The Minneapolis journal., 1901-12-14
The COURSE OF BUSINESS

The COURSE OF BUSINESS
The New York money market has been
unsettled all week. Conflicting elements
were at play. Gold began to move out
early, and this following the gold ship
ments of the previous week, was disturb
ing. The amount shipped, however, was
small, and being coincident with decline
in sterling exchange, it indicated that the
movement was on arrangements previous
ly made and was the end for the present.
Reports that Secretary Gage would buy
more bonds and the expectation that the
government January interest payments
will be anticipated before the goth of this
month were in some degree reassuring;
nevertheless, call money loaned at u per
cent on Thursday The securities mar
ket felt the effect and declines in stocks
were the rule. Tight money at this time
does not necessarily portend anything Sc
rious to follow. For one thing, the great
corporations with headquarters centered
in New York will need approximately
$3.50, 600 for January interest and divi-
dend disbursements, and it is natural
that the banks should anticipate this need
by q temporary policy of loan curtail-
ment. That a continuation of high money
rates will affect stock prices adversely
is probable.
This, however, argues nothing potential
against the general outlook. The money
will
banks have been sending currency to New
York this week, and the movement from
all parts of the west should soon become
heavy
While the money situation dominates
Wall street at the moment other unset
tling factors seem in process of develop
ing. Rumors that the Standard Oil inter
ests are committed to the bear side and
the uncertainty as to Amalgamated Cop
per give rise to hesitation. The reported
resignation of ]. J. Hill from the North
ern Pacific directorate is taken as indi-
eating possible disagreement among his
associates in the Northern Securities
company, or as acknowledgment that the
latter corporation is not legally invul-
nerable. These reports increase the hesi-
tating tendency. There is plenty of money
to go into investment securities, but
caution may be expected until the finan-
cial sky is a little clearer.
Holiday trade is getting into full swing
everywhere. 1t is confidently expected
that the general volume of holiday busi-
Boot and shoe manufacturers report con-
tinued activity. Leather remains firm. In
textiles dress goods are in especially good
demand. Raw cotton strengthened again
| during the week. Wool prices are also
trifie 1rmer In jobbing lines there is the
usual holiday tone.
In those lines where the holidays bring
| comparative Quiescence, interest is now
directed towards consideration Of the out
look for next year. That 1902 will bring
! continued activity may be believed from
such signs as are now discernible. In the
iron trade contracts for pig were made
during the week for July delivery. The
| United States is now producing pig iron
at the rate Of 1886, 900 tons per annum,
| by comparison with the high record of
! 13, 5000 tons for the production last
| year, yet despite this increase, what lit
| tie sock the country has is being drawn
! upon. President Galloway of the Ameri-
can Locomotive company authorizes the
| statement that his company has orders
! booked taxing their capacity for straight
year. That the belief in the maintenance
! of prosperous conditions extends to other
| lines as we'll. may be judged from the
action of Armour & Co. in notifying their
thousands of employees that salaries will
| be increased after Jan. l.
Bank clearings increased 1872 per cent
| for the week, running to $2.402, ,631, 1892, of
which 1889 800, ,629 was in centers outside
of New York Minneapolis clearings,
$20, ,141, ,874; increase, so per cent; st. Paul,
| $685. ,730; increase, PA per cent Busi-
ness failures for the week in the entire
country were 233, compared with 247 in
| this week last year.
| The bull wheat market was carried over
from the previous week, the May delivery
on Monday touching soc. Foreign mar
| kets stood against the advance, Liverpool
especially failing to follow proportion
ately. A squirt to 80%c on the curb Mon
day brought the elimination. Wheat has
| been on decline since, losing 4a4c from
extreme points. At the present level
general sentiment is firm. A strong fea-
ture is the good cash trade and the ex-
cellent demand here for milling wheat
| Wheat and -four clearances for the week
were 3,S79,0OO bushels. compared with
| 4,604,0OO in the previous week and 4,7S6,-
| 600 year ago.