Rensselaer Semi-Weekly Republican, Volume 35, Number 94, Rensselaer, Jasper County, 31 July 1903 — COMMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMERCIAL AND FINANCIAL

Hew York. ■■ 11 ' i ■ t

"Conditions continue satisfactory outside the region of speculation, many re-

ports indicating further improvement. During recent months the two disturbing factors have been labor controversies and weather conditions, but each week has brought better things in these two respects until' the outlook contains much that is encouraging. Crops are making rapid progress, and the army of unemployed is diminishing,” according to It. G. Dun & Co.’s Weekly Review of Trade. Continuing, the report says: Railway traffic is heavy, earnings thus far reported for July exceeding last year's by 13.6 per cent and those of 190.1 by 19.2 pCr cent. Retail trade in seasonable merchandise is fully up to the average, and there is less than the customary midsummer quiet among wholesalers, while the preparations of jobbers and manufacturers indicate confidence in a large fall business. Unsettled conditions still exist in forge and foundry pig iron markets, while Bessemer iron is only barely steady. The chief difficulty appears to be the inclination of prospective purchasers to wait for the lowest possible quotations. This is a condition to be expected in a declining market, but appears unusually aggravating in the present instance. Current consumption is heavy, and the delay is only in connection with distant deliveries. Structural steel begins to reflect the settlement of labor troubles in the building trades, but several important undertakings have been postponed until nextyear, two large buildings at Fittsburg being conspicuous examples. Merchant steel and pipe are in better demand, several large contracts being under negotiation. Steel rails are sold well into 1904, and other railway equipment is still one of the best features in the industry. Southern iron furnaces and steel mills are affected adversely by the coal miners’ strike, although there is a belief that settlement will not long be delayed. It is a season of uncertainty in the manufacture of cotton goods, and nothing in the nature of improvement can be expected until the artificial position of the raw material is radically altered. Supplies of cotton goods in first hands are low, and there is rfb effort to make spot sales. Buyers fill their requirements for immediate distribution, but in no department of this great industry is there any inclination to anticipate needs of even Jtlie near future. As supplies diminish there i*n corresponding stiffening of quotations. Mills are steadily curtailing production both here and abroad. New lightweight woolens are being opened, with fair results only, buyers exhibiting no anxiety regarding the future. Silks are firiruowing to curtailed production nnd the high prices codmianrled by the raiW material. Western jobbers ary operating freely in the Boston footwear market, both on contracts for spring goods and supplementary fall orders. Eastern wholesalers are also purchasing additional fall supplies, and New England factories are fully occupied. Brndstreet’s Trade Review. The salient features in trade reports this week are the better ton# of trade advices from the Southwest, where the feeling grows that a large business will b» done. Hides and leather are rather weaker at the East, but eastern shoe shipments are far in excess of last year for the week and season. Wheat, including flour, exports for the week ending July 16 aggregate 3,652,084 bushels, against 2,380,410 last week. 3,775.222 this week last year, 5,221,880 in 1901 nnd 3,029,381 in 1900. For two weeks of the cereal year they aggregate 6,033,194 bushels, against 8,179,337 in 1902. 10.238,029 in 1901 and 5,859,291 in 1900. Corn exports for. the week aggregate 1,402,404 bushels, against 1,525.08-4 last week, 130,679 a year ago, 1,114,081 in 1901 and 4.152.159 in 1{K)0. For two weeks of the present cerehl year they aggregate 2,927.488 bushels, against 315,SlO in 1902, 4,514,819 in 1901 and 8,204,227 in 1900.