Jasper County Democrat, Volume 5, Number 20, Rensselaer, Jasper County, 23 August 1902 — COMMEPCIAL FINANCIAL [ARTICLE+ILLUSTRATION]

COMMEPCIAL FINANCIAL

.. ~1 Prospects have,, greatly Nel IOfK. improved through the ad--11 ‘justment of numerous labor controversies, yet the anthracite coal strike situation is unchanged and supplies are nearing depletion. Distribution of merchandise has met with some interruption owing to freight blockades, the volume of business being very heavy. Statistics of pig iron production on Aug. 1, according to the Iron Age, are more satisfactory than might have been expected, in view of the great scarcity of fuel. A weekly capacity of 336.465 tons is 15,599 tons less than the high record of Maj’ 1, it is true, but compares favorably with all earlier dates and shows an increase of 32,618 tons over the output a year ago. These figures by no means suggest a serious setback in the industry, but rather emphasize the abnormal condition of demand which finds such a heavj’ yield inadequate. Southern furnaces have contracted so far in advance that they practically have withdrawn from the market, and all dates for deliveries are remote except where foreign arrivals are offered. R. G. Dun & Co.’s YY’eekly Review of Trade makes the foregoing summary of the trade situation. Continuing, the review says: Pressure for steel is undiininished, mid the urgency of domestic consumers is shown by additional imports of large size. Structural material is sought by carshops and bridge builders, while many office buildings and other steel structures are planned. Coke production in the Connellsville region exceeds 250,000 tons weekly, and outside ovens are also surpassing all records of activity. Yet shipments are ufisatisfactory, causing frequent delays. YY'heat, including flour, exports for the week ending Aug. 14. aggregate 4,591,805 bushels, against 4.244.363 lust week and 9.039,761 last year. YY’heat exports since July 1 aggregate 26,990.008 bushels, against 44,071,998 last season. Corn exports aggregate 93,423 bushels, against ,70,611 last week and 508,807 last year. For the fiscal year corn exports are 651,844 bushels, against 9,227,168 last season.

There has rarely been a CulCdQO. - vear wllen the money sit- — uation in the YY’est at this time has been so good as at present. The total amount of money in circulation Is $2,260,606,137, an increase of $71,038,988 over last year. There are 4,535 national banks now in the country compared with 4,165 on Aug. 15, 1901; and the statements on last examiner’s call Show a majority of these banks in better condition as regards loaning ability than at the beginning of the crop movement last year. The banks of the middle YY’est and Northwest have no less than $128,678,000 on deposit with reserve agencies in New Y’ork. Money is easy abroad, and while an occasional flurrj- may run up rates on our side, there is every reason to expect only temporary advances with an easy market and low rates as the rule. The credit of the YY’est has never been so good. And this credit based up<m confidence is really more important than any other consideration. The financial situation, on the whole, is sound, justifying everything of legitimate business expansion, vet not such as to warrant reckless speculation. Many favorable features are noted In trade, especially in the jobbing lines, where the fall buying is being felt with increasing force. In dry goods, shoes, hardware and other lines, material gains were made over last week in the volume of business. Structural iron is still being turned out under great pressure, and the curtailment of pig iron production remains a handicap. The grain markets were firmer nnd advances were the rule, wheat gaining about 2 cents from recent low points. Wet weather and fear of a lowering in the quality of the wheat has been strengthening, this helped to some degr«>e by somewhat smaller estimates of the northwestern crop yield, than was generally expected.