Rensselaer Semi-Weekly Republican, Volume 35, Number 118, Rensselaer, Jasper County, 18 September 1903 — COMMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMERCIAL AND FINANCIAL

Tj T 7 r~] “A striking contrast aprl6V lOrl pears when comparison is made with the corresponding week last year. Prices were then tending uptvard in many branches of industry, new business was coming forward more rapidly than it could be handled and in the security market all records activity and high prices were being surpassed. Later events have demonstrated that the situation was unhealthy, and speculative excesses have been followed by reaction and readjustment. Conservatism was then the ception; it is now the rule,” according to It. G. Dun & Co.’s Weekly Review of Trade. Continuing, the report says: Prospects for steady gains and their maintenance are brighter under the present system; Legitimate trade will continue to suffer from the losses in speculation, and the high rates for commercial loans will militate against industrial expansion, but in the long run a larger degree of caution should prove beneficial. Buyers are still coming to the leading markets in great number, and testify to the sound condition of business at the interior. Manufacturing plants are busy throughout New England, aside from cottou mills, and there is notable activity in wearing apparel at the South, while, prospects for a large fall retail trade are bright everywhere. Already there is traffic congestion at several points, despite the fact that crops have only just begun to move, and railway earnings in August show gains of 0.3 per cent over last year and 17.4 per cent over 1901.

Unprofitahly low prices have had' the effect of curtailing production in the iron and steel industry. Labor and other costs of production, with the single exception of fuel, are much higher, while consumers are slow to purchase even at the extensive decline that has occurred during the current year. Kails and other track supplies are in good demand, especially for prompt shipment, and more orders are placed for structural material for bridges and buildings. A brick demand is noted for merchant pipe. Sheet mills and some other divisions of the industry are in an uncertain position, owing to the labor situation. !

. A tnore confident feeling LlliCaQO. > n the business outlook is confirmed in larger dealings recorded by various industrial lines and a wider distribution of products. Bank exchanges exceed those of the corresponding week last year and reported failures in the Chicago district are less in number and significance. Country buying remains very strong and local demand is well maintained. Railroads are liberal buyers on materials for repairs and extensions and have placed contracts for additional equipment’ involv-* ing large expenditures. Traffic, by both rail and lake, exhibits no diminution in volume and earnings of railroads centering here show steady gains. The markets for grain and provisions are fairly active. The monthly statement of hog products in store disclosed a 10 per cent decline since July figures, but compared with August, 1902, there is n gain of 31 per cent. Trading in the cereals was more animated notwithstanding limited operations for foreign account. Quotations were moderately advanced in all the pits, corn acting as leader. Sales of flour are fair and the market assumes stronger tone on prospective business for the continent and lessened stocks in hands of domestic dealers. Live stock receipts—--297.502 head —are 16 per cent over a year ago. Receipts of produce increased in lard 9 per eent; hogs, 11; flour, 16'; hides, 17; sheep, 19; cattle and butter. 20; seeds. 32; barley, 38; wool, 45, and corn, 315. Decreases are in dressed beef, 10 per cent; broom corn, 25; cheese, 40; wheat, 45; oats, 50, and rye, 75.