The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-09-13
The Business Situation.

In the world OF commerce, attention is
being directed towards the northwest,
where the extremely light movement of
spring wheat to market has come to be
consideration Of great Importance. 1t is
not that the movement has been lighter
than for the past five weeks, but that this
fact continuously passed over as q condi-
ton only temporary and due to give way
on the first several successive days of
good weather, has beer viewed more seri-
ously now that it is close to the middle Of
September and there Is as yet no satis-
factory increase.
In the mammoth local elevators with
capacity for carrying s5,OOoCoo bushels,
there is to-day 1,318,6e3 bushels of wheat.
The millers are still taking everything in
the grade wheat that comes in, and ele-
vator men have. found no surplus with
which to fill their. houses.
That wheat will come in very soon in
larger quantity is the expectation. It is
the general opinion that Monday next will
mark the beginning of more liberal re-
ceipts. The sooner this begins, the bet
ter for the grain trade and for the city.
Singularly enough this very thing
serves to bring out in q striking manner
evidence Of past growth and of the pres
ent solidity of Minneapolis. The city
no longer depends upon wheat alone for
its grain business, but the trade in coarse
grains has grown wonderfully in volume.
The jobbing, manufacturing and trans
portation interests are now so great, the
volume of trade transacted in this center
so large, and the business lines so strong
and SO diversified, that no one interest
any longer predominates to the extent
that temporary decrease In activity in
that line can stop tie march Of progress
| Witness. the bank-elearings last week
Of s14,275.7S7 compared with $14,s50. 0Ss
| last year. In these six days LAS cars OF
wheat came into Minneapolis in contrast
| with 2,66s cars I'M the same. period last
year. Here is decrease of 53.4 per cent
in wheat receipts, Yet the bank clearings
| decrease only rs percent. With normal
| weather conditions earlier In the season
all records would have been shattered
When the wheat movement, finally gets
| under way. new records will be made!
| In New York the long dreaded squeeze
in money came to the realization point or
Friday, when call loan rates jumped tc
| 20 per cent. The stock market met with
severe LIQUIDATION, forcing declines in the
best securities. Even st. Paul. with AT
increased dividend on Thursday and ar
annual report favorable almost beyond ex.
pectation, barely held it's own against
the general depression. With the money
situation relieved, recoveries will be in or.
| der, while the present rates remain fur.
Their declines are not unlikely. 5:
The government weekly report was "a
vorable. F'rosts have occasioned some
alarm and little Of scare worked int
the speculative markets in cereals, bu
everything still standing is so close t
maturity that It is doubtful If any dam
age serious enough Ito change the suppl!
outlook materially, isSpossible at this lat
date. The country in its entirety pre-
sents view encouraging in the extreme
We are more than holding our own Il
competition abroad. During the week a;
American closed a contract to- build an
operate a. modern American plan electri
} street railway in st. Petersburg. Russie
all the material for the road to be con
structed in Pittsburg, the deal involvin
} approximately $50, 10000. + ~