Jasper County Democrat, Volume 4, Number 43, Rensselaer, Jasper County, 1 February 1902 — COMMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMERCIAL AND FINANCIAL

f— The steadiness of bus!I nRV lOrk ness was not marred by any I-.-- XUla ' tl n tow ar d developments during the last week. The statistics which best indicate the course of trade hold true to the early promise of improving conditions. Favorable reports coin* from all sections of the West, and while prices are easier for some products, manufacturing establishments are generally well supplied with orders. That tho business world is without special incident of disaster iu this time when people are still asking whether great prosperity will abide longer iu this country is a good sign. It is of the highest importance that all features of the iron and steel trade remain bright as regards present and future trade. The heavy demands of railroads for steel rails tax the facilities of the mills to such a point that the total output for 1902 is almost entirely sold in advance. Under these circumstances it will be strange if more independent plants are not built. One large road is reported to have placed a rail order with foreign manufacturers, and others may be compelled to do the same. The bridge and structural company of the United States Steel Corporation is planning the construction of more plants, so heavy has its business become. The coke situation improves steadily and is much better in the Chicago district. Wire and wire nails are firm at the advanced prices, and there is some talk of another meeting, which suggests the possibility of another raise. Western bar iron manufacturers have added $2 a tou to the price of bar iron. Eastern manufacturers have made an advance of $1 a ton on the same product, and as the Western has been lower than the Eastern price quotations now are alike in both sections. The ore association has fixed the price of Bessemer old range as a base of $4.25 a ton, unchanged from last year's quotation. Spring jobbing trade will be enormous in volume, buyers showing more confidence in making purchases. The London sales of wool gave firmness to the prices here, but holders hope for higher quotations. Yarns are steady but without material change. Print cloths are firm and are held closely. Staple eottons are firm, but buyers purchase slowly. The raw material has not improved on its previous •uncertain position. The leather trade generally is iu a satisfactory situation. The prospects for activity ClliCdQO. * n construction of down8 . town buildings in Chicago have received a serious setback in the refusal of the Council to permit structures of over 132 feet. It is stated that the total cost of construction of eighteen buildings, mostly in the business district, for which plans have been prepared, will be $10,000,000, but some of the enterprises are contingent on the Council’s attitude. Builders would like to see this money invested. Grains and provisions were lower. May wheat losing 2% cents on the week's movement and May corn 3% cents. Liqfiidation iu wheat was caused by snow in the Western belt and a reduced cash demand. Enormous receipts of coffee made the market weaker and prices are easier. Money shows increasing ease. Tho Rank of England reduced its discount rate from 4 to 3Mi per cent, but there is a suspicion that the London market .s being prepared for a new loan. Call rates iu New York are practically nominal, and while commercial funds the country over are in good demand rates are gradually easing. Country banks are increasing their city balances and are‘ buying commercial paper freely. They have been advised by the city banks to be cautious in their purchases, particularly of city paper, and to make no such purchases without consulting their city correspondents.