The Mitchell capital. (Mitchell, Dakota [S.D.]) 1879-1918, 1899-08-25
BUSINESS SITUATION.
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| Chicago Correspondence:
From nearly all sections of the country
come stories of an increasing volume of
business, and the showing made by the
bank clearings and other trade and tinan-
cial statistics furnishes veritication of
these statements. 1t is seldom that con-
aitions have held so we'll during season
which ordinarily is accounted the poorest
| in the year for trade. Not only is the
ground gained during the earlier months
Of the year being held, but in some direc-
tons still further advances have been
made. This is particularly true Of the
iron and steel situation, which is always
watched with a high degree of interest
by all students of general business con-
ditions. According to the trade jour-
nails. the demand for iron and steel pro-
duets O. all kinds is unprecedented, and
several of the larger mills are said to
have booked orders for delivery as far
ahead as the middle of next year. Ex-
perts are unable to discern any weak
spots III the situation, and the consensus
of opinion is that the iron and steel mar
ket will continue to gain strength fol
some months longer.
Money is working easier, and fears of
serious tightening of the market seem
now to have been alayed. The weak
ness which has lately been shown by
sterling exchange is hopeful sign for
the money market. pointing, as it does, to
the possibility of a gold-importing move
ment during the coming fall and winter
months.
The stock markets have shown bet
ter tone during the week. London has
been fairly heavy purchaser Of it's spe-
n
more activity on the part Of commission
houses. Several pools are now believed
to be at work in the market, and the in
itiative taken by these has given the
whole list decided stimulus
Considerable activity marked the
weeks speculative dealings in wheat,
corn, oats and provisions. The tendency
of prices was on the whole, moderately
upward. Interest in those commodities
gave indications of broadening. The gen
era! public, that only takes an interest
IN them when there appears to be good
ground for expecting higher prices, is
making its influence felt in a gradual en-
largement i'll the volume of business.
The incentive to the increased desire to
buy wheat for rise came from a grow
ing conviction. on evidence being fur
nished from abroad, that the supplies of
the world from the harvest now being
gathered, will be perhaps 3Oo,0OO,OOO
bushels short of the previous years pro-
duction, with the principal deficiencies
i'll the countries usually raising a surplus
for export, thus throwing the price-mak-
ing power to a more than ordinary ex-
tent into their hands. OF such countries
this is the chief. and it remains to be
seen whether the believers in compara-
tive scarcity will have the courage of
their convictions to sufficient extent to
keep in check the ineradicable tendency
of that other class of traders which at
all times considers prices higher than
they should be.
The slightly upward tendency of corn
was altogether the result of growing
scarcity of old corn in the country and
the urgency of the consumptive demand,
both foreign and domestic The growing
crop continues to make satisfactory pro.
gress and gets a little nearer the goal of
its promising immensity
Packers of provisions We're kept in
good heart by the excellence of the con-
sumptire demand for their products and
the comparatively high prices they could
command for certain descriptions of their
meats which are not dealt in speculative
~ on the Board of Trade. The high price
that hams are bringing, for example,
compelsates to great extent for the
comparatively low prices of barrcled pork
and bacon, while it affords indubitable
proof of the prosperity of the masses to
whose consumption of the more eNpen-
slve commodity is due the comparative
highness Of its price.