The Minneapolis journal., 1902-06-21
The WEEK IN BUSINESS.

the 1nduStrfal world was the act1On OF Two
great eastern iron and steel manufacture
ing companies. These companies pre-
pared surprise for their employees in the
form of a voluntary advance in wages.
The increase was moderate, but. the
action was important as affecting more
than 5000 men. Surely this looks like a.
dispositions on the part of the employers
to be fair with the men and to share with
them in some degree in the prosperity.
Yet in the same section Of the country
the coal strike drags along, apparently
as far as ever from settlement. And
having been deterrent to many plans,
and having operated for over month as
a depressing influence in the financial
world this strike still remains the one
dark cloud in the sky, tending to make
for continued conservatism and caution.
Beyond this the outlook Is bright The
western country is holding to remark
ably heavy volume Of trade and the out
look for it's continuance is encouraging.
Aside from an 1nsufhciency of rain in
small section of the southwest, there has
been great abundance of moisture. and
the crop outlook, considering crops of all
kinds, and viewing the country as "a
whole, is very: promising. Not only are
the railroads, making regular reports OF
large earnings, but everything points to
their continuance for an indefinite period
The fact that the winter wheat harvest
ing was interfered with to some extent
by rains had stimulating effect upon
wheat prices. wet harvest would: be
bad in that it would lower the quality Of
much grain, and would delay the crop
movement as whole And with this
domestic influence upon grain prices the
week brought the first unfavorable news
| from abroad. The weather in France has
| been less favorable than heretofore.
Wheat prices have been firm in all: mar
kets, Minneapolis advancing about two
cents. For the week our exports Of wheat
and flour combined equaled 1850, BUSH
els compared with 8, 100000 in the previ-
GUS week, and 5,520,000 bushels in the cor
responding week last year. But. from
weeks, we are ahead of the previous sea :
son by 35 ,148,5SO bushels, having exported
245, ,2S5,ss3 bushels against 210, ,137, 300
bushels. -. ,ssl-
! General commodity prices are holding
steady, averaging a shade lower on the
whole. Live stock prices are firm, some
new price records being made at north
western markets. Sugar is. lower. Dry
goods and footwear markets are quiet
Textiles hold firm. Makers of finished
steel products are hestating about book
| ing orders even for delivery at remote
dates, such is the uncertainty of the .fu-
ture pig iron supply.
Failures for the week were 1874 against
4 1893 last year. Bank clearings decreased
by 1913 per cent, principally from a fall
ing off in New York. Minneapolis again
leads the twelve important tcenters with
an increase of 800 per cent and clearings
Of $11,55s,316.
Dividend and interest disbursements on
July are expected TO be the largest in
the country's history and the New<Yorl
banks and trust companies are preparing
to meet the demand for funds. Approx.
mately s125,0oo,0Oo will be disbursed. .
The stock market met with surprise
in the action of the court in making per-
manent the injunction restraining the
steel corporation from carrying out its
stock conversion plan. The plan was tc
convert $2oo,0oo,0Qo Of preferred stock
into bonds. To this minority of the
preferred stockholders have demurred or
the ground thatsthe company has not the
right to put fixed charge ahead Of their
dividends. This was the signal for raid
on the steel stocks, which threw off the
market all around, but recovery was
made on later buying support.
Money remains easy and leading bank.
ers do not expect any materially highel
rates for the present.