The Denison review. [volume] (Denison, Iowa) 1867-current, 1902-08-26
BUSINESS CONDITIONS.

Six per cent call money in New York
means that the supply is limited, and
at this season of the year there is like.
lihood that money will be closer before
it Is easier. The reserves are working
lower and the demands of the country
for crop moving purposes are just be-
ginning. But there appears to be
feeling of perfect serenity in New
York as to the future. The outlook
for the greatest crop ever harvested in
this country has dispelled all anxieties,
and put fresh life and courage into
everybody. The wholesale merchants
in the centers are already reporting an
active fall trade and every promise of
the greatest sales on record. The bank
clearings and railway earnings are
running ahead of even the unprece-
dented records of last year
Perhaps the most significant Incl
dent of the past week was the applica-
tion by the Russian government to list
its bonds at the New York stock ex-
change. 1t is a formal recognition of
New York as one of the great financial
markets of the world. So much in
| achievement has been crowded into
the last five years that we have be-
came trihe blase, and have almost
forgotten that it is only six years since
we were told by the leaders of great
political party that it was useless for
US to attempt to pay our debts, that we
could not meet the interest without
borrowing abroad and that we were in
hopeless financial vassa,age to Eng
land. And yet here is Russia asking
to list billion of her per cent bonds
in New York, and expecting to de-
velope market for them. Already
considerable sale for English consols
has been found here ana bonds of the
| imperial government and numerous
municipalities of Germany are annual
ly offered by banking houses.
Another notable incident of the week
has been the organization OF the great
combine in harvesting machinery.
| Five years ago the formation of COR
poration with Sl2,000,000 capital to take
over the principal plants in the manu-
featuring OF harvesters would have
been an astounding event, but we take
these things as matter of course now.
\ thresher combine is said to be on the
tapis and grand merg err of all the i'm
portaut beef and pork packing con-
Germs is reported near completion.
The harvester corporation according to
reports is unique in having only one
class of stock and in Offering none to
the public There is no underwriting,
no invitation to the public to partici.
pate in good thing, the owners of the
old companies taking all of the new
sock in payment for the plants. An
other big corporation formed in the
same manner and without being float
ed" is the United States Shipbuilding
company. which is combination of
five of the largest concerns now en-
gagged in ship construction. with the
Bethlehem Steel company. The new
! company expects to build ships in
competition with the world
The contract made by President
Stickney of the Chicago Great We stern
for large proportion of the total ship
ments from Missouri river packing
houses, for term of seven years, has
been much the most important develop
ment in railway circles this month. 1t
appears that prior to the action of
Judge Grosscup of the United States
court enjoining the granting of rebates,
the packers had been receiving re-
bates amounting to 25 per cent and
more of their charges. Since the in
junction has been issued these favors
have been cut off and the packers have
been persistentlv seeking concessions.
President Stickney's arrangement
yields as high rate as the roads have
been netting on this class Of business
for some years. The situation is inter-
esting as showing the violation of law
that was going on for years and the ef-
fectiveness up to date of the injunction
process.
The Southern Pacific company,
which has been carrying on extensive
Improvements on its transcontinental
lines from current earnings, announces
that its plans contemplate the expendi-
ture of $40,000,0O0 more and that
bond issue will be made to provide the
money. Such gigantic schemes for the
disbursement of money and the EN-.
ployment of money seem to guarantee
the continuance of prosperity indefn-
itely. The Baltimore & Ohio an
nounces its purpose to eXpend S1,000,-
600 on shops at Pittsburg. The Rock
Island company, which had already
bought 800 locomotives within fifteen
months, has just let contract for 100
more. Its outlay on rolling stock in