Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1903-06-27
WATCH THE CROPS.
Their Influence on the Markets
Should Be Noted.
General Situation as Forecasted
Seems Better Than for Weeks.
A Feeling That the Market Will Soon
Be Stronger.

New York, June 6.-Bradstreet's, to-
mort Y, will say. Crop trade and labor
condil'' IS still present some irregulari-
ties bul 3 months trade returns point
to actual 1siness having been better
than year &, go and the situation as a
whole shows favorable features pre-
dominating as to the future. Unseason-
able weather. cold in the West and
rains at the East. dulls retail trade,
accentuates the usual quietness in
wholesale business and retards crop
development. Cotton, corn and oats
have all improved, this week, though
the first two are still unquestionably
backward. Some reduction In esti-
mates of quantitive wheat yield from
those made on June l also seem in or
der.
The iron and steel situation on the
whole seems to have improved Slightly.
Large contracts have been made for
rails by leading trunk lines and central
Western roads. The condition of other
finished products is better.
Railroad earnings are better than
was earlier expected and returns for
the first week of June show a gain of
10 per cent. over a year ago, while
those for the second and third week in
dictate increases of 10 to II per cent. in
excess of last year.
High prices for raw materials,
notably cotton, constitute drag upon
future business, the full effects of
which can not be measured until the
turn of the year when the crop situa-
ton becomes more clearly defined.
Retail trade in dry goods and light
summer weather generally notes a
check administered by abnormally cool
weather. Wholesale business IS natur-
ally smaller in this line. the main
movement being covered by semi-an-
nual clearance sales by jobbers. Cot
ton goods are naturally affected by the
very high prices for the raw material.
Present sales are at the old standard
of value, and new business is down to
small proportions, buyers and sellers
alike being cautious. The textile strike
at Philadelphia affects business in all
branches. Wool is, however, firmer,
largely in sympathy with primary mar
kets, where the new clip is being taken
freely at advances over the prices de-
mandd for old stocks.
The shoe trade notes little change but
good six months business had been
done, one proof of this being the gain of
IA per cent. shown in the Eastern shoe
shipments over last year and of . per
cent. over two years ago. Eastern shoe
manufacturers are reported buying more
freely at Western leather manufacturing
centers. Hides are firmer at Boston.
Wheat including flour, exports for the
week ending June %, aggregate 3.5lS,1 52
bushels against 3,G17,416 last week, and
3,3S2.701, this week last year. Corn ex-
ports aggregate 1,2S5724 bushels against
,OS9, 1853, last week. and 1902 year ago.
Business failures for the week number
III against 155, last week, and 1853 in the
like week of 1902
OF Canadian trade Dun's Weekly Re.
view will say, tomorrow: Prolonged
drouth in the Halifax district has reduced
the hay crop onc-half and low water re-
tardS operations at saw mills. Fruit pros
poets are encouraging, however and a
large output of coal and steel IS antici-
patcd. Wholesale and jobbing trade is
less active than last month Although
the season has been rather backward at
st. John, business Is fair and there is
trade is only fair at Toronto where un-
favorable weather has intcrfered with the
demand for summer dry goods. More
seasonable weather has somewhat i'm
proved trade and collections are well up
to the mark at Quebec.
Wholesale trade at Montreal il more
than usually good for the season and the
demand for metals and hardware is sus-
tanned. Boot and shoe manufacturers are
buying leather n little more freely and
there is fair export demand for sale
Rain has improved the situation Trade
conditions at Winnipeg are satisfactory,
crops in good shac and prospects assur-
ing.
Failures number 49, compared with 90,
year ago.
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