Rensselaer Semi-Weekly Republican, Volume 34, Number 26, Rensselaer, Jasper County, 29 November 1901 — BUSINESS SITUATION. [ARTICLE]

BUSINESS SITUATION.

~~ ~ ' In the minds of those best YOFfl. inlfo rmed as to the financial' Li outlook there is n<f prospect of a change from favorable conditions In the immediate future. The assassination of President McKinley caused a complete cessation of the promoter’s activity. People preferred to wait until they could see that the country had stood the shock without harm to its financial and commercial Interests. The effect of the shock soon passed away. Business has improved and seems satisfactory in practically all directions at the present time. The most important development of late was the formation of the Northern Securities Company, marking the end of the Northern Pacific struggle. Personal feeling and pride were put aw r ay in this case. Differences were sacrificed in order that the future of the Northwestern railroad situation might be fixed as near as possible. What the outcome of this arrangement hetw’een the contending factions will mean to the public time will have to develop. So far as the stock market is concerned the actual announcement of the settlement had no effect. Wall street had been given the assurance for some weeks that the settlement w’ould be made and, as usual w’ith most happenings, had discounted it. The condition of Chicago ClllCdQO. business is indicated by its — 1 bank clearings last week, which were the largest on record for any one week. They gained 16 per cent over the corresponding period of • last year. The state of the iron and steel industry has undergone no change. Shortage of railroad cars to handle traffic is still complained of. Oats reached the highest level of the year and corn was higher, farmers being disinclined to sell at prevailing prices. The decreased purchasing power of Europe is shown by a falling off in October exports of this country as compared w ith last year. That, however, was expected, and domestic consumption remains large enough to make up for the loss in foreign trade. The wheat situation continues to harden. The market has crept up over 5c in a month, and is gradually working higher. There are setbacks from the top prices, but on every rally the price seems to creep up to a higher point than heretofore. The supply and demand theory is having a good effect, and there is more investment buying on the weak spots. Wheat feeding, which was not thought to cut any figure three months ago, is now becoming a factor. It is being indulged in extensively in the Southwest. Oats sold, Thursday, on the Board o.f Trade, at the highest prices reached in seven years. Buyers paid 41% cents a bushel for May delivery and as high as 44 cents for desirable grades for immediate use. The Western situation is governing the corn market, and the West and South continue to buy cash and futures. They are paying fancy prices, and far in excess of the Chicago market. A big run of hogs last week exercised a depressing influence on values of hogs as well as product. Receipts were 237.494, largely exceeding estimates, which were only 180,000,- and at all points were largest for the same time in ten years. All articles of food, particularly potatoes, butter and eggs, have advanced steadily. Butter is up about sc, and eggs 6c a dozen within a short time, and the consumption seems to keep pace with the production.