Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1900-06-14
Adjustment of Prices to More
Natural Levels Continues.
THE FAVORABLE PHASES
END OF successful Session by Congress
and Developments in South Africa
Have Efect-Rise In
Wheat.


ment of congress after a successful
session, the progress toward peace. in
South Africa and the rapid adjust
ment of prices here to more natural
levels all tend to bring nearer the day
of greater activity. But that progress
has not been rapid, and the yielding of
prices affects many as a reaction, cut
ting off part of the profits supposed to
have been secured.
wThe impression grows also that no
extensive changes in business are now
probable until after the presidential
election, and the possibility of trouble
in China has at least as definite an in
fuence on American affairs as any
change in South Africa. The unset
tied condition of labor controversies,
moreover operates strongly for the
time to limit expansion of domestic
business. Yet the volume of business
is so large that few months of wait
ing could not excite any apprehen-
xion.''
Heavy DeCllne In II.
After thus generalizing on. present
business conditions in the United
States, r. G. Run & Co.'s Weekly Re-
view of Trade, issued today, enters in
to particulars as follows:
It is but few days since an eminent
ironmaster overwhelmed doubts and
questions by the positive declaration
that any decline whatever in the price
of iron this year was simply impossi-
BILE. Yet anthracite No. / has declined
$4.25 per ton, and this week the Besse-
mer association has reduced its price
at Pittsburg $500 per ton and the
southern makers So per ton. The de-
cline in prices of pig iron from 1877 in
January to 93.6 this week, and in the
finished products from 9s.O5 to S001,
does not, in fact, show the entire
change, as the Steel and Wire compa-
ny's guaranty of prices in case of fur
ther reduction respecting products not
then shipped is in effect a concession.
A few large contracts are reported, but
the new business is SO small that many
works are stopping or reducing force.
( The minor metals and coke are weaker.
Petroleum has again been reduced to
7.S5 cents, against 900 cents April A.,
and rubber to Sc cents against $1.04 in
March.
Silk and hemp are both lower. Wool
has not declined further, but is weak
and in small demand, many of the mills
having inadequate orders for goods.
Still more important is the fall in cot
ton to 8.S1 cents, against 9.S7 cents a
month ago, which is also due in part
to restricted demand for goods at the
advanced prices asked. The statement
often made that the textile mills are
running full time does not appear ac-
curate; the production is heavy, but
by no means full.
Hides have declined further this week
both packer hides at Chicago and dry
hides here, and the decline in this i'm
portant material has been over 20 per
cent, while in leather it has not aver
aged per cent. The boot and shoe
manufacturers maintain they cannot
accept lower prices than those they
have asked until leather yields much
more, and the closing of many works
indicates that the embarrassment is
serious.
Rise I'm Wheat Quotations.
\
The rise of 21s cents in wheat, at
tributed to injuries threatening short
production next fall, affected stocks al
so somewhat. Exports do not materi-
ally change, having been for the first
week of June from Atlantic ports, in
Guiding -four, 2,s55,261 bushels against
1,s49,373 last year, and from Pacific
ports 591,O15 bushels, against 623, 400
last year, and of corn 2,793,369 bushels,
against 2,sO4,909 last year. Receipts of
both grains have fallen considerably
below those of last year, tho not as yet
enough to indicate a, sense of scarcity
in interior supplies.
Failures for the week have been FOG
in the United States, against 159 last
year, and nineteen in Canada, against
ten last year.
Weekly Bank Statement.
New York, June 9.-The weekly bank
statement follows: Surplus reserves
decreased $1,749,025; loans increased,
$6,4s3,O 900; deposits increased, $780,
900.
Wheat Rises.
Chicago, June S.--Not since the days
of the Letter operations has the market
for wheat shown such activity strength
and volume of business. as during yes
terday and today. July wheat just be-
fore the close today sold at 1924, Az
higher than the market closed Wednes-
day. The cause of the advance is the
continued dry weather in the north
west combined with Hessian fly inju-
ries to wheat in Indiana, Ohio, Michi-
gan, and parts of Illinois.
Rain for Northern Wheat.
Minneapolis, June 9.-The rain last
night and today extends from central
southern Minnesota northward thruout
the state into the British possessions,
including the Red river valley wheat
fields.
ills Now Judge McPhcrson.
Washington, June S,-Smith McPher-
son reSiued his seat in fhe house of ran-