The Minneapolis journal., 1902-07-26
The COURSE OF BUSINESS

| The northwest Is just about entering
upon what may be. called the nervous
period of the year. The time is close at
! hand when the growing wheat Win have
| reached the most delicate stage, and the
weather attendant upon the process OF
| maturity through the critical period fol-
lowing may make or eunmake the crop.
What wonder, then, If Interest for the
next few weeks centers upon the crop re-
| ports? - -., -
From every corner of the northwest
comes good news, and from every point
of view the present outlook is highly en-
couraging. Grain men, whose business it
| is to anticipate: and who habitually scan
| the horizon for a speck to de-
| note the rise Of an adverse factor, are
| unable to discern the faintest indication
]ofaanything in, the least disturbing. Hot
winds, always possibility through the
milk period. could do great damage to
| the crop. There is no more reason, how
ever, to expect them now than in any
other year. "
| One of the most conservative inanciers
| in the country said yesterday: 'If the
| corn crop fulf1l1s its promise, this fall
| will see the advent of the most remarka-
bre era Of commercial prosperity America
| has ever expert rienced."- - fE.z
| Without "a doubt bumper corn crop
will bring*this about, for II the granger
| roads made money with a. corn failure
| last season. a heavy yield this year should
enable them to show the largest earnings
| in their history. All other roads will
share in this to some extent, and the
people will. be benefited by the continua-
| tion of general prosperity. -. Z.
| The country at large presents view
| not materially changed from the previous
week. The same activity is noted in the
leading lines, the same hopefulness and
continued talk of the good fall business
that is to come. The fruit season is now
| at it's height. Produce prices In general
| are high, consid ering that there is a sufi-
cheney in the supply centers, but the peo-
pie are consuming largely and are paying
for the best. Cotton, nearly all hog
products and the cereals are lower. An
exception Is found in cereals for July de-
livery In which the scarcity Of supply and
bull manipulations have forced prices to
! really phenomenal points. At 72 cents.
July oats were higher. than corn, and
higher than at any time since the civil
war. ~ - e r. ~ <s z. 4
| The iron markets are exceptionally
strong, the pressure for prompt delivery,
in both pig iron and the finished material
! exceeding that of last week. Engage
ments are being made far ahead. -
There Is great activity in the hardware
| trade. -'
Cotton goods are unchanged, but wool
is higher and firm at the advance.
For the entire week the country ex-
4 ported 3,98O,969 bushels OF wheat: against
! 3;;775, ,222 in the previous week, and 6,974,-
| SIG bushels in the corresponding week last
year. A total of 17S business failures is
recorded, against LA last year, &, In bank
/ clearings the country-helped BY the in
| creased speculative activity in New York,
gains 80. Minneapolis makes her usual
i good showing, the figures of $11, 1853, ,S65
indicating gain Of 3S6 per cent over last
| year.
The,stock market had general advance
on the good prospects for railroad earn
i ings. Speculation was stimulated by re-
I ports of new plans of western railway
consolidation, the rumor gaining circula-
tion that a plan was about to be put into
effect by which the Union Pacific. Rock
Island and Milwaukee roads would pass
under control Of a holding company to be
organized on something the same lines as
i the Northern Securities company. This
latter company shared the general
i strength. advancing to 110. this eprinci-
pally on the reports of good earning pros
4 poets of the Northern Pacific and Great
Northern railroads, two constituent
properties. The fact that in the event
OF an adverse legal decision, holders OF
Northern Securities stock could reconyert
1 them into the stocks for which they stand
i has been emphasized by the fnanciers in
terested in advancing Northern securi-