Rensselaer Semi-Weekly Republican, Volume 36, Number 69, Rensselaer, Jasper County, 22 April 1904 — COMMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMERCIAL AND FINANCIAL

ITI 7. j Special dispatches from rlߥ Y OFK. correspondents of the Inter- ——— —’.national Mercantile Agency report general trade activity throughout western and southwestern territory. Advance business in some lines shows a decline from last year, with buyers everywhere very cautious, ordering only such supplies as are actually needed. Textile manufacturing is quite generally depressed, with 30 or 40 per cent of machinery idle in some sections. New England advices report unsatisfactory trade conditions as a result of the partial shutdown of cotton mills and the decision of prominent Fait River manu-facturers-to curtail production from now on. Unless relief is forthcoming a general shutdown seems probable by July or August. Southern centers show falling off in dry goods compared with 11)0,1 and 11>02 figures. Boots and shoes and -clothing are about normal. The Baltimore district shows good trade, with signs of fast recovery from tire disturbance.

St. Paul, Minneapolis and Duluth sections have not yet recovered fully from the effects of the severest weather encountered in years. Spring business now is fairly well under way, and the large jobbing houses are handling relatively larger orders than they reported at this time a year ago. Crop conditions in that section are good. The flour mills are doing a heavy business, farmers receiving generally higher prices. These reports reflect conditions prevailing generally throughout the Northwest, where the outlook seems excellent for a prosperous year.

Rochester district reports nursery shipments fully a month late. Orders for spring and summer clothing run much ahead of last year. Shoe orders are considerably less than 1003. Conditions in iron and steel are generally stronger. The staple markets, while fluctuating sharply, have not moved sensationally- and are somewhat improved. Advices ihdieate continued ease in money. There has been considerable inquiry at New York for “over-the-year loans.” There has been little inquiry for six-month loans, which are ordinarily in demand, because they would mature this year just before the presidential diction. Although gold exports have been resumed, over $3,000,000 having been shipped to Paris this week, the outflow is not likely to create a stringency or cause banks to. restrict accommodations to legitimate borrowers. In spite of New York’s billion-dollar loan account, the banks of that city hold surplus reserves that have been exceeded only '.three times at a similar period- of the year during the last quarter century. Most of the activity in the stock market is due to the operations of very rich men. Millionaire operators have been chiefly instrumental in forcing prices to a higher level. The public in general has held aloof.

" Dun’s Review, published CbiGaao b y r - g - Dun & c °- ****'■ bushels, are slightly over one-half under those of a year ago. The demand for breadstuffs ruled very light, and the closing prices of the previous week were not sustained. Corn fell 2%. cents a bushel, oats 2Vi cents and wheat % cent. Provisions were also weak, pork declining 35 cents a barrel, lard 22% cents and libs 20 cents. Receipts of live stock were 320,300 head, compared with 205,(500 head a year ago. Heavy sheep gained 25 cents a hundredweight and reached the hjghest price this year. Heavy l.ogs fell 10 cents, and choice cattle declined 5 cents. Bank clearings, $170,855,524, are 10.04 per cent over the same week last year. Money was quoted at 4% per cent for the best commercial paper. The demand for funds was better for mercantile and investment purposes.