Jasper County Democrat, Volume 4, Number 23, Rensselaer, Jasper County, 14 September 1901 — COMMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMERCIAL AND FINANCIAL

The course of business was much interrupted during the week. In the beginning most business interests were suspended a day on account of the regular annual celebration of the labor unions, and at the conclusion the country was appalled by the cowardly assault on President McKinley. The quickest respon-e to this new and unexpected development in the country’s affairs was in the New York stock market, which sold off rather sharply on Saturday. A severe decline was undoubtedly prevented by the support of powerful Wall street interests, which had too much at stake to permit a heavy shrinkage in market values. Until the President’s condition for better was known definitely, the market was sensitive to his illness, and in any event the bull movement for which Wall street has been gathering its forces is not likely to materialize. In eras of prosperity it is always an untoward happening which destroys the “boom” element of the tinns, and the President's condition may reduce the expansion of business which has been a feature of the situation for some time. In general trade the outlook L» bright, and fall business goes on at a rate that bears favorable comparison with last year. The money market is the point of interest, as rates have been getting firmer, and the loanable surplus of banks smaller. The surplus reserve of the associated banks of New York suffered a further reduction of $5,000,000 last week, and it is now less than $7,000,003 in excess of government requirements, as against $26,000,000 at this time a year ago. Bankers look for relief to heavy imports of gold from Europe, but if these fail to come up to the Deeded amount they will count on aid from the Secretary of the Treasury’. Europe does not wish to give up the gold, but the firm money market Itself will probably attract the metal here. Rates are lower in European center* than at New York, so that a movement of gold to this country would be natural, apart from the large indebtedness of foreigners to the United State*. Indications are that the steel strike will he settled soon or will wear itself out. With the strike Do longer a factor, the prospect is that business in iron and steel will be larger than for a number of months before, and the United Stat.s Steel Cofporation can regain part of the profits it has lost through it* labor troubles. Chicago business hold* up well, aa is shown by a gain of 25 per cent in bank clearing* last week over th* corresponding week of 190 ft.