Rensselaer Semi-Weekly Republican, Volume 35, Number 30, Rensselaer, Jasper County, 16 December 1902 — COMMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMERCIAL AND FINANCIAL

T Z T~| Weather-conditions bava H6V lori provided the only impor‘T-— 1 ~ i tant developments of the last week in the business world. Excessive rains in some sections, notably the Southwest, facilitated distribution of heavy footwear, overshoes and kindred lines, while seasonably lbw temperature at other points increased the movement of winter wearing apparel. These influences, together with a large Thanksgiving trade in food products, stimulated retail dealings very materially. Jobbing and wholesale trade is fully maintained, and manufacturing plants have orders far ahead, but In many cases the coke shortage retards operations. The loregoing is from the Weekly Trade Review of R. G. Dun & Co. It continues: Railway officials are making every effort to relieve the freight congestion, especially in the vicinity of Pittsburg, hut thus far there is little evidence of improvement. Gross earnings are fully maintained, for November thus far (exceeding last year’s by 6.3 per cent and those of 1900 by 16.4, while it Is expected that higher freight rates will offset the advances in wages, sustaining net earnings. Inquiries for pig iron become more nrgent as the scarcity grows more acute. Furnaces are added to the idle list when there is full occupation for every plant in the country, but the fuel shortage is not perceptibly improved. Coke commands high premiums, according to the needs of consumers, and iron is similarly held at an abnormal position by the insufficient supply. Even foreign pig Iron has not arrived at specified dates, while new orders have been placed abroad covering distant deliveries. It is clear that domestic needs will continue to exceed available supplies for many months to come. The pressure is less severe in the various finished lines, aside from structural steel and railway equipment. Many projected additions to mileage, improvements in terminals and increases in rolling stock insure activity at the shops for months to come. Machinery houses, boiler works and makers of heavy hardware are all far behind with orders, and practically every section of the iron and steel industry is entirely in control of sellers, prospective purchasers having to make all the concessions. Minor metals, on the other band, are generally weaker, tin being especially depressed. Silver bullion has fallen to much the lowest price on record, the intrinsic value of a silver dollar now being about 30 cents. Bradstreet’s Grain Figures. Bradstreet’s weekly report says: Corn exports aggregate 255,174 bushels, against 243,381 last week, 630,968 last year and 4,801,000 in 1000. For the fiscal year exports are 2,707,337 bushels, against 19,153,817 last season'and 74,G 81.561 in 1900.

TT; The week brought no LDIGdQO. changes of great impor- — tance in the general business outlook. The most favorable feature was the turn in the weather, which, coming just before the holiday season, seemed doubly seasonable. Merchants who had been complaining of dullness in lines of early winter merchandise, found trade somewhat improved. Holiday buying has begun, and the jobbers report orders containing a very satisfactory proportion of Christmas goods. The Northwest is doing a good business in all lines. The week brought the first authentic reports of damage to winter wheat by the Hessian fly, which had moderately stimulating effect upon prices, serving to hold the market steady. The local elevator companies have been able to take in wheat of late with the result that conditions here are slowly working back to normal. With an increase of 1,306,321 bushels this past week, Minneapolis houses are now carrying 7,064.905 bushels of wheat, of which 3,145,524 bushels is No. 1 northern. While this is very light for Minneapolis stocks at this date, it is a gratifying showing compared with that of n short time ago when there was scarcely a two weeks’ milling snpply 'f wheat in store.