Rensselaer Semi-Weekly Republican, Volume 22, Number 85, Rensselaer, Jasper County, 12 July 1901 — COMMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMERCIAL AND FINANCIAL

Extreme hot weather and holidays contributed to make the business week a rather dull one. Excepting for a good trade in summer goods practically all lines of business were affected unfavorably by the weather. In many manufacturing, establishments employers directed that work be abandoned on account of the heat. The continued strike troubles were responsible for the closing of other plants. New labor difficulties have arisen, but they are not serious, and settlements are expected. The corn crop is a subject for anxiety. In some places the situation is the least promising one recalled in thirty years. Stockholders interested in railroads largely dependent on the corn yield‘would be pleased to lie assured of a favorable outcome. On the other hand, the wheat crop, from all appearances, will be large, and a liberal market awaits it. The failure of the Buffalo banks has not disturbed the general banking situation, but the recent organization of so many small bunks is looked on by some as a possible source of future • danger. Banks under present conditions are not rediscounting as they have at times in the past. Chicago business maintains its average of gain well. Bank clearings in the city for the first half of the year injYeased per cent over the record for the corresponding period of 1900. Tho prospect at the opening of the last six months of 1901 is for a continuation of steady improvement in general business.. Interest is being attracted to the money market by the sudden advance ill call money rates in Wall street Wednesday. The banks called loans in order to be fortified against any unexpected trouble which might arise during the holiday taken by the New York Stock Exchange from the close <>n Wednesday until the following Monday morning. The demand for money which their action caused put rates up as high as 25'per cent. Contrary to expectation the position of th# New York associated banks haa not improved. A further loss of #3,272,975 in the reserve shown in Saturday's statement does not promise immediate return to the nominal rates of two weeks ago. It is only for speculative uses that high rates are quoted, though the market for commercial purposes has become firmer. The three days’ holiday and the heat left little room for activity in the New York stock market. The chief development </ the week was the declaration of dividends on the preferred and common stocks of the United States Steel Corporation. Wall street was disappointed that the dividends were not specifically stated as quarterly, or semi-annually even, and sold the stocks. The general market was lower in sympathy. The French administration announcer the opening of a cable between Oran and Tangier.