Rensselaer Semi-Weekly Republican, Volume 35, Number 50, Rensselaer, Jasper County, 27 February 1903 — COMMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMERCIAL AND FINANCIAL

li. v i. 1 from heavy rains in • iOIL Texaß . 'the week’s crop ■ 'news is encouraging. Manufacturing plants are well occupied as a rule, iron and steel leading, followed by textiles and footwear. Fuel scarcity is still causing delay, although coke ovens are surpassing all previous figures of output, and bituminous mines are vigorously operated. At most points retail trade is active and preparations continue for heavy fall sales, while spring lines are opened with good results. Railway earnings thus far available for July show a gain of 3.3 per cent over 1901 and 20.8 per cent over 1900. R. G. Dun & Co.’s Weekly Review of Trade gives the foregoing summary of the investigation. Continuing, the review says: With business insight for at least a year, the leading departments of the iron and steel industry may properly be considered prosperous. Notwithstanding the rapid increase in producing capacity, consnrFpHve Feman3~has grown still faster,', and the recent official report of a new high record of pig iron production at .8,808,574 tons, for the first half of 1902 is accompanied by the statement that unsold stocks at the end of that period were only 29,861 tons, compared with 372,560 tons a year previously. The first month of the second half of 1902 has brought no diminution in inquiries, but some decrease in output owing to scarcity of fuel. Imports are very large in order to keep the steel mills provided with material and offerings of foreign billets have checked the upward tendency of prices. Of engines, machinery and heavy hardware there is a serious shortage, orders for delivery in 1902 being out of the question. Steel rails and structural material contracts have been booked far ahead. Grain prices declined sharply as the month of speculative manipulation drew to a close and legitimate trading resumed a more normal volume. Cotton held fairly steady, more because of the large short interest than the floods in Texas. Thus far it is probable that rains have done more good than harm. Demands for consumption contiue liberal. Meats have also shown a tendency to seek slightly lower quotations, but light receipts and higher quality do not promise any extensive relief in the immediate future. Business failures for the week ending July 31 number 168, as against 178 last week, 160 in this week last year, 173 in 1900, 156 in 1899 and 189 in 1898. The outlook, viewing the ClliCdQO. country in its entirety, is ’ better than last week, in that the generally favorable conditions are maintained, while the crops are a step nearer maturity. Heavy shipments of wool and cattle are giving the Western railroads enormous earnings. It looks now as if these roads will maintain their good showings on present tonnages, and break all records after the crop movement gets under way. The Northwest holds to a good vo.ume of trade in the leading jobbing and manufacturing lines. The Minneapolis flour trade, while not as heavy as could be wished, showed improvement over the several weeks preceding. In lumber there is talk of further price advances. Wool is steady at a level several cents above prices at this tirrie last year. In the grain trade there is a feeling of satisfaction over the closing of the July option. Every prominent grain market had its tightening up in July, and with the lightest supplies for years in wheat, corn and oats there was opportunity for price manipulation to the closed With "the nervous hesitation naturally attendant upon market conditions in some degree artificial, now gone, the grain markets will be on a basis where normal influences will be given more weight. As was quite to be expected, wheat prices declined. This in response to the ex-, tremely favorable spring wheat reports. Let anything of danger to the Northwest crop arise, and the sharpest price reactions may be expected.