Jasper County Democrat, Volume 5, Number 28, Rensselaer, Jasper County, 18 October 1902 — COMMEPCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMEPCIAL AND FINANCIAL

Tj „ . | “Favorable symptoma N6Y York. I Bt ‘" predominate, and the ■ ' * business outlook is enc >nraging despite the adverse factors of labor controversies, fuel shortage and tight money. That these drawbacks have not seriously checked Industrial progress testifies to the strong position attained during recent months of uninterrupted activity and growing confidence. Manufacturing plants dependent upon steam for motive power are finding profits curtailed by the high prices for fuel, and unless normal conditions are soon restored it will bo necessary to secure better quotations for products.” The foregoing is from the Weekly Trade Review of R. G. Dun & Co. It continues: The problem of adequate transportation is also disturbing, as there is already congestion in the coke region. When anthracite coal mining is fully resumed and grain shipments attain expected dimensions the railroads will find great difficulty in meeting all requirements, despite vigorous efforts to increase facilities. Railway earnings in Reptember were 9.4 per cent larger than last year and 20.2 per cent in excess of 1900. Dun’s index number of commodity prices proportioned to consumption was $100,648 on Oet. 1, an advance of 4.1 per cent compared with the position on Bept. 1. tl is certain that all records of pig iron production would be far surpassed if coke could be obtained, even at the exceptionally high prices now prevailing. Hence reports of active furnaces measure the available supply of coke rather than the demand for pig iron. Imports continue on a liberalscule, although new rulings as to tariff rates checked arrivals of steel billets. Railway equipment is still the most active feature of the market, carshops seeking material, while orders are placed for far distant delivery because early shipments are impossible. High premiums are offered for locomotives, but works have their books filled well into next year. Last week's reduction in prices of shoets and wire have not been followed by any weakness in other branches of the trade, wliile an improved demand is reported in the lines making concessions. The monetary situation C[]jCa(Jo. shows improvement as eom- _ pared with conditions ruling recently, but the money stringency has by no means passed, and higli rates have ruled again this week in the East. It is true there is no scarcity of money in tlie West, and that the western banks have abundant funds for all purposes. But these western banks have been drawing down their eastern reserves and it is predicted that the return flow of money to New Y’ork will be later this year than usual. There are some different features tliis year to the western situation, an illustration of which is found in the Southwest and central West. There the com crop failed last year and in many localities hogs nud cattle were rushed to market, as feedstuffs had advanced to abnormally high prices. This year there is oue of the largest corn crops the country has ever produced, probably one-half of which will be fed to stock. It is a reasonable supposition that farmers who cleaned out their establishments last year, will now restock and there will be late demand for money for this purpose which the banks must supply. The movement of so much of this com as will be marketed will be under way early in November, which will mean a heavily increased railway tonnage, and that which remains on the farms will make heavy live stock shipments some months later. This means good business for the banks and railroads, increased activity in all business lines and finally cheaper meats for the people. And it also foreshadows the car famine slowly creeping upon the railroads of the West. Of ail sections of the country the Northwest leads in the enjoyment of prosperity unalloyed, and business activity unimpaired by anything of an unfavorable nature if we except the handicap occasioned by the inability of the railroads to move rapidly the immense tonnage offered them.