The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-03-08
The COURSE OF BUSINESS


this week. Storms and floods swept a
portion Of the country, with resulting
handicap to general business. Eastern
Pennsylvania suffered severely, and this
was especially unfortunate, since the eff
feet was temporarily to cripple the iron
industry, already straining under the
pressure Of extraordinary demand.
Within that small radius along the Allie
ghany river, where throbs the heart of the
great steel industry, some 10000 men were
thrown into several days of enforced idle
ness. The railroads were unable to
operate for the time. OF it all nothing.
irreparable came, but it was a factor
against a gain in railroad earnings for
the week, and a setback to steel produce
ton. The mills have been obliged to ask
extensions of time on some contracts for
delivery, which means changing of
dates and readjustment of plans all along
the line.
Considerable nervousness was felt in
railroad circles over the possibility of a
rate war in the west. The trouble began
brewing Immediately upon the exposure
Of plan of secret rebating on the part
of one of the southwestern roads. Heroic
and effectual measures were adopted and
the roads forced back into harmonious re-
lationship Then came the announcement,
from the president, that the Sherman and
antitrust laws will be enforced to the let
ter, and this was coupled with sudden
turn Of aggressiveness on the part of the
interstate commerce commission, which
was interpreted as rejecting the policy
of the administration.
Much the same conditions ruled in the
stock market as in the week preceding,
and there was even more noticeable lack
of speculative interest. More gold went
out, and general. conditions could not be
said to favor values, yet towards the end
of the week notable advances were made
in some leading stocks. Considering the
fact that the unfavorable features, as they
developed, have been kept in the fore
ground, and that pessimistic talk has
been given emphasis, the market has
shown remarkable resistance. Under
meath all the minor indications that make
for caution, there is the deep rooted con-
viction that the country is all right and
that prosperity will be with us for a long
time yet. The public is not specializing,
but where it has surplus to invest is not
hesitating to buy the stocks of good divi-
dend-paying American railroads.
| Locally there is again found cause for
a feeling Of satisfaction. With decrease
| Of 10 per cent in bank clearings in New
| York and gain of only 96 per cent for
the country at large, Minneapolis shows
up with an increase of 1854 per cent. The
outlook is for spring trade of enormous
volume in all the staple mercantile lines.
Firmness has been the rule and on the
weekly calculation showing the average of
commodity prices new high point has
| been made. Cotton scored a moderate
| advance. ST..
Business failures totaled 49, as COM
pared with 2O8 last year.
| Wheat has shown firmer tendency In
! the northwestern markets receipts were
very light. Bad roads, and an increasing
| tendency on the part Of the farmer to hold
back for the present, have lessened re-
ceipts at country points. The over
shadowing influence, however, is the grow
ing winter wheat crop. Other things are
being ignored and interest is centering in
| the southwestern crop outlook There
has been an abundance of damage news,
| but it is early yet for anything certain
| as to general conditions. For the week
wheat and flour exports equaled ALA, 1894
bushels compared with 3,1S5,032 bushels
in the previous week and 3,715, $3.50 bushels
a year ago.