Rensselaer Semi-Weekly Republican, Volume 34, Number 77, Rensselaer, Jasper County, 27 May 1902 — COMMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMERCIAL AND FINANCIAL

.. v . 1 a time when consumpNOV lOfn. tire demands surpass all ■•' previous records in the nation's history it is unfortunate that production should be curtailed. Yet that is the present situation. Fires, labor controversies and a tornado stopped work at many points, greatly reducing the output, and many more wage disputes .must be settled before the end of the jnonth or furnace fires will be banked and wheels cease to revolve. Losses by the elements have been severe, the largest tin plant in the world being rendered idle probably for a month, while itrany foundries and shops were destroyed. Prices of commodities on May 1, as shown by Dun’s index number, rose to the highest point in recent years, gaining 6.3 per cent over the corresponding date last year, but this weektherehas been a material decline in some products, notable grain. Distribution through retail channels continues very heavy, seasonable weather exerting a most helpful influence. Itailway earnings are steadily gaining, full returns for April exceeding last year’s by 10.6 per, cent, and 1900 by 25.0 per cent.” It. G. Dun & Co.’s weekly review thus sums up trade conditions.

The review continues: Procrastinating, consumers who predicted a collapse in the iron and steel market similar to the break that occurred two years ago Ixive greatly augmented the pressure by tardily attempting to supply their requirements, It has been obvious for some time that there is utterly lacking the artificial element tending to inHate prices that was conspicuous in the opening months of 1900. The only limit to prices appears to be the ability of purchasers to pay fancy figures, according to the urgency of their needs. Meanwhile there is no advance on long term contracts, and these cover the large bulk of the business. Productive capacity is being’ greatly enlarged, but there is no evidence as yet that the nations needs are not expanding equally fast. Failures for the week numbered 218 in the United States, against 187 last year, and 24 in Canada, against 26 last year.

'p,. Some of the Western LHIC3SO. railroads have been reach-” — ing out this week and feeling around with a view to ascertaining what may be expected in future westbound tonnage. The roads know the crops will makffisor unmake their earnings. Starting with hope and confidence in the situation, and assuming that this is certain to be a satisfactory crop year, they are carrying their analysis further along and covering every phase of the otrJook down to the most minute details. In the advices received from agents to many points there is much of encouragement. Stocks of merchandise in the hands of country merchants in the middle west are found to he, on the Whole, considerably lighter' than is usual at this time. In the northwest they are moderate. The southwest is carrying light stocks as the natural result of the uncertainty and recent fear of a winter wheat failure, which prompted conservativeness. There is no noteworthy accumulation anywhere, even in the staple commodities, which were purchased liberally early in the spring. Wheat has ruled steady and quiet, with a moderate showing of strength at times. Scarcely any wheat is coming in anywhere just at present. Northwest stocks are light apd decreasing, and a portion of the Red River Valley is very late with seeding. With northwestern conditions paramount, wheat would probably be higher, but in the southwest the recent heavy rains have materially improved the winter wheat outlook, and there is a lack of bullish enthusiasm in consequence. For the week there was a decided falling off ih wheat exports, the figures showing only <3,302,000 bushels, compared .with 5.308.000 in the previous week and 4,170,000 a year ago.