Rensselaer Semi-Weekly Republican, Volume 22, Number 91, Rensselaer, Jasper County, 2 August 1901 — COMMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMERCIAL AND FINANCIAL

Hot weather and crop damage reports overshadowed and ruled the stock market during the week, causing lower prices for most securities, limiting trading, and affecting all commercial lines of business to a greater or leaser degree. While the situation is regarded as a serious one, it is confidently believed that the reports of crop damage in lowa, Nebraska, Kansas, Missouri, Oklahoma, and Texas have been greatly exaggerated. Estimates so fju- made indicate a decided shrinkage in the yield of corn this year, but this is in a measure made up to the farmer by higher prices for his grain. The full extent of the damage to crops is not yet known and the uncertainty is still to be removed. Definite information is anxiously awaited throughout the country. The recent soaking rains in the West have materially arrested deterioration and enabled the farmers to plant fodder crops, thus minimizing in a measure the damage to corn. It is- recognized Ahat the farmers are now financially strong, having prospered of late years The steel strike has been gradually working to an end. The buying of steel stocks under heavy demand had a good sentimental influence and steadied the market. The position of the coal stocks is particularly strong, while those of the granger roads have been, as a rule, correspondingly weak. The. general trade situation is most favorable, and the termination of the steel strike and a break in the drought in the West will stimulate broader activity in nearly all ines. The earnings of a large majority of the railroads throughout the country for the first three weeks in July show material increases and gains over the corresponding period a year ago. There is a shortage of freight cars for moving the immense wheat crop, and the granger lines have about all they can do. The “community of interest" agreement of Western roads to stop rate cutting on freights was jarred during the week by a report that one of the principal roads was cutting under the tariff. For a time it looked as if the “agreement” would go to pieces, but Wall street financial and banking interests again came to the rescue and rates were restored. Money for commercial uses is easy and lenders experience difficulty in placing funds even at low rates in Chicago and New York. There is little speculative demaud for money, but an improvement is looked for in this direction as soon as the extent of the crop damage is known.