Jasper County Democrat, Volume 3, Number 45, Rensselaer, Jasper County, 16 February 1901 — COMMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMERCIAL AND FINANCIAL

New York—Very little chauge is to be noted this week in the general character of either the legitimate business or speculative situation. Trading in stocks continues on an extensive scale, and in several directions new price records hare been made. The "bull” sentiment in the street is being kept alive by the circulation of stories of important railroad and industrial consolidations aud absorptions. Each day recently has witnessed some addition to the crop of rumors of this kind, until now there is hardly an important stock listed on the New York Exchange that is not supposed to be, either directly or indirectly, interested in a “deal.” The only development of consequence along this line this week was the one relating to the larger steel companies. It is officially admitted that negotiations are pending for a closer alliance between the Carnegie, Federal Steel and American Steel aud Wire companies, and there is now every reason to believe the plan will be successfully carried out. An alliance" of tKatTrind would place the steel business of lhe country on an entirely* new footing, and its effect would be farreaching. In the stock market there has been found a public trading element that has been only too eager to take a sanguine view of the situation nnd load up with the various stocks offered at steadily advancing prices. Certain shares are being bought now with the utmost confidence by this “public” at prices that less than six months ago would huve been considered as not only extravagant but utterly impossible. Chicago—Speculative business in grain and provisions was not on a heavy scale this week, and prices underwent no great change. The tone of the grain markets was rather in favor of lower prices, but although some decline was established at the close of Friday’s markets, as compared with values at the end of the previous week, they revealed less actual weakness than was commensurate with the heaviness of feeling that was most of the time dominating the trade. As regards the situation in wheat, the liberal business done for export prevented the bears from giving too loose a rein ta their dominant idea of what its value ought to be, causing them to observe due amount of caution that were clearly indicated by the readiness with which they seized the opportunity of quite moderate declines to buy back the wheat they sold. This class of speculators had the advantage of receipts of wheat in the West still in excess of the movement to market at the same points in the corresponding time of the year precediug. Iu addition there was the encouragement of foreign advices of a pessimistic character, and a covering of snow for the winter wheat which removed one of the main fears with" which they had previously been beset. Shipments of new crop Argentine wheat last week, and again this week, gave decided indications of increasing in a way that once more left the amount of the season's production in the southern republic a matter of great uncertainty. From Russia, the Balkan countries, Australia and India offerings of wheat to Europe were reported to be ou a scale of liberality which was the source of the depressing cablegrams from the markets where such supplies tended to lessen the dependence upon those from this country. Coarse grains, while somewhat less bullish in tone than they had been, were steadier than is usual when the wheat market was so frequently of a different character during its week’s course, but compared with a week ago the price of corn nnd oats is practically unchanged. Stocks of hog products at the beginning of the month had not increased since the opening of the previous month to an extent that might be expeeted with such liberal receipts of hogs as have been coming to market. On that account prices of the manufactured commodities have rather tended in an upward direction.