Jasper County Democrat, Volume 6, Number 23, Rensselaer, Jasper County, 12 September 1903 — COMMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMERCIAL AND FINANCIAL

“ v ’. “A striking contrast apNe¥ lOF ft. poors when comparison la 7 ——— made with the corresponding week last year, Prices were then tending upward in many branchee of industry, new business was coming forward more rapidly thanrit could be handled and in the security market al! records for activity and high prices were being surpassed. Later events have demonstrated that was unhealthy, and speculative excesses have been followed by reaction and readjustment. Conservatism was then the exception; it is now the rule,” according to R. G. Dun & Co.’s Weekly Review of Trade, Continuing, the report nays: Prospects for steady gains and their maintenance are brighter undeh the present system. Legitimate trade -will continue to suffer from the lessee in specnlation, and the high nates for commercial* loans will militate against industrial expansion, but in the long run a larger, degree of caution should prove beneficial. Buyers are still coming to the leading markets in great number, and testify to,, the sound condition of business at the Interior. Manufacturing plants are busy throughout New England, aside from cotton mills, and there is notable activity in wearing apparel at the South, while prospects for a large fall retail trade are .bright everywhere. Already these is traffic congestion at several points, despite the fact that crops have only just begun to move, and railway earnings in August show gains of 9.3 per cent over last year and 17.4 per cent over 1901. Unprofitably low prices have had ths effect of curtailing production in the iron and steel Industry. Labor and other costs of production, with tiie single exception of fuel, are much higher, while consumers are slow to purchase even at the extensive decline that has occurred during the current year. Rails and other track supplies are in good demand, especially foe prompt shipment. and more orders are placed for structural material for bridges and buildings. A brick demand is noted for merchant pipe. Sheet mills and some other of the industry are in an uncertain position, owing to the labor situation.

~~ A more confident feeling ClliCdQO. > n t,le business outlook is * I confirmed in larger dealings recorded by various industrial lines and a wider distribution of products. Bank exchanges exceed those of the corresponding week last year and reported failures in the Chicago district are less in number and significance. Country buying remains very strong and local demand is well maintained. Railroads are liberal buyers on materials for repairs and extensions and have placed contracts for additional equipment involving large expenditures. Traffic, by both rail and lake, exhibits no diminution in volume and earnings of railroads centering here show steady gains. The markets for grain and provisions are fairly active. Tiie monthly statement of hog products in store disclosed a 10 per cent decline since July figures, but compared with August, 1902, there is a gain of 31 per cent.

Trading in the cereals was more animated notwithstanding limited operations for foreign account. Quotations were moderately advanced in all the pits, corn acting as leader. Sales of flour are fair and the market awnmw stronger tone on prospective business for the continent and lessened stocks in hands of domestic dealers. Live stock receipts--297,502 head —are 16 per cent over a year ago. Receipts of produce increased in lard 9 per cent; hogs. 11; flour, 16; hides, 17; sheep, 19; cattle nnd butter. 20; seeds, 32; barley, 38; wool, 45, and corn, 315. Decreases are in dressed beef, 16 per cent; broom corn, 25; cheese,' 40; wheat, 45; oats, 59, and rye, 75.