Rensselaer Semi-Weekly Republican, Volume 35, Number 90, Rensselaer, Jasper County, 17 July 1903 — COMMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMERCIAL AND FINANCIAL

“ “ ~| “A new> fiscal year haa Jjgl YOrK. commenced under more favorable auspices than appeared possible a short time ago, the improvement being due in jio small measure to the greater conservatism that was all outgrowth of unsettled conditions. Seasonable weather has also contributed to the better distribution of merchandise, besides encouraging buoyant sentiment in the agricultural districts. Railway earnings and output of pig Iron were larger, while insolvencies were fewer. Earnings of railways thus far reported for June surpass last year’s by 10 per cent and those of 1901 by 19.4 per cent," according to R. G. Dun & Co.’s Weekly Review of Trade. Continuing, the report says: More inquiries for pig Iron have appeared, and although the actual contracts are for comparatively small quantities, the tone is distinctly better. Bessemer iron is not offered for the third quarter by the association and orders accepted for early delivery are taken by middlemen who have stocks on hand. The situation has been complicated during the past week by the strike of coal miners In Alabama, which threatens to restrict output of Southern iron. Bradstreet’s Trade Review. Warm, forcing weather has been ths keynote of the situation this week, inducing favorable conditions for the winter wheat harvest, special progress by corn and cotton, enlargement in retail trade in summer goods, generally heretofore backward, and, what is most important of all, bringing about a much more cheerful feeling as to the future outlook for business generally. Failure returns are likewise favorable, ■ In that six months’ embarrassments were the smallest In number reported in twenty years, though a comparatively few large suspensions, widely separated and generally unrelated to each other, swelled liabilities 5 per cent above those of last year. Businers failures In the United States for the week ending with July 2 number 162, against 171 last week, 138 in the like week of 1902, 145 in 1901, 146 in 1900 and 136 in 1899. Canada failures not reported. Wheat, including flour, exports for the week ending July 2 aggregate 2,966,682 bushels, against 3,518,152 last week, 3,211,215 this week last year and 8,787,639 in 1901. Wheat exports for the cereal year ending Juno 30 aggregate 224,084,801 bushels, against 251,879,565 last season and 218,965,363 in 1900. Corn exports aggregate 1,420,172 bushels, against 1,285,724 last week, 127,969 a year ago and 2,240,933 in 1901. For the cqreal ’ year exports are 60,800,864 bushels, against 2G,450,882 last season and 177,325,343 in 1901.

777 The rains appear to have LtllCdQO. come in time to insure a Nurthwest this year. In some places they may have been too late to give an average crop, but so far as moisture contributes to the result! the crop as a whole is now believed to be in good condition. Taking the country over,” the important crops promire at least average yields. Thus the danger that threatened business a week ago has gone. So far as bountiful crops may go id insuring a continuation of prosperity the outlook is now very satisfactory. Good crops mean good railway freight earnings and a vigorous commercial movement the nation over. Before sailing for Europe the other day Marshall Field, the great Chicago merchant, described the business outlook as precarious, and named the labor disputes as the chief factor of evil. Bart there seems to be a distinct tendency to Improvement in this respect. The adoption of a full plan of arbitration by the building trades’ unions and employers’ New York is a notable instance of this tendency. Another good sign is the increasing number of employers’ associations.* These will tend to prevent excesses by the unions, just as unions tend to prevent excesses by the employers. In labor circles there is, too, beginning to appear a wholesome fear lest the goose of the golden egg be ilain, Altogether the first week of the fiscal year starts out fairly cheerfully. There is now no reason to apprehend any perceptible letting down of the good times.