Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-04-13
BUSINESS FEATURES.


mand must prevail. Compared with
| the high record for stocks last Sep
TENDER, the sixty most active railways
have declined S15.S5 per share on the
average, and the volume of new Sc
curities offered to investors has proved
greater than the available funds could
assimilate. A parallel case exists as
to coffee, with the inevitable result.
Another weakening influence as to
stocks is the increased cost of materials
and labor, which reduces net earnings.
Yet this very necessity for greater
disbursement puts more money in cir
culation thru regular channels and
stimulates dealings in commodities.
Aside from the prevalence of strikes
and possibility of further interruption
to industrial activity next month on
this account. the business outlook is
most gratifying. Late frosts caused
low Temperatures did not continue, and
I in most sections agricultural products
had not advanced sufficiently to suffer
materially, while the prospects are
bright for large crops, and heavy sales
Of fertilizers testify to extensive oper-
ATOMS. Despite some unfavorable
weather, Easter retail trade has been
heavy, andf jobbing activity in summer
fabrics indicates expectation OF a Wig
vances. There is less complaint re-
garding deliveries, due to better traffic
facilities. Railway earnings in March
increased 1873 per cent compared with
last year and 24.1 per cent compared
with 1901. With the volume of spec
ulation about half what 1t was year
ago, and only 25 per cent as compared
with 1901, it is not surprising that
bank exchanges for the week at New
York show a loss of SO per cent conf
pared with 1902. and a decrease Of ga
per cent compared with clearings two
".
were gains of "a and 6.3 per cent, re-
spectively
Undue significance has been attached
to the recent reduction in prices of
southern pig iron, and turnout the
country a tendency to delay placing
contracts is noticed. No other cut In
quotations has followed, and in the
trade 1t is believed that after the tenn
porary uneasiness there will be a re-
sumption of buying on the former lib
eral scale.
According to the Iron Age the capac-
ity of furnaces in blast on April was
376,576 tons, surprising the previous
high record by 21.S43 tons. and new
monthly record was established in
March at 1,626.205 tons. Yet imports
We're very large, and have not yet
ceased. Conditions in this industry are
shown to be remarkable by the official
report of the steel corporation. which
did a business of $560.OO0.000 last year,
and has made net earnings of about
SIS, 100000 in the first quarter of this
year. while untitled orders on the books
April aggregated 5,410,719 tons.
In the textile industries there are
still adverse factors, notably the labor
controversies at cotton mills. Lowell
mills are idle. but thus fax the threat
ened strikes at other points have been
averted. Wool has been fairly steady
since the month opened, but none of
the March decline is recovered. New
business is small at eastern shoe fac
tories. but this is seasonable, and no
apprehension is felt. Leather is In bet
ter demand, the strike at Chicago tan
neries stimulating purchases. Domes-
tic hides have lost part of the recent
recovery, and imported skins are also
somewhat cheaper.
Wheat advanced in price. tho re-
ceipts were 2,545,o3O bushels. against
1722542 a year ago, and exports g..
415.523 bushels compared with 3,S49,-
l97o in the corresponding week of 1902
and 4.976,S1O in 1901. More normal
quotations for corn maintain exports
at a high rate, Atlantic coast ship
ments for the week amounting to p
593, 301 bushels, against 1928 bushels
a year ago.
Liabilities of commercial failures for
the first week of April aggregated ST.
$50, 1888, of which S743,314 We're in man
ufacturing, $93s,O92 in trading, and
s29s.777 in other commercial lines.
lFailures this week numbered 1877 in the
United States against 1913 last year,
| and Is in Canada compared with IS a
year ago.
IOWA OPINIONS AND NOTES.
| The Dubuque Times asserts: IF a
slight annual registry tax We're levied
on all the mortgages in force in Iowa.
including those representing railroad
and industrial securities. it would yield
more revenue than the state derives
from this class of property now"
'sThe trouble with the good roads
- eoyc fI,a OttI1myya Con-