Jasper County Democrat, Volume 5, Number 18, Rensselaer, Jasper County, 9 August 1902 — COMMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMERCIAL AND FINANCIAL

T! ~ j 1 Aside from heavy rains in NBlf IOFa. Texas, the week’s crop ’ news is encouraging. Manufacturing plants are well occupied as a rule, iron and steel leading, followed by textiles and footwear. Fuel scarcity ia still causing delay, although coke ovens are surpassing all previous figures of output, and bituminous mines are vigorously operated. At most points retnii trade is active aud preparations continue for heavy fall sales, while spring lines tre opened with good results. Railway earnings tints far available for July show a gain of 3.3 per cent over 15)01 and 20.8 per cent over 15)00. R. (}. Dun & Co.’s Weekly Review of Trade gives the foregoing summary of the investigation. Continuing, the review says: With business in sight for at least n" year, the leading departments of the iron and steel industry may properly be eon«iderod prosperous. Notwithstanding the rapid increase in producing capacity, consumptive demand lias grown still faster, and the recent official report of a new high record of pig iron production nt 8,808,574 tons for the first half of 15)02 is accompanied by the statement that unsold stocks at the end of that period were only 29,8(51 jtons. compared with 372,5(50 tons a year previously. The first month of the second half of 1902 has brought no diminution in inquiries, but some decrease in output owing to scarcity of fuel. Imports are very large in order to keep the steel mills provided with material and offerings of foreign billets have checked the upward tendency of prices. Of engines, machinery and heavy hardware there is’a serious shortage, orders for delivery in 15)02 being out of the question. Steel rails and structural material contracts have been booked far ahead. Grain prices declined sharply as the month of speculative manipulation drew to a close and legitimate trading resumed a more normal volume. Cotton held fairly steady, more because of the large short interest than the floods in Texas. Thus far it is probable that rains have done more good than harm. Demands for consumption contitte liberal. Meats have also shown a tendency to seek slightly lower quotations, but. light receipts and higher quality do not promise any extensive relief in the immediate future.

j The outlook, viewing the CtliCdQO I country in its entirety, is that the generally favorable conditions are maintained, while the crops are a step nearer maturity. Heavy shipments of wool and cattle are giving the Western railroads enormous earnings. It looks now as if these roads will maintain their good showings on present tonnages, and break all records after the crop movement gets under way. The Northwest holds to a good volume of trade in theleading jobbing and manufacturing lines. The Minneapolis flour Irade, while not as heavy as could be wished, showed improvement over the several weeks preceding. In lumber there is talk of further price .advances. Wool is steady at a level several cents above prices at this time last year. In the grain trade there is a feeling of satisfaction over the closing of the July option. Every prominent grain market had its tightening up in July, and with the lightest supplies for years in wheat, corn and oats there was opportunity for price manipulation to the close. With the nervous hesitation naturally attendant upon market conditions in some degree artificial, now gone, the grain markets will be on a basis where normal influences will he given more weight. At was quite to be expected, wheat prices declined. This in response to the extremely favorable spring wheat reports. Let anything of danger to the Northwest crop arise, aud the sharpest price reactions may be expected.