Jasper County Democrat, Volume 4, Number 24, Rensselaer, Jasper County, 21 September 1901 — COMMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMERCIAL AND FINANCIAL

Events in the business world waited in large measure during the last week on reports of President McKinley’s condition, and when the news of his death caine it caused much gloom in the financial centers. That it will prove more than a temporary shock to business interests, however, is not generally anticipated. So grave an event, however, cannot fail to make the money centers, always sensitive to changes, somewhat conservative until the situation is more settled. Apprehension is expressed by many that the same bad effect which the similar death of Garfield had upon business may be experienced now, ‘but the basis ou which the couutry’s trade ‘rests is considered much sounder now. In a survey of the present situation one great fundamental fact appears in the enormous exports of manufactured goods to foreign porth, which were lacking In Garfield's time. The McKinley prosperity has been based upon the blessing of good crops and wide foreign markets and immense and growing exports, in addition to large home consumption. .White’ atricha have been high in price they were advanced on good railroad earnings and an improvement in railroad management by the introduction of the community of interest principle. These stocks, too, are in the hands of the large Wall street financiers now, who are hound to protect them against great declines, where, in 1881, they were largely held by the speculative public. A shortage existed in the corn crop in 1881, as it does now, but while the wheat yield was short then It is the greatest ever known in the country this year. Too much stress cannot be laid upon the difference between monetary conditions. It is clear that a parallel cannot be fairly drawn between the two periods. The present era of prosperity is without a precedent in the history of the country. But such a shock as that through which the country has passed causes a hesitation whose outcome is not to he feared although it cannot be foretold. Indications are that the stock market will be dull for some time and in a lime of this kind new enterprises which were under negotiation or on the point of starting are liable to be held back for a more propitious day. . Controlling interests in Wall street have further plans for the unification of the railroad systems of tbe country which may he deferred by the new problems which have arisen. The money market has been relieved by the action of the Secretary of the Treasury in depositing more government funds in the banks and purchasing bonds, and the better feeling as to rates was assisted further by a small gain in the New York bank reserve in Saturday's statement. The expectation that gold imports would begin soon has not been realized yet. The settlement of the steel strike removes an element of unertainty in the stock market as well as in the industrial world.