The Saint Paul globe., 1904-06-18
TRADE CONTINUES
MARKING TIME
Crop Outlook Seems to Point
to Good Fall and Winter
Business

NEW YORK, June 17.-BradStreetS
reviewing the state of trade tomorrow,
will say: Favorable features this week
are the further improvement shown in
leading crops and the ending of the
tieup on the great lakes. Wheat, oats
and cotton have improved, but corn
is still backward, owing to the cool
weather General trade and industry
have remained quiet and may be said
to have marked time" The notable
underlying feature Of the entire situ-
alton is the feeling that with an aver
age crop of wheat and large yields of
the other cereals and of cotton now in
prospect, a good fall and winter busi-
ness is to be looked for. Pending fur
ther progress in this direction, the
tendency is to await events. Prices of
leading products have felt the inf1u-
ence of crop news, wheat, oats and cot
ton declining, While corn has remained
very steady on reports of backward
conditions and small supplies offering.
Railway earnings reflect current
quietness in business and the decrease
of 3-5 per cent gross in May indicated
last week is confirmed by fuller details.
Transportation business generally is
better than in 1902. Bank clearances,
a more immediate reflection of current
business, show an enlargement over
last week, but grand totals will still
show recesSionS from year ago. The
crosscurrent of ebb and flow noted at
different cities, however, may poSSlb bly,
be significant of change in the tide.
Collections still reflect the influence of
a backward spring in retail trade, and
are complained of as slow at a number
of centerS. Money continues easy, and
stock market activity is largely pro-
fessional
- ,1cfp nfr fS1l
mainly of improvement. This is most
noticeable in winter wheat, harvesting
of which has become general in the
Southwest and in California.
Spring wheat is also progressing
along satisfactory lines. An average
crop of wheat has been raised in Tex
as. but the yield will be below the av-
erage in California, owing to dry
winds.
The stand of corn is good, but the
weather is too cool for the best growth.
The California grape and raisin crop
will be very large, and Southern
peaches promise a heavy yield.
The vegetable and fruit crops are
reported injured by backward weather.
The Southern oats crop, now being
harvested, was injured by dry weather
in May.
Reports as to the cotton crop are al
most universally favorable, the only
exception being noted in Arkansas,
where a heavy reduction is probable
because of overfiowed lands.
The leading industries generally dis
play quietness.
Iron and steel are dull; productions
are being curtailed, but the weakness
is less manifest, possibly because large
consumers are making inquiries and
with clearer crop and political out
look will probably buy literally at the
concededly close cost prices for raw
material. The ending of the lake strike
has brought about a resumption of the
ore shipments up and coal down. An
thracite coal is in exceptionally good
demand for this time of year, but BIZ
luminous is dull and weak. The lum-
Der trade is rather irregular, being
very much depressed on the Pacific
coast and the Northwest, but rather
dull at the East. Low prices for yell
low pine and hemlock are Inducing a
change in demand to those sorts from
white pine.
According to R. G.. Dun & Co., the
liabilities of commercial failures thus
far reported for June aggregate
$4,151, ,108, of which $1,854,763 were In
manufacturing, $1,879,394 in trading
and S416,952 in other commercial lines
Failures this week numbered 257 in
the United States, against 213 last
year, and 16 in Canada, compared will
20 year ago.