Rensselaer Semi-Weekly Republican, Volume 35, Number 18, Rensselaer, Jasper County, 31 October 1902 — COMMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMERCIAL AND FINANCIAL

Nev York,]. .. — l l

“Settlement "of the coal strike removes the only serious handicap to industrial

progress. Five months of restricted fuel production had begun to check the wheels at many manufacturing centers, while there was a perceptible diminution iu consumptive demands* as the purchasing power of the wage-earners steadily decreased. Saviugs have been exhausted, and much money has gone out of the country because of this struggle, but the nation’s remarkably strong position assures a speedy restoration of prosperous conditions.” The foregoing is from the Weekly Trade Review of ,R. G. Dim A 00. It continues: Transportation is now the worst feature, and threatens to continue disturbWhile >the grain crops are being moved the supply, of rolling stock and motive power will prove insufficient, although, every effort is made at the‘shops, liberal premiums being offered for early delivery. That the railways are well eccupied is evidenced b.v earnings for tho first week of October 3.5 per cent larger than last year and 10.9 per cent abovs 1900. Inadequate Supplies of fuel caused further banking of furnaces, but the effect of a decreased output df domestic pig iron has been partly neutralized by larger arrivals from abroad. I’rnctically no price can be named for immediate delivery of home iron, and there is no disposition to make concessions for distant contracts, owing to the abnormal coke situation. Fortunately there has been little interruption at finishing mills, and the output of rails, structural material and kindred lines is well maintained. Consumers not only find difficulty in securing steel from the mills but encounter a further delay on the railways, which are unable to hnndle freight promptly. Orders come forward freely for the heavier lines, numerous contracts being offered for steel rails for next year’s delivery, and the plans for buildings and bridges keep a lot of business in sight in benms, channels and angles. Plates for shipyards are also sought freely, prices tending upward on tank steel. Higher freight rates have checked imports of finished steel. '

Chicago.

The railroads continue piling up earnings and notwithstanding the great de-

-elines naturally to be expected iu the reports of the anthracite coal roads, the forty-three leading lines show an aggregate increase for the first week in October •f 6.18 per cent over the corresponding week last year. The Great Western remains nn uncertain factor in the western rate situation. The Milwaukee is believed to be contemplating an extension to the const, although the latest report says traffic arrangements have been perfected with the Union Pacific and that the Milwaukee will not build, at least not nt present. There is some grumbling on the part of railway employes in the West, but nothing has occurred to warrant any uneasiness or apprehension of any trouble. Cooler weather has helped retail trade. Moderate advances are noted in many commodities, while iron and steel nrc materially higher. With coal obtainable many furnaces that have been crippled for a month or more are expected to resume operations on the former large scale. The Northwest is making substantial gains in the general volume of business. The Northwest leads tho country. Last week Minneapolis broke every previous record with a production of 443,830 barrels of flour. The flour demand U good, with inquiry coming from every quarter nnd the prospect favorable for heavy grinding by the Northwestern mills to the turn of the year. Groin receipts are increasing somewhat. Jobbing nnd manufacturing lines are doing a satisfactory business. The banks report the financial tone very favorable. The wheat mnrket has bfcen continuously strong, partly in sympathy with the strength iu corn. There is little wheat in Minneapolis and not more than enough coming to supply the mills, while millers selling flour freely have been bidders every day for wheat to arrive.