Rensselaer Semi-Weekly Republican, Volume 35, Number 88, Rensselaer, Jasper County, 10 July 1903 — COMMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMERCIAL AND FINANCIAL

“ ~ “I “No definitely unfavorably York. element is apparent in —— ' the business situation, but there are several uncertainties that engender a more conservative feeling. In regard to distribution of merchandise, the long period of low temperature has curtailed trade in dry goods, clothing and other seasonable lines. Stocks have accumulated, and prospects for semi-annual inventories are not altogether. encouraging. Railway earnings thus far available for June surpass last year’s by 10.2 per cent and exceed those of 1901 by 17.4 per cent. After further moderate concessions in prices of iron and steel, especially in pig iron and partly finished shapes, the market has steadied, and there are indications that no additional reductions of consequence are probable for the present.” R. G. Dun & Co.’s Weekly Review of Trade makes the foregoing summary of the industrial situation. Continuing, the Review says: / Buyers are still uncertain as to whether the bottom has been reached, and there is no eagerness to place contracts. Concessions are no longer readily obtained, however, and the tone is improving. While it is well known that a large amount of new machinery is specified in plants in coursgof erection, or contemplated, there is an inclination to delay the placing of contracts as long as possible. Much of interest has developed during the last week in regard to the foreign situation. Contracts for steel rails were placed abroad, presumably because of early shipment required, while rebate of duty on materials for manufacture and export encouraged foreign trade, which has begun to revive ns the domestic market quiets. Failures this week were 223 in the United States, againnt 200 last year, and 19 in Canada, compared with 20 a year ago. Bradstreet’s Review: Wheat, including flour, exports for the week ending June 25 aggregate 3,518,152 bushels, against 3,617,415 last week, 3,382,701 this wek las£ year akd 4,364,147 in 1901. Wheat exports sidee July 1 aggregate 221,607,089 bushels, against 248,G08,350 last season -and 215,177,724 in 1900. Corn exports aggregate 1,285,724 bushels, against 1,089,353 last weak, 130,102 a year ago and 2,455,400 in 1901. For the fiscal year exports are 65,650,004 bushels, against 20,322,913 last Reason and 175,084,410 in 1901.

The grain markets, those CulGdOO. emters 0 f instability,-of lea * Igitimate trade and speculative activity, have been attracting wide attention during the past week. Prices of all cereals have been fluctuating over widening ranges, with the trend continuously upward, until new high figures for the crop year have been recorded all around, while in wheat the price levels are higher than for several years. At intervals of three or four years the Northwest usually strikes into a period of nervousness over the crop outlook, and this will in all likelihood be witnessed again if no good rains fall by the middle of next week. The speculative element in grain, always on the alert for the possible development of any factor affecting values, is given to anticipating in an extraordinary degree, and upon the first faint indication of the rise of an influence of an adverse nature respecting the crop, is to be found operating accordingly. The fact that it is the business of speculation to discount the future, finds nowhere more forcible illustration than in the grain trade. It is not to be denied that the bulls In the present campaign have had a basis upon which to build up prices, for it has been dry all over the Northwest for nome time. Without doubt there has been no damage done anywhere that is worth considering relative to the crop ns a who!*, and there is'probably no important district in the three States where there is any such deterioration as to cause alarm.