Rensselaer Semi-Weekly Republican, Volume 34, Number 32, Rensselaer, Jasper County, 20 December 1901 — COMMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMERCIAL AND FINANCIAL

~~ December is traditionalljj NfiV YOrK. a of vagaries in stock I values. Coincident with th® opening of Congress there has ever been: let loose a Pandora’s box of vile influences. Last year was an exception. The country had recovered from the depression of a presidential year and business was in full swing. In 1899 panicky conditions resulted from a season of reckless speculation-and overbooming of industrials. In 1898 the month was remarkable for strength of stocks; 1897, the Cuban question, and 1896 the Venezuelan message broke the market. Last week a concomitant of influences bore heavily upon the market. The opening of Congress failed to furnish the expected buoyancy. The President’s message was barren of harmful suggestions, but the recommendation of the of the Treasury for an assets currency, law created a feeling of uneasiness and' caused many financial interests to act with caution. At the same time gqld exports were renewed and though the-rate of exchange weakened the conditions remained unchanged and the fear of renewal was constant. The copper market was full of uncertainties, and the heaviness of Amalgamated stock restrained trading. Under these combined pressures prices fell all week, with the exception of a rally on Wednesday. Money on call in New York was firm and about 4 per cent all last week. It was nearer 5 than 4. The demand was steady. The surplus funds were small. The retirement of circulation shortened the supply of funds. The demand for money in Chicago as the result of the heavy grain trading and calls from New, Orleans for funds to move cotton and! sugar made rates stiff and ascending.

■ y* r Whether justified or not Cl]iC3oo wholly legitimate condi- * tions. it must be admitted that a red-hot bull speculative fever is at present raging in the grain and provision markets on ’change. Indeed, all the markets appear to have but one side, that the bull. Last week wheat prices advanced 5%c per bushel, corn 4%c, oats 4%c, pork 62 1 / fcc per barrel, lard 25c and ribs 17%c per 100 pounds. As compared with prices current one year ago wheat for May dealing is 9%c per bushel higher, corn 32%c, oats quite 100 per cent higher, pork $4.70 per barrel higher, lard nearly 3c per pound higher and ribs about 2%c per pound higher. If we should reduce all these advances to percentages they might perhaps be more striking than, in giving them in gross. Whether or not prices current for grain and hog products are too high or too lbw as measured by supplies of .and demands for each or in their aggregates the reader must decide for himself. No one can truthfully deny, however, that just now these soaring prices are not due to any immediate scarcity in supplies or to extraordinary demands. The difference in prices current a year ago and now, as shown in the first paragraph of this review, means from 100 per cent increase down. The figures are again given in the table below, which shows the range of prices on leading commodities in the Chicago market last week, to which is added a comparison with last year: —Closing.— High. Low. 1901. 1900. Wheat-Dec. ..$ 78%$ 73 $ 78%$ 70% May 83 76% 82% 73% July 82% 77% 82% *.... Corn-Dec 63% 61% 64% 36% May ........ 69 64 % 69 36% July. ...3.-. 68% 64% 68% ».... Oats-Dec. 46% 42 46% 21% May 47% 43 47% 23% July 42% 38% 42% «.... Pork—Dec 15.80 14.80 15.75 11.25 January .. ..16.90 15.97% 16.85 12.15 May 17.32% 16.32% 17.25 12.00