Rensselaer Semi-Weekly Republican, Volume 20, Number 99, Rensselaer, Jasper County, 18 August 1899 — BUSINESS SITUATION. [ARTICLE+ILLUSTRATION]

BUSINESS SITUATION.

Chicago Correspondence:

i N the stock markets last week further evidence was given of confidence on the part of the people at large in continued advances. Trading in what are | known as the “in- | dustrials,” the sei, entities of the large t manufacturing com- ' binations which have been formed in

the last two years, was on an extensive scale, and values for many of these rose to a materially higher level. In only a few instances were there any signs of manipulation on the part of “insiders” or cliques of market operators. The buying came for the most part from the commission houses, and seems to have been largely for the account of people well posted as to the condition, earnings and prospects of these corporations. Reports from the principal trade and manufacturing centers ore of a favorable character and furnish abundant explanation for this revival of interest in the securities included in the “industrial” group. From all sides a steadily, increasing activity in the leading lines is reported. The capacity of the mills is being tested, and prices are being well maintained. Goods are going into actual consumpeion, and still there is no slackening of the demand. The tendency of the money market has been toward an easier condition, but the approach of the crop-moving season seems to make it doubtful if there will be any material decline in rates from the present level in the next few months. Foreign exchange, however, is showing marked weakness. The Government report on the condition of cropß, issued Thursday afternoon, created a diversion in favor of bulls in the wheat market. Prices previous to its publication had been inclined downward, but the present condition of spring wheat being interpreted to indicate a deficiency compared with last year of about 00,000,000 bushels, speculators took a different view of the situation, and in thirty minutes Friday afternoon the price of wheat recovered all it had lost in two weeks. The Government estimates of the yield of winter and spring wheat make their combined shortage, compared with the official figures of the previous year, 175,000,000 bushels. There is no suggestion of low prices for wheat In these figures. While comparatively high prices for wheat are almost a foregone conclusion, therefore, bearing in mind the failure of the crops in southeastern Europe, the size of this year’s corn crop seems to point to a wholly different prospect for the price of that most important cereal. When the enormous aggregate of promised production, however, is taken into account, the sum it represents at even 20 cents a bushel is a splendid object lesson of the huge capacity of the American farmers for drawing wealth from the generous soil they cultivate. The estimated production of corn for the season, with present condition maintained till harvested, as indicated by the Government report, is 2,150,000,000 bushels. At 20 cents a bushel that represents the vast sum of $430,000,000.