Rensselaer Semi-Weekly Republican, Volume 34, Number 44, Rensselaer, Jasper County, 31 January 1902 — COMMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMERCIAL AND FINANCIAL

~— j The volume of business so Nfilf lOrk. I far year slloWß a m °d* J erate gain over the corresponding period of last year. Net earnings of fifty-two roads for the first week in January increased D.4G per cent over the corresponding week of last year, and the showing by bank clearings is almost equally good. One of the best evidences of a solid condition of business is the soundness of banking_£ommunities generally. The bles of the Everett-Moore syndicate and the Crude Rubber Company are causing bankers everywhere to scan more closely the character of the securities on which they make loans, so as to guard against disaster.

Less complaint is heard regarding car shortage, and the railroads probably are beginning to catch up on business offered. The reports from the various branches of the iron and steel industry fulfill the expectations of thriving business, and it is singular to see that foreign steel and iron in fair quantities have been imported for Eastern consumers. German steel billets have been delivered at Youngstown at a cost to the purchasers of $27.50 a ton. This illustrates not merely the inability of the American manufacturers to supply immediately all kinds of steel which are needed, but also the readiness of the German steel men to accept a low price for their product. The duty paid on these billets was $0.72 a ton.

As anticipated, the American Steel and Wire Company made an agreement with the independent manufacturers, and the result is an advance of $1 a ton in the price of wire, while wire nails haye been put up to $2 05 a keg. The price of pig iron, the demand for which is maintained firmly, has not-been changed. Southern as well as Northern producers are conservative. Stacks at the furnaces are being reduced, hud the output, which waS" 298,400 tons on Jan. 1, probably is increasing. A different story is told in copper, two cuts reducing the trust quotation for lake to 11% cents a pound, while sales are reported at 11 cents. This is a great reduction from 17 cents, at which the Amalgamated company’s selling agency endeavored to support this metal. Foreign demand, however, is at last stimulated, and exports during the first half of this month improved considerably.

TT] The continued activity in Oil!03-00. building ah? the belief that — : lit will continue on an extensive scale during this year will keep structural mills well occupied. The steady buying of down-town property in Chicago for investment purposes is centering it in strong hands, and the improvements which will come with this process will enhance the value of real estate in the business district. The unchanged mild weather hns helped builders to make rapid progress with the work, which storms and bitter cold would have delayed.

The second failure of Phillips precipitated liquidation of large holdings of grains and depression by manipulation, and was accompanied by apprehensions of allied failures. None have occurred. In the decline which came with the collapse in rye. May wheat dropped (6 78% cents, as against a high price of 84% cents in the previous week, but it recovered from the low point and closed at 81 cents, a loss of 1% cents on the week’s movement. May corn closed at to 64%c, against 05% cents in the previous week. Cotton continues weak, while estimates of the crop vary widely. One statistician places it at 11,250,000 bales, which is 1,45G,000 above the government report.

Money rates are easier, both in this country and Europe. The Imperial Bank of Germany, which has kept its rate at 4 per cent since last May, reduced it so Gold production iu tlie Hand in December increased 25 per cent over November, and further improvement in this output will help the situation abroad.