Rensselaer Semi-Weekly Republican, Volume 34, Number 96, Rensselaer, Jasper County, 1 August 1902 — COMMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMERCIAL AND FINANCIAL

v Settlement of numerous hBI lOrl labor controversies’ "ani" 'prospect of early agreements as to other struggles have greatly improved the industrial outlook, while agricultural conditions steadily improve. 1 As these have been the only unfavorable Influences for some months, the prospects for active trade are decidedly encouraging. Preparations for unusually heavy fall sales are being made and confidence grows stronger. Mills and furnaces that nave been idle on account of the usual overhauling resumed as rapidly as needed repairs could be made. Financial conditions are sound, the midyear dividend distributions producing no stringency, and speculation has been heavy for the season, both in securities and staples. R. G. Dun & Co.’s Weekly Review of Trade makes the foregoing summary of the industrial outlook. Continuing, the review says: Pig iron continues to command full prices, supplies falling below requirements and furnace deliveries failing to fill contracts. Scarcity of fuel is still the principal drawback, while car and motive power shortage are additional causes of delay. New orders are reported for distinct delivery running about a year ahead. Prices are fully maintained for the raw material, but billets weakened slightly because of foreign selling. Importations have reached a considerable aggregate and more are expected. Structural material is still the feature, new business being offered in great bulk. Railway needs do not diminish, despite the enormous amount of work already placed. Crop prospects have continued favorable, and with the removal of speculative influences there was a gradual decline in prices. Cotton rules steady, the outlook for a liberal yield being balanced by the strong statistical position.

Chicago.

Sensational performances were witnessed in the grain markets. July corn

declined 25c from the top figures following the winding up of the “corner.” Now it is claimed that July oats have been cornered also and from the fact that oats touched the remarkable figure of 57%c there would seem to be manipulation of some kind going on. A readjustment is going on in wheat. Old wheat is coiqmandiug higher premiums as a wet harvest in the winterwheat section has damaged the quality to such an extent that for the present not more than 1 per cent of the receipts here are gaining contract. This poor showing is reflected in the strength in July, which advanced to 79c/or nearly 6 cents over September. In thq Minneapolis market the scarcity of good milling wheat, coupled with bull manipulation ran July up over SOc, and as cash wheat of the contract grade commands a premium, there were sales of No. 1 northern off the tables at 81c. Well might It be wished that these prices would rule for the coming crop, and possibly they will. Last week saw a collapse in the bull deal in July corn. A week ago everybody was confident that the Wall street clique intended to put the price to sl. They saw how easy it was to mark it up to 90c, but that was as high as the clique expected to put it. The price dropped from 86c Monday to 63HiC on Wednesday, and later moved up to 69c, and closed Saturday at 67%c, or 18%c lower than the previous week. Both cattle and hogs reached the high point of the year during the week, yet closing prices for cattle were considerably lower than a week ago, with hogs about the same as a week ago. Sheep advanced 60c to 80c, and lambs 10c to 15c during the week. Receipts for the week, compared with the previous week, increased 3,300 cattle and decreased 27,000 hogs and 17,900 sheep. Compared with the corresponding week a year ago there was a decrease of 10,200 cattle, 62,600 hogs, and 26,400 sheep.