The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-03-22
COURSE OF BUSINESS

week. Rain over the southwest increased
the favorable outlook for winter wheat
and liquidation, which had been temper
arily checked. again became general. Not
everything was bearish. There were some
statistical changes and number Of minor
items that ordinarily would have had
| steadying effect, but whatever favorable
| sentiment arose from continued light re-
ceipts here and at all primary points from
decreasing visible supplies and from the
| fact that wheat has declined nearly 10
cents from the extreme high point Of the
crop, and in about cents under last year,
was more than offset by the good reports
| of the growing crop. This is the time
| Of year when severe declines In wheat are
| most to be expected. With the winter
wheat growing nicely and spring wheat
! seeding about to begin. the outlook at
| this time is certainly very favorable for
| heavy wheat crop this year. The grain
! traders, are quick to anticipate. They are
| now discounting the favorable prospect.
At such times sentiment changes about
more quickly than ordinarily, and the
| natural instability Of the market Is In
| tensifed. FIJI. 49,. Er .
! When Minneapolis May wheat sold to
! Tic, seaboard markets were low enough
! to uncover heavy export business. For
! e1gners bought more wheat than for a
| long time. Being now on, or very close
to. an export basis, it would seem that
wheat is low enough for the present; yet
| liquidation may carry it still further
down. 1t is possible the decline may go
| too far. On any adverse developments in
winter wheat, which is yet very far from
| maturity, sentiment would change In a
twinkling. For the week the exports Of
wheat and flour were 4,326,3O4 bushels,
compared with 2,eO6,25O last week. and
| 3,256,544 in the same week last year.
| Spring jobbing trade continues. active.
| A less pressing demand is noted for dry
goods, and there is subsistence of the
rush to have orders filled in some lines.
yet new business is large. Wool is firm
er, and cotton prices are stationary. The
building activity increases the strength
in lumber. Flour demands improved and
more business was done for foreign ac-
count.
The agricultural implement manufac-
| turers are an important element in the
iron market at this time. Nearly 100000
tons of steel bars have been taken by
them within short period, and the fact
that in some instances enough was bought
to cover requirements for fifteen months,
! is a, striking illustration Of their faith
| in the continuance of good business well
into 1903. Next to this demand for bars
comes the demand for structural iron. All
| iron prices are strong with advancing
| tendency. It Is said that the United
States Steel corporation has on it's books
orders of all kinds, amounting to 100000
tons Of finished material. 40
! OF the twenty leading business centers
Minneapolis shows the largest proper
tionate gain in volume of bank clearings
with an increase for the week of 30.7 pei
| cent. ..
It was a week Of increasing strength
and activity in stocks. A few individual
stocks made sharp advances, and the
effect was felt in some degree all through
| The leaders in Wall street are inclined
| to deprecate the extreme bullishness, such
as in few days carried North American
up from 100 to 124. These sl1y-rocket per-
formances do not help the general marke
permanently.
The Canadian minister of finance in his
annual report shows a surplus Of 5,64s, 900
for the year. The grass no longer grows
in Canadian city streets, as it did when
General Grant told Lord Dufferin that he