Rensselaer Semi-Weekly Republican, Volume 36, Number 89, Rensselaer, Jasper County, 1 July 1904 — COMMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMERCIAL AND FINANCIAL

7~ R. G. Dun & Co.’S CulCdQO. weekly review of Chicago The volume of business reflects less hesitation and in some respects there are indications of gain. Bank exchanges exceed those of a year ago; shipments of grain and flour are larger than the previous week’s, and more activity Is seen in both manufacturing and jobbing. Iron and steel producers made new bookings, insuring steady work at the rail mills for the last half of the year and an increased output of pig iron. Crop reports bav® continued favorable, and the agricultural outlook is bright, with prices well sustained in cereals and higher for live stock. Termination of the lake tie-up brought relief to the vessel interests, together with a rush of work along the docks and the restoration of normal conditions in the movement of forest products, coal and ore. Railroad traffic generally discloses Improvement, owing to heavy travel and freer marketing of farm products. Wholesale merchandise dealings maintained satisfactory proportions, With the buying for fall delivery better in dry goods, clothing and shoes, and retail distribution in the leading lines are very steady. Interior merchants report seasonable reduction of stocks. Western collections occasioned little complaint and city settlements are fairly prompt Except the machinists’ strike, the labor situation presents few hindrances in the manufacturing branches. Grain shipments, 2,413,942 bushels, compared with 1,747,573 bushels last week and 4,353,918 bushels a year ago. The general demand remained very poor, and prices closed under those of a week ago, In wheat 2 cents a bushel, in oats 1% cents and In corn % cent Live stock receipts, 275,585 head, compared with 293,710 head last week and 293,307 head a year ago.

N6W YOrl. an epidemic of ultra conservatism, emanating apparently from the theory that a season of depression must come every ten years, while the coincidence of a Presidential election furnishes another piMfedent. As a result stocks of merchandise have been reduced, railway traffic is lessened, preparations for future business are curtailed and less money is distributed in the form of wages; while those having capital to invest confine their attention to the highest classes of bonds or hold back for still lower security prices. All these factors have combined to produce a reduction entirely out of proportion to the natural readjustment that was really started by abnormally high prices of raw materials and other excessive costs of production resulting In accumulation of goods that could not be sold at a profit. Liabilities of commercial failures thus far reported for June aggregated $4,151,108, of which $1,854,762 were in manufacturing, $1,879,394 in trading and $416,952 in other commercial lines. Failures this week numbered 257 In the United States against 213 last year, and 16 in Canada compared with 24 a year ago.