Jasper County Democrat, Volume 6, Number 17, Rensselaer, Jasper County, 1 August 1903 — COMMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMERCIAL AND FINANCIAL

n6¥ York. P atc,h<?s fr(>la nearly every cates that there is less than the customary midsummer dullness in business, and collections are more promptly met than usual. A large proportion of the unions have signed a working agreement with the employers in the building trades of this city, and fully one half the men have returned to work. Earnings of railways s reported for July exceed last year’s by 12.9 per cent, and those of 1901 by 24.2 per cent. Farm work still retards retail distribution of merchandise iu western sections. Foreign trnde at this port for the past week shows a gain of $2,509,000 In value of imports as compared with the same week last year, while exports decreased $502,022,” according to R. G. Dun & Co.’s Weekly Review of Trade. Continuing, the report says: Good news ns to the progress being made toward settlement of labor disputes was neutralized by the decline in securities in so far as the iron and steel industry is concerned. There were many indications that the interruptions from strikes would be lees frequent in the immediate future, and tihere was a general disposition to fully sustain prices. But the heavy liquidation and new low record prices for steel issues had much influence on conditions in the actual business. Nearly half a million tons of steel rails have been ordered for next year’s delivery, and other heavy ateel shapes are attracting close attention. The trade will benefit by the greater stability of prices- secured through the revival of the billet pool. Bessemer has steadied, bringing out new orders, but there are still evidences of weakness in other classes of pig iron. General resumption of structural work in New York is the mo it important element in the steel industry nt present. Failures this week numbered 191 in the United States against 20S a year ago, and 19 in Canada compared with 17 last year.

There are no signs of OliCdOd business paralysis. The * elimination of water in Wall street has net put a damper on straight business. The real decline in stocks began when the court handed down the decision in the Northern Securities case which showed that there were limits to what even the kings of finance could do, and since then the influences for decline have been many. But the first great blow at confidence was struck when the public began to six; that the men who held the trusteeships for the smaller investors were managing the affairs of the country's greatest corporation for their own purposes. Then the small investor began to ask himself what sort of a show he stood. The lapse of speculation has been indicated this year by the collapse of several purely speculative organizations and the unwillingness of the speculative public to give the United States Shipbuilding a boost, while the failure of Keene’s Southern Pacific deal, after running up the stock to 80, is a care in point. Do present conditions mean that, before very long, a shadow is to fall again on industrial and commercial conditions now so promising? It does not look much like it. The refunding operations of Secretary Shaw have added some $34,000,000 to the circulation since April; the period is commencing for sales of sterling bills again-it the autumn exports of grain, cotton and other products and Europe will readily furnish any funds needed to meet possible money stringency. The West and South are better prepared than New York for the cropmoving period, as they have balances to take up there and loans to call in which were made in the spring.