The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-06-18
REPRESSION SEEMS .
TO Be UNIVERSAL
All Branches of Trade Are
Very Quiet
MANY FACTORS COMBINED
Presidential Election Is Partly Re-
sponsIbIe for the Prevailing Dull
ness-condition In Manu-
featuring Unchanged.
MANY FACTORS COMBINED

New York, June discriminating the
commercial situation, r, c. Dun & Co.
tomorrow will say:
Industry suffers from an epidemic Of ul-
ira conservatism, emanating apparently
from the theory that a season Of depres-
sion must come every ten years, while
the coincidence of a presidential election
furnishes another precedent. As result,
stocks of merchandise have been reduced,
railway traffic is lessened, preparations
for future business are curfailed, and less
money is distributed in the form of
wages, while those having capital to in
vest confne their attention to the highest
classes Of ponds or hold back for still
lower securities prices. All these factors
have combined to produce a reaction en-
trely out of proportion to the natural
readjustment that was really started by
abnormally high prices of raw materials.
Retrenchment has made considerable pro-
gress, wage-earners as result recognize
ing the Importance of accepting redue-
tons in pay. The lake strike has been al
justed As the season advances the crop
outlook improves. and there is no funda-
mental weakness in the nations CONNER
eial or financial position. Evidences OF
contraction in business are numerous,
however, railway earnings thus far
available for May showing a loss OF IL
as compared with 1903, and bank ex-
changes at New York for the last week
lost 254 per cent, yet at other leading
cities there was small average In
crease.
Conditions in the leading manufactur-
ing Industries are practically unchanged.
Thus far the railways have ordered lit
tie rolling stock or supplies, and the in
uuiry for structural steel is practically
disappointing. in view of the fact that
building plans filed during May were more
numerous than last year. AS to the
value of contemplated work there We're
notable gains in Brooklyn, Pittsburg and
indianapolis, offset by heavy decrease in
New York, Cincinnati and New Orleans.
Prices of minor metals are lower.
Considering the favorable official and
private crop reports, which has ruled re-
markably firm, the high price Is having
a natural effect on foreign demand. In
fact 1t was reported that exporters were
re-selling wheat at Duluth. Receipts at
primary markets were 1,S93190 bushels
against 1928 SS6 in the same week last
year, while exports from ports of the
United States. flour included, amounted
to 1871 ,3O4 bushels, compared with 2,SO9,-
o. a year ago.
Corn has reacted somewhat from best
prices, arrivals of 4.z73,617 bushels at
western cities exceeding the receipts of
81 OS6 last year, but available coast
shipments were only 1A3025 bushels
against S7}.502 In 1909 1t Is evident that
last weeks decline In cotton attracted
heavy selling for the short account, and
the offerings were absorbed by New Or
leans operators who directed pool in the
July option. Subsequent pressure to COW
er caused a sharp rally, although early
marketing of the first bale of cotton and
good crop news prevailed.
Liabilities OF commercial failures thus
FAR reported for June aggregated s4,l5l,-
los, Of which Sl.S54,,t2 were in manufac-
turing. sS79.39i In trading and S4l6,9o2 in
other commercial Tines
Failures this week numbered 257 in the
United States against 2i3 last year, and 16
in Canada, compared with "a a year ago.