Jasper County Democrat, Volume 5, Number 46, Rensselaer, Jasper County, 21 February 1903 — COMMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMERCIAL AND FINANCIAL

"Ts 77 T") “Disproportion between fiev iOIL supply aiul demand is still ■ ■■ * a factor of strength In many commodities, while similar conditions exist as to skilled labor, retarding much work nnd in some cases postponing important undertakings aud improvements. Wages have been advanced voluntarily and also in response to demand* by organized labor. Relief to the trafflo congestion is still continued to a few favored districts, and shippers cannot hope for prompt deliveries until lake navigation opens. Earnings continue to show splendid gains over former years, January returns thus far exceeding 1902 by 9.4 per cent and 1901 by 18.7 per cent. Orders for spring shipment are heavy in all staple lines, and the advance business for fall is unusually large, testifying to the confidence of buyers in continued v prosperity The foregoing is from the Weekly Trade Review of It. G. 1 Dun & Co. It continues: Sound conditions continue to prevail in the iron nnd steel industry, with few developments of note. Coko is in somewhat better supply, making it possible to operate blast furnaces with less interruption than was expected when the month opened, but there is eonstaut complaint of the scarcity and high prices commanded by pig iron. Finished steel products have not risen proportionately, although they are in gdod demand. Large exports of wire and wire nails are reported, the movement being heaviest to Australia, South America and Europe. With tho advancing season there Is a better movement of merchant pipe and kindred lines, while structural material is also in more urgent request. The demand for railway equipment shows no diminution, nnd another foreign order for steel rails could not be accepted because deliveries were required In May. Bradetreet's Grain Figures. Bradstreet’s weekly report says oa grain: Wheat, including flour, exports for the week aggregate 2,850,439 bushels, against 5,905,910 last week, 3,175,481 in thin week ii year ago, and 4,814,878 in 1901. Wheat exports since July 1 aggregate 155,421,977 bushels, against 173,322,124 fast season, and 125,038,337 in 190). Corn exports aggregate 1,830,170 bushels, against 2,400,310 last week, 527,801 fl a year ago and 4,700,422 in 1901. For the fiscal year exports are 24,031,150 bushels, against 22,558,490 last sea so*, and 124,327,210 in 1901. 7~ While wheat prices have Luicano. declined somewhat of late j __J the market shows remarkable stubbornness throughout. All tlis I recent news has been bearish, yet the j bears have little to show for it. It IS rue both Argentina and Russia are shipping freely to Liverpool, that nearly all foreign markets are weak, and our exports light, while primary receipts hold ap and winter wheat prospects are excellent. In short, nearly everything in the news or in the regular statistics ha* seen bearish. But the bulls who aril bulls for a long pull are very coufldeut. They see all the bearish facts, but they see also four things first that the Australian demand has clenned up the Pacific coast surplus and Australia has yet to buy more wheat: second, that notwithstanding some adverse conditions the Minneapolis flour mills had the largest January trade in their history and are now doing business fully up to last year; third, that at this time last year there was more wheat In the Northwest than there is now, yet before the new spring wheat crop began to move a great scarcity of milling wheat existed; fourth, that the winter wheat is showing up well, but has not sufficient snow covering, and U liable to damage in places should a cold wave dip over the Southwest. On the certain bearing of the first three propositions, aud the possibilities suggested by the last, the bulls are willing to buy wheat at present prices and hold it.