Rensselaer Semi-Weekly Republican, Volume 20, Number 102, Rensselaer, Jasper County, 1 September 1899 — BUSINESS SITUATION. [ARTICLE]

BUSINESS SITUATION.

Chicago Correspondence: The underlying features of the business situation are still of a promising character. The few changes that have taken place lately have been for the better, and the result of this is that the feeling of confidence in the future is gaining strength. There is no longer any apprehension felt in regard to the money market, borrowers and lenders alike being now pretty well satisfied that nothing approaching a tight market can be brought about. The West seems abundantly supplied with funds and apparently able to provide for the moving of the crops this fall without any great an\ount of assistance from the Eastern financial centers. Furthermore, the present condition of the foreign exchange markets makes it certain that any important advance in interest rates in this country would at once start a gold-im-porting movement of considerable proportions. The stock markets this week have continued to gain strength. Efforts on the part* of the professional bear element to depress prices for the standard railroad shares have been defeated simply because of the fact that the actual business position of the country is hostile to such operations. In some of the purely speculative stocks shake-outs have occurred, but the investment properties have not only stood their ground, but many of them have made further advances. London has been quite a heavy

buyer of American specialties, and commission houses have also been much more active, indicating that public interest in the, market is steadily increasing. Activity characterized the week’s speculative business in grain, and the volume of dealings in provisions was quite up to the average. Prices did not vary much from those prevailing at the dose of the previous week. Estimates of the amount of wheat raised this year displayed a tendency to agree upon a crop of about 525.000,000 bushels. Almost equal edncuirence in the requirements of the importing countries was shown in tbe estimates of foreign statisticians, which did not vary much from 345,000,000 bushels. Of that total they calculate 220,000,000 bushels will be needed from this country, or a weekly supply throughout the season of about 4,150,000 bushels. Allowing for the surplus left over from the previous season’s most abundant crop, the indications are there is less wheat this year than last year by at leflst 100,000,000 bushels to supply equal requirements. If these calculations prove approximately correct prices should rule higher this year than last. The corn crop still gladdens the hearts of its cultivators by its splendid promise, and two weeks more of favorable weather should put the bulk of it beyond harm’s reach. The deficiendee of last season’s corn crop are beginning to be demonstrated to the discomfiture of a party in the market that sold for delivery at an earlier date than new crop supplies can be available.