Jasper County Democrat, Volume 5, Number 15, Rensselaer, Jasper County, 19 July 1902 — COMMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMERCIAL AND FINANCIAL

1 “Good news predomL He* Yurt nates, although unfavorable —I weather proved a drawback nt many points and new labor disputes arose. There is less than the customary midsummer idleness in manufacturing industries, despite the scarcity of fuel. Commodity prices are fully maintained. Railway earnings thus far available for June average 9.9 per cent larger than last year’s and 20. G per cent above those of 1900.” The foregoing is from the weekly trade review of It. G. Dun & Co. It continues: Statistics of pig Ron production on July 1 are somewhat surprising. According to the Iron Age the weekly output was at a new high record of 352,590 tons, notwithstanding the shortage of fuel. In steel the situation is mixed, heavy lines falling further behind orders, while a number of rod, wire and nail mills in the Pittsburg region have shut down for the usual vacation. Structural steel and railway supplies are urgently sought, so much more business being placed that activity is assured well into 1903. Corn has again been the prominent feature of the markets -for domestic staples. Speculators at the West secured control of the 0,000,000 bushels In the visible supply, and compelled the short interests to cover contracts at disastrously high prices. Farmers’ reserves are evidently insignificant, for attractive prices do not bring out even a fair volume of receipts. An advance In the price of ClljCaQQ. J'lly corn to 90c last week ’ put it to the highest figure since 1892. The high point was 13c above the close of the previous week, and 32c higher than the low point on the decline less than a month ago. It was a clear ease of squeezing the shorts. The close was 80c. The trade paid little attention to the government report on corn, although it is very bearish. The condition of '87.5 is fairly low for July, hut there is an unprecedented acreage, 95.000,000, which, figured by States based on government conditions, indicates a yield of 2,490,000,000 bushels, the largest on record. The surplus States have a prospect of 1,678,000,000 bushels, or double last, year's. With old reserves light, and likely to be exhausted by the time the new crop begins to move, there is a feeling among traders that corn is not likely to average much below 50c. Sentiment among wheat traders as to the future course of values is mixed. Some of the sharpest and best operators are friendly to the bull side. There are also a number of shrewd men who believe prices are high enough. The price last week was governed largely by the weather, and although averaging higher closed with a gain of only on July and a loss of %e to %c on distant mouths. September, which was %c under December a week ago, advanced to M|C premium, but closed V*c discount. The cash situation is regarded as strong. Heavy storms throughout the winter wheat country have delayed the movement and deteriorated the quality. There is prospect of a larger quantity of low grade wheat on the present crop than has been known for years. The world’s stocks of wheat are the lowest on record with the exception of the Leiter year. 1897-98. The decrease last month, taking the Daily Trade Bulletin's estimate, was 27,346,000 bUßhels, and the world's supply, 105,827,000 bushels, while in the Leiter deal it was down to 103,000,000 bushels. During the week top cattle sold at $8.70, being 20c above the previous week and the highest July price on record. Hogs sold 22Ljc higher than the previous week, the highest since March, 1893, and the highest July in twenty years. Three loads sold at $8.25. Sheep and lambs sold poorly during the week. Cattle receipts were comparatively small, with hogs and sheep liberal compared with the previous week and a year ago. Receipts of sheep for the week were the largest since January.