Jasper County Democrat, Volume 6, Number 12, Rensselaer, Jasper County, 27 June 1903 — COMMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMERCIAL AND FINANCIAL

v T - ] “Unseasonably low temr N6W TOrlL Peraturcs, together with " excessive precipitation at many points, have retarded the distribution of merchandise. Taking the country as a whole, however, the net result has been satisfactory, better crop prospects accelerating forward business and enlarging order lists of manufacturer*. Railway earnings thus far reported for June exceed last year’s by 5.8 per cent and those of 1901 by 14.8 per cent.” R. G. Dun & Co.’s Weekly Review ot Trade makes the foregoing summary of the industrial situation. Continuing, theReview says: ' Conditions in the iron and steel industry are sufficiently confusing to prevent any definite tendency, although factor* calculated to produce weakness appear to* preponderate. Special sales of imported pig iron have been made at concessions, but this is attributed to delay in tranaportation and a forced sale by owners. Yet a few mouths ago similar concessions were impossible, and it is apparent that the combination of unprecedented bom* production and conservative buying ha* taken control of the situation away from sellers. Three depressing factors have existed: The labor situation, condition of .crops and the decline in prices of stocks, although all have improved and may soon cease to exercise any baleful effect. Meanwhile, uncertainty as to the future course of prices of iron and steel products has become generally acknowledged, and even experts in the industry hesitated to express a decided opinion. Latest reports of imports show a large decrease, except as to ore, while the export trade in finished steel tends to expand. At the cotton mill* there is fair current activity, although spinners, whose stocks of raw material are low, have not only ceased to seek business for future delivery, but refuse to consider propositions. or else place their figures at a prohibitive position. Demands are chiefly limited to immediate consumption. Lower grades of light weight woolens for next spring have been opened at advances of 2% to 5 cents a yard. Reports regarding the footwear industry are satisfactory. Foreign trade is remarkably well maintained, considering the numerous factors that operate. Failures this week were 213 in the United States, against 194 last year, and 24 in Canada, compared with 19 a year ago. _____ The outlook for the crops CfllGdOl is > of course, the paraa mount consideration and in this respect the situation does not admit of clear definition at this time. A few weeks of good or bad weather will mean many millions one way or the other. There is this much clear beyond possible doubt; Chat the crop promise, taking the country as a whole, has been materially lowered. Com is Che bad feature, but with continued good weather may yet do fairly well. In the Northwest there is a splendid outlook, and the good all-around prospect has been nndisturb-' ed until this week, when some nervousness became apparent over reports of dry soil in portions of the Dakotas. Nowhere has there been- nny important damage and a good general rain soon will insure safety, but naturally some anxiety is shown. On the bull markets and advances In wheat prices this week Europe has followed reluctantly and the foreign markets have shown no disposition to catch our enthusiasm. This is qnite natural, gince early in the season we advertised the fact Chat we were to rawe an enormous crop, and this impression having taken root abroad is hard to eradicate, yet as time passes it becomes more and more clear that we are not going to have anything phenomenal in the way of crop results, and that Europe iB going to need all the surplus wheat we may have to ■ell.