Rensselaer Semi-Weekly Republican, Volume 34, Number 84, Rensselaer, Jasper County, 20 June 1902 — COMMEPCIAL [ARTICLE+ILLUSTRATION]

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~ ~ | ’“Peace in South Africa NgV York has greatly improved the( —-■ ' outlook. Foreign industrial . markets will quickly benefit by the development of that country, while a return to active gold mining will have a. helpful influence in monetary circles. Owing to the present exceptional home consumption producers in this country may not be able to take advantage of the opportunity immediately, but even the indirect effects must be beneficial. Domestic conditions still have but the one drawback of labor disputes, which have reduced the earning power of a large force. Outside the limits of this influence there is little cause for complaint. Orders are large and distribution is less interrupted by the shortage of ; cars. Railway earnings for May show an increase of 6.8 per cent over last year and 17.4 per cent over 1900." R. G. Dun & Co.’s Weekly Review of Trade thus sums up the industrial situation. Continuing, the Review' says: Contrary to expectations, the leading producers maintained their conservative position by making no advance in . the price of steel rails for delivery in 1903, notwithstanding the very material rise that has occurred in pig iron. Much new business has been placed during the past week, although consumers have found difficulty In booking orders for delivery in 1902. This is especially noticeable as to structural material and railway supplies. Interruption to work at blast furnaces was not wholly averted, but the loss in output did not reach a large figure owing to prompt concessions on both sides. Practically no orders were accepted for pig iron, howevec, owing to the uncertainty as to the extent of the strike. In tubes, pipe and foundered lines there is much activit/, with quotations fnliy maintained. Bituminous coal is abnormally stimulated by the anthracite coal shortage, and the output of coke In the Connellsville region is establishing a new record each week. According to the latest report less than 4 per cent of the ovens are idle. Satisfactory weather in the leading producing regions had a depressing influence on grain quotations, and last week’s advance jvas lost. Cash prices were slow to react, owing to the extremely strong statistical position, but the next crop options fully reflected the progress atf the farms.

Most of the leading comLDiCdQO. motlities show seasonable a ‘ I activity. The Northwestern tiour output is light, and the flour trade rather depressed, this being believed to be only a temporary condition. The Western element, so much in evidence recently in stock market leaderships, ha 3 dropped out of sights as_ indeed, have most of the leaders. Extreme dullness rules in stocks, and trading is very light. This shows in a decrease of 41.9 per cent in New York bank clearings foirtKe week. In the West there is a good showing, and while the twelve principal centers show decreases averaging 18 per cent in bank clearings, Minneapolis, with a total of $10,703,482, decreased by only 4 per cent. Country banks show an increase in loans, especially in the Southwest, where winter wheat harvesting is under way. It has been another bear week in the speculative grain markets, bearish at least in the sense that the preponderance of news has been against price maintenance. Yet declines have not been so severe as was expected when the week opened under this influenc. Much of the depression comes from the good crop reports* in coarse grains, which weakens confidence in corn and oats and makes a sympathetic weakness in wheat. At the same time wheat receipts have not increased as much as expected, and there is a continued good cash demand. Exports for the week were 4,600,000 bushels, wheat and flour, compared with 8,900,000 in the previous week, and 0,645,000 a year ago.

Commercial and Financial