for immediate distribution, but
in no department of this great industry
is there any inclination to anticipate
needs of even the near future. AS sup
plies diminish there is a corresponding
Stifening in quotations, although in
most cases the lack of transactions rem
ders new figures nominal Mills are
steadily curtailing production, both here
and abroad. Exports of heavy brown
cottQns is insignificant. New light
weight woolens are being opened with
fair results only, buyers exhibiting
anxiety regarding the future.
ly in the Boston footwear market. both
on contracts for spring goods and sup
Elementary fall orders. Eastern whole
salers are also purchasing additional
fall supplies and New England facto-
ries are fully occupied.
1t was natural that a satisfactory Of
fetal report as to grain conditions
should produce a lower level of quo
tations the more so because prices
were abnormally inflated and the
weather was even more favorable after
| July |, tine latest date covered by the
department estimate. Trade and other
private estimates promise Il total yield
of the three leading cereals fully equal
| to any preceding record. Exports of
| wheat and -four for the crop year were
about POI ,000 900 bushels, somewhat less
than the average for recent years.
/ Cotton was less active and very irreg
| ular although there is little disposition
! to operate aggressively against the
controlling interest. Meanwhile con-
sumption steadily declines.
Liabilities of commercial failures thus
far reported for July aggregate 1854,
! 6S5. Failures this week were 213 in the
| United States against 213 last week,
and 16 in Canada compared with 20 a
i year ago.
| Failures, this week in the United
! States are 213, against 1874 last week.
/ 81 the preceding week and 213 the cor
RESPONDING week of last year. and in
/ Canada IS, against "a last week, seven
! the preceding week and 20 last year.
! Business is quiet at Halifax. as farm
ers are engaged in securing the hay
| crop, but prospects are encouraging.
! Trade at St John is good for the sea-
son. Midsummer inactivity is more no.
! ticeable in some lines of heavy mer-
chandise ut Montreal, but wholesale
| trade is good for the season. Cotton
mills are making large deliveries and
| all goods are being freely shipped to
country retailers. Leather is in fair
demand. both locally and for export.
Crop conditions show further improve
ment. Business and collections at
| Quebec are good for the season ana
| crop prospects continue favorable.
| Wholesale trade is fairly active at To-
ronto with prices firm. Trade condl-
| tions are satisfactory at Winnipeg and