The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-01-11
The COURSE OF BUSINESS

Never before in the history of our coun-
try has new. year opened with SO much
of the Industrial effort TOR that year al
ready planned. Nine business days OF the
new year have passed. Every day brought
its announcements OF business changes, of
plans for extension, Of the launching OF
new enterprises, Of the appropriat ton OF
vast sums for expenditure in Development
That many of the iron mills have con-
tracts on hand taxing their capacities Tor
a year, has been the cause OF much con-
gratulatory comment, for as iron goes
so goes the country. 1t has been demon
strated that general trade has grown SO
in volume, that the present transporta-
ton facilities are utterly inadequate
Much has been done by way OF increasing
railway equipment, and thousands OF
pieces of rolling stock have been added,
yet, despite the relief in the general stu
alton, the railroads are still sWamped
with business that they cannot handle.
A southern railroad desiring to contract
during the week for new cars and loco
motives was unable to secure binding
contract for delivery before January, 1908,
or at the very earliest in December next.
Railroads everywhere will put vast sums
into betterments. The Baltimore & Ohio
alone will expend s5O,0OO,OOO in track i'm
provements between Chicago and Balti-
more. All this means an active labor mar
llet, and a demand for labor is prosper
ity.
The wool market strengthened under
influence of good jobbing trade in WOODEN
goods, and prospective increase in de-
mand for raw material. Textiles in gen.
eral are firm and the cotton mills report
continued activity. In leather and foot
wear conditions are satisfactory. There
is steady buying Of all staple commod-
tiles. ~. W.. "
No labor troubles Of consequence are in
sight, and some advances in wage scales
were made during the week.
The stock market was up and down by
turns, The week started with bull senti
ment ruling, but the old bugbear of fear
of gold exports brought reaction later.
The failure Of the Everett Moore syndi-
cate and the suspension of a Cleveland
trust company We're slightly deterrent.
The market is largely professional. The
so-called big men are inclined to go care
fully pending a better definition Of the
status of the Northern Securities COM
pany, and the tremendous Importance Of
this case and its powerful bearing upon
the general market is beginning to be
more fully realized.
Minneapolis gained 1872 per cent in vol
ume of bank clearings, showing SIS, 1885,
! 582.79 for the week, compared with SILL
! 200, S73.16 last year. For the entire coun-
try clearings gained ga per cent, aggre-
eating $2,S16, 461, 90, of which $751;
| 735.191.00 was in centers, outside New
| York.
Wheat touched high point on the crop
| to start the week, the Minneapolis May
option selling to S0Bc. An easier feeling
developed on Friday, based on fear that
the government final report of the 1901
yield would be of bearish tenor. Since
| November. I, wheat has gained II cents,
and the argument then advanced, that the
corn crop shrinkage and general south
west conditions would force an advance,
| nave Deen We'll DOfne out. Inc same in
huences are still potent. Meanwhile the
market has entered the period when win
! ter wheat crop scares may be expected
With any material damage to winter
wheat a higher price range will surely
follow, but without this or some new in
centive it may be doubted whether the so
cent level can be fully maintained. Eu-
ropean markets remain quiescent, and bull
| enthusiasm having carried American mar
| kets out Of line for foreign business, ex-
ports have been decreasing. For the
week wheat and flour clearances were
1857 900 bushels, compared with 4,S1S,-
900 bushels last week, 1922, 900 bushels
two weeks ago, and 5,961.00O bushels a
year ago.