Rensselaer Journal, Volume 12, Number 9, Rensselaer, Jasper County, 7 August 1902 — BUSINESS TONE CONTINUES GOOD [ARTICLE]

BUSINESS TONE CONTINUES GOOD

Manufacturing Plants in All Lines Are Reported Fully Employed. RETAIL TRADE KEEPS ACTIVE Grain Prices Take Sudden Drop When the July Speculative Element Is Wiped Out—Rains Appear to Have Benefited the Crops. ‘‘Aside from heavy rains in 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 is still causing delay, although coke ovens are surpassing all previous figures of output, and bituminous mines are vigorously operated. At most points retail trade is active and preparations continue for heavy fall sales, while spring lines are opened with good results. Railway earnings thus far available for July show a gain of 3.8 per cent over 1901 and 20.8 per cent over 1900.” R. G. Dun & Co.’s weekly review of trade gives the foregoing summary of the week’s business. Continuing the review says: Prosperity in Iron. “With business in sight for at least a year, the leading departments of the iron and steel industry may properly be considered prosperous. Notwithstanding the rapid increase in producing capacity, consumptive demand has grown still faster, and the recent official report of a new high record of pig iron production at 8,808,674 tons for the first half of 1902 is accompanied by the statement that unsold stocks at the end of that period were only 29,861 tons, compared with 372,560 tons a year previously. “In textile manufacturing the feature was the opening of men’s wear worsted fabrics for next year with a general advance of 2% to 10 per cent. Cotton goods tend in favor of the purchasers owing to the prospects of a large cotton crop and the light export movement. Hides and Grain. Shoe shops are active on spring samples, and buyers are numerous in the Boston market. A very striking advance in leather has followed the upward movement of hides, stimulated by heavy purchases, a single sale of 100,000 sides of hemlock sole being reported. “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 continue liberal. Meats have also shown a tendency to seek slightly lower quotations, bqt light receipts and higher quality do not promise any extensive relief in the Immediate future.”