Jasper County Democrat, Volume 4, Number 45, Rensselaer, Jasper County, 15 February 1902 — COMMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMERCIAL AND FINANCIAL

.. v The volume of business 1181/ lOFft. was somewhat affected J during the last week by disagreeable weather conditions. Trade was not seriously interfered with, ■ however, and orders continue to multiply in most manufacturing lines. It is natural to expect less activity in many directions in February, just before the spring business gets well under way. The surprising and growing demand by home consumers for iron and steel products has placed the country, according to some authorities, close to a famine in steel. The primary cause of this great consumption is the universal prosperity In the United States. If the last year had not contained so bright a promise for trade and the new year had not opened so auspiciously this demand would not have arisen. But the encouraging soundness of business emboldened railroads to add to track facilities and equipment and manufacturers to expand. Where the competitive export trade was sought a year ago by the makers of iron and steel, the home trade to-day makes demands they are not able to meet. So far above the capacity of the home mills are these demands that further imports from Germa.v are under consideration. The German manufacturers have an opportunity now to get rid of their surplus stocks. There is talk of bringing back to this country foundry iron sold in 1901 to European buyers. It is estimated that two-thirds of this year’s output of pig iron has already been disposed of. For prompt shipments premiums are offered. Eastern producers as pig have decided oil an advance of 50 cents a ton. The structural and bridge company of the United States Steel Corporation is said to be sold ten months ahead. The busy state of the iron and steel trade is drawing some outside capital into the erection of new plants, but the policy es the steel corporation to avoid advances in prices tends to check activity in that direction. The independent companies in the iron and steel business are advancing prices, although the steel corporation is not doing so. Those companies iutend to get from the consumers all the consumers are willing to pay. 7T7 Plans for the construction LillCdQO. °t several downtown buijd- ——' ings will be rapidly in view of the Council’s action in removing the bar to high fireproof structures. Contracts for structural material needed for new buildings are in view, and while they add to the already overtaxed condition of structural mills, contractors and builders believed they will be ablo to get needed material. Building permits issued in January in Chicago represent a larger outlay than in any January since 1894. Improvement in the real estate market continues. Cotton is quiet, with the statisticians still at loggerheads ns to the crop. Staple cottons are no more active, home buyers confining themselves to the supply of immediate needs. Demand for export purposes was limited. Jobbers are confident of a larger business this year than last. Prices of wool hold firm, but demand is moderate. The output of NewEngland shoe factories is larger this year than last. The leather market is active. Slight improvement is reported in hides. May wheat was rather quiet, but nearly steady, the net result of the week being a loss of %c to %c. A lighter demand caused weakness in May corn and a net loss of l%c. The cr'bp situation is being watched closely by stock market operators. The money market holds at 4 to 5 per cent and the demand is good. The Bank of England made a further reduction of one-half of 1 per cent in its discount rate, the second iu two weeks. The rate now is 3 per cent. Gold exports of $4,250,000 were made to Europe from New York.