Rensselaer Semi-Weekly Republican, Volume 34, Number 46, Rensselaer, Jasper County, 7 February 1902 — COMMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMERCIAL AND FINANCIAL

TI ' | The steadiness of busiN6W lom oess was not marred by any * untoward developments during the last week. The statistics which best indicate the course of trade hold tree to the early promise of improving conditions. Favorable reports come from all sections of the West, and while prices are easier for some products, manufacturing establishments ‘are generally well supplied with orders. That the business world is without special incident of disaster in this time when people are ■till asking whether great prosperity will abide longer in this country is a good sign. It is of the highest importance that all features of the iron and steel trade remain bright as regards present and future trade. The heavy demands of railroads for steel rails tax the facilities of the mills to such a point that the total output for 1902 is almost entirely sold in advance. Under these circumstances it will be strange if more *' independent plants are not built, >J)ue large road is reported to have placed* a rail order with foreign manufacturers, and others may be compelled to do the same. The bridge and structural company of the United States Steel Corporation is planning the construction of more plants, so heavy has its business become. The coke situation improves steadily and is much better in the Chicago district. Wire and wire nails are firm at the advanced prices, and there is some talk of another meeting, which suggests the possibility of another raise. Western bar iron manufacturers have added $2 a ton to the price of bar iron. Eastern manufacturers have made an advance of FI a ton on the same product, and as the Western has been lower than the Eastern price quotations now are alike in bofir sections. The ore association has fixed the price of Bessemer old range as a a ton, unchanged from last year’s quotation. Spring jobbing trade will be enormous In volume, buyers showiug more confidence in making purchases. The London sales of wool gave firmness to the prices here, but holders hope for higher quotations. Yarns are steady but without material change. Print cloths are firm and are held closely. Staple cottons are firm, but buyers purchase slowly. The raw material has not improved on its previous uncertain position. The leather trade generally Is in a satisfactory situation. Shoe manufacturers are busyand~“the 6tock of leather is low. Hides continue weak.

The prospects for activity CDICaQO. * n construction of down- '.— town buildings in Chicago have received a serious setback in the refusal of the Council to permit structures of over 132 feet. It is stated that the total cost of construction of eighteen buildings, mostly in the business district, for which plans have been prepared, will be $10,000,000, hut some of the enterprises are contingent on the Council’s attitude. Builders would like to see this money invested. Grains and provisions were lower, May wheat losing 2% cents on the week’s movement and May corn 3Vi cents. Liquidation in wheat was caused by snow in the Western belt and a reduced cash demand. Enormous receipts of coffee made the market weaker aud prices are easier. Money shows increasing ease. The Bank of England reduced its discount rate from 4to 3 ft per cent, but there is a suspicion that the London market is being prepared for a new loan. Call rates in New York are practically nominal, and while commercial funds the country over are ip good demand rates •re gradually easing. Country banks are Increasing their city balances and are buying commercial paper freely. They have been advised by the city banks to be cautious in their purchases, particularly of city paper, and to tnqko.no such purchases without consulting their city correspondents.