Rensselaer Semi-Weekly Republican, Volume 22, Number 97, Rensselaer, Jasper County, 23 August 1901 — COMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMERCIAL AND FINANCIAL

About the worst that can develop in the corn crop situation is already known. Undoubtedly much harm has resulted to business interests which will be felt through the remainder of the year, but the extravagant estimates that first created alarm will not be borne out. From this time on the situation in all probability will improve. So far the net damage to business from the crop trouble has amounted to little, but it is too early to say what the ultimate result will show. It will be disappointing if the damage is not much less than most judges anticipate. When the wheat scare in the Northwest upset the stock market last year dire predictions were made, which, subsequent events did not fulfill. The Northern Pacific Road, which was largely dependent on crops for its traffic, made up on manufacturing articles then what it lost in agricultural produce, and the same influence will count iu the Southwest this fall. Railroad companies show greater diversity of traffic continually, and in freedom from dependence on one industry lies their salvation. The hesitation incident to the crop scare upon its first appearance is disappearing. Merchants who did not like to commit themselves pending settlement of the question as to how greatly the purchasing power of the farming communities would be reduced have overcome their reluctance and are placing orders more freely. Better trade is reported, and, while dullness is looked for during August, business maintains a satisfactory volume. Developments in the steel strike (luring the week favored first one side and then the other. The matter has not yet reached a point where its end can be seen. Prices of materials have been advanced, particularly tinplates, which have risen sharply. Production has been affected to some extent, but the mills of the steel corporation are so many in number that the strike would have to be much more general before they could be tied up completely. Thus far a little over one-third of the output of that corporation has been cut off. Companies outside the “trust” have secured a good deal of business on account of the unsettled condition of its affairs. Chicago concerns have profited largely in this way. Stocks are holding at a firm level. The public is in the market to a larger extent than for some time, but still shows small interest. The important men in Well street own the stocks. Sentiment is, perhaps, more favorable to a bull 'movement again this fall, but there is a manifest indisposition to buy stocks at the present prices on account of the feeling that business is more likely to decline soon than to increase over its present enormous volume. True to its character. Wall street will discount the period of conservatism as it did that of prosperity. The tendency of the money market was a little firmer, and rates are quoted at 4% to 5 per cent.