Rensselaer Semi-Weekly Republican, Volume 34, Number 61, Rensselaer, Jasper County, 1 April 1902 — COMMERCIAL AND FINANCIAL [ARTICLE]

COMMERCIAL AND FINANCIAL

Mew Yorl 1< - *!

'‘Business in Boston was Completely paralyzed by the sir lice of freight handlers

and teamsters, which directly affected 30,000 men and indirectly rendered other thousands idle by holding back supplies of raw material. Fortunately this struggle seems in a fair way to settlement. Outside of Massachusetts, however, the labor situation is exceptionally free from controversy, and even in the’ coal mines there is less than the usual agitation as April approaches. Distribution of spring merchandise is making rapid progress, the most sanguine expectations being fully realized in all sections outside the strike area,” -according to 1L— G. Dun & Co.’s Review of Trade. Continuing, the report says: “Consumers of iron and steel products are still anxious regarding conditions during the next three months. ,'jly l it is believed that deliveries will be ample. According to the Iron Age the weekly capacity of- pig iron furnaces in blast on March 1 had declined to 330,710 tons, or about 10,000 tons from the production on Feb. 1. Considering the numerous disUirUmg _ fac.toxs at work during the _ mouth of February, it is gratifying that much heavier curtailment of output did not occur. All records prior to Feb. 1 are still eclipsed and the resumption of many idle plants this month practically assures new high water marks in the near future, unless some unforeseen interruption occurs. As operations at steel works-were also retarded, furnace stocks of pig iron declined only about 25,000 tons during Febrnary. The most important event of the week was the heavy buying of steel bars by makers of agricultural implements in anticipation of higher prices becoming" effective on April 1. Billets command largo premiums for spot delivery, and more purchases are reported from foreign makers. Pipes and tubes are more active

Cbioago.

Official indications of farm reserves on March 1 were not surprising as to

the corn, dealers anticipating that supplies would be only about one-half last year’s, but the statement that 23 pur cent of the enormous wheat yield remained in farmers’ hands was not calculated to sustain values. Needed rains in the Southwest made the market lode more favorable for the next cebp. A sustaining feature was the interior movement of only 2,618,819 bushels, against 3,902.650 last year, while on the other hand total exports from the United States were but 2,598,472 bushels, compared with 4,902,674 a year ago. As to corn both comparisons were striking, receipts aggregating only 1,8t)3,950 bushels, against 4,131,837 a year ago, while Atlantic exports fell to the lowest record for many years, 90.109 bushels, against 8,339,902 in 1901. The corn traders had the government report on farm reserves last week shojying 29 per cent, or 384,000,000 bushels, held March 1. This is the smallest oti record. It was expected to stimulate new buying by outsiders, but the close Saturday found prices only %c higher than the previous week. No surplus producing State has over 32 per cent, and Kansas only 14 per cent of its crop left. With an ordinary consumption there is not a surplus bushel, and the high prices will necessitate continued husbanding of supplies to get through to the next crop. The small farm stocks mean the same thine as last year; we will go into the new crop in the fall with no stock. It hr also taken as indicating good prices for several years to come. The country movement is light, receipts last week being only 820,000 bushels, and shipments 814,000 bushels. The movement both ways is about 50 per cent of last year’s. Farm reserves are as estimated a week ago. 30 per cent, or 198,000,000 bushels, the smallest ever reported. Prices for May are wit,.' i l%c of the top price, which makes sho, ts uneasy. .