The Minneapolis journal., 1902-08-23
The WEEK IN BUSINESS

Financial conditions favorable and easy
money everywhere, increasing activity IN
all lines, expansion OF trade and the daily
launching Of new business ventures; this
is the story Of the past week in the busl-
ness world 1t is time Of confidence, OF
prosperity and plenty, and viewing the
country as a whole, conditions might be
pronounced almost ideal were 1t not for
the one unfavorable factor, having its be-
ginning in the early summer and remain
Ing as handicap to progress as the coun-
try enters upon the fall season.
Tho week marked the rise Of this ques-
tion of the coal supply into the place OF
first Importance. That a long drawn out
labor controversy was bound to result IN
a great scarcity of anthracite coal was
evident at the start, yet through the thir-
teen weeks of continuation of the strike
there has been always hope of settle
ment. Matters have at last reached the
stage where the stringency is beginning
to effect the industrial world seriously,
and every passing day increases the feel
ing of nervousness.
The return of ]. P. Morgan has failed
to bring the hoped for conference look
ing towards settlement; and violence IN
the coal regions resulting in the death OF
q strike leader has not improved the sit
uation. Something has been made of the
political influence that might be brought
to bear upon the corporations, but as the
coal companies have done nothing that
can be taken as contravention of their
{o1 s,,{1
vention seems unlikely to be realized.
1t is especially unfortunate that this
handicap should exist at time when the
demand for pig iron is so great that the
Scotch market is higher under pressure
of demand from this side, from buyers
unable to fill requirements in the domes-
tic market.
Higher prices were made in some COM
modities, owing to crop news Of nature
not quite SO favorable in the preced-
ing week. Hides touched new high fig
ures in Chicago. and leather advanced in
consequence. The eastern textile mills
are busy and the shoe industry has
enough business in sight for two months
CT steady operation. Lumber remains
fSly III III ldlG duPduCSS Inc JUUDiuS
lines are rushed with fall business.
Unfavorable weather has delayed the
northwestern wheat movement. Last year
from Aug. l to Aug. % receipts here were
7,977000 bushels, while for the same peri
Cd this year the figures show only z, ,257 =
900 bushels. This will be made up later
when the movement gets fairly under way,
hnt meanwhile thic ftor nf 1ioh+
ceipts has been an important offset to
bearsh sentiment and an influence for
price maintenance, especially in the Sep
tcmber option.
year ago when Mr.. Morgan returned
from Europe there was a bull market in
stocks Immediately. This year history re-
peats itself The good conditions of the
country at large and increases in the
earnings of forty three railroads, aver
aging 6.6S per cent over last year-these
were some Of the legitimate arguments
On which to base a bull market. It need
ed but the return Of Mr.. Morgan to give
the start. The advances were moderate
but were made from a level already high
ard on Thursday no less than nineteer
issues sold at prices higher than ever be.
fore attained. Stocks of leading local in
terest were prominent in the rise, ant
new high records were made in Chicago
Great Western, Iowa Central, Wisconsin
Central, common and preferred, Duluth
South Shore & Atlantic, common and pre-
ferred 500, common and preferred, ant
Twin City. There was much of Legitimate
ground for these advances, yet the stool
market is so dominated by powerful spec
ulative pools and cliques that the pruden
investor looks askarce at the price manip
ulation and hesitates to venture in yer,
faS.