The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1901-12-03
THE COURSE OF BUSINESS

for cars to transport raw and finishe,
material has continued during thi
week and is sufficient evidence tina
there is no decline in the industrial
and commercial activity. Pittsburs
reports all foundries and machin,
shops unprecedently crowded will
work, with many new concerns getting
ready to go into business. A large
number of independent sheet mills
have started up, and, with those nov
constructing, will have an output equa
to rs per cent of the aggregate out
put of the sheet steel trust. The profit
of sheet mills is put down at SO pei
cent a year on the investment, and
hence the inclination to the business
Pig iron is in strong demand and
Bessemer, for prompt delivery at Pitts
burg, is quoted at $16.50. Naturally
under the pressure for transportation
railway supplies are in heavy demand,
such as rolling stock, locomotives,
bridge material and shop equipment.
Producing capacity is constantly en-
larging and there is a sublime con
fdence in the continuity of this pleas
ing state of affairs, which is certainly
pleasant to behold, and, indeed, there
does not seem to be any very formid-
able obstacle at present to the ire
mendous activity. When it is recall
ed that in five years ending July 1
the International trade balance in our
favor aggregated over $500, 600, 900
this activity. General trade continues
to show great activity, the weather of
the week having been notably favor
able for most lines.
The bank clearings the past week
aggregated 1 1852, 825,S13, of which
$659,478,8S4 was outside of New York,
the increase Of the aggregate over
last year, corresponding week, being
so per cent and Is per cent increase
outside of New York, the Minneapolis
clearings being 1872 per cent over the
figures of last year, corresponding
week.
There were no gold exports this
week, the big shipments of nearly
$4,000, 900 last week satisfying the
call for the present and an increased
supply of cotton bills met the demand
for exchange. More gold may go out
next week as sterling is Strengthening
somewhat. Under the present move!
ment SIG 0 900 gold has gone out of
New York, but millions are coming in
from Australia and our Alaskan gold
fields to the Pacific coast. Wealth has
so increased in this country that we
are able to loan money abroad in large
quantities, buy back American secur-
tiles from foreigners and pay off old
loans. The west has partaken largely
of this prosperity. Even in Kansas,
where the drouth struck the corn a
damaging blow, the wheat and certain
feed crops were good and there is re-
ported about $50, 900, 900 cash deposit
ed in the national and state banks of
that state. A few years ago it would
not have been possible for New York
to export nearly $4,000, 900 gold in a
single day without affecting monetary
conditions, but it is done now without
a ripple of disturbance.
The New York stock market was a
little unsettled yesterday on account
of the slump in Amalgamated Copper,
which has been demoralized for some
time, notably on reports that the gov
eminent was preparing to take action
against the concern under the Sher-
man antitrust law. Copper shares
have been doomed up too high and the
decline was natural, if disastrous to
many holder. of shares.
The wheat market has been firm on
adverse reports from the winter wheat
belt, closing 4 cents above the price a
y'ea" ago. The exports the week CT
five days aggregating 1915, 819 bushels
as compared with 2,S39,O7 bushels
the corresponding week last year.