The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-09-27
TONE OF CONFIDENCE
DESPITE SOME UNFAVORABLE DEVELOP
MENTS DURING THE WEEK.

DESPITE SOME UNFAVORABLE DEVELOP
MENTS DURING THE WEEK
New York, Sept. 27.-R. G. Dun & Co.'S week
~ review Of trade says:
Notwithstanding the disarranged money mar
ket, almost a fuel famine and some damage to
crops, industrial and commercial activity con-
tnues undated, and the magnitude Of plans
for the future indicate that the confidence has
not been shaken.
Scarcity of funds has thus far caused no hard
ship except to spectators, and the stringency
will remedy itself by contracting loans on stock
exchange collateral together'with such aid as
maybe offered by the treasury, which is partly
responsible through absorption of funds.
the increased acreage, while high prices fully
compensate producers 1t is not time for pes
simism. although securities have declined sharply
Railway earnings for September, thus far
exceed last years by 6.S per cent, and those Of
1900 by 100 per cent.
been somewhat alleviated by larger receipts Of
coke and liberal imports Of pig iron, yet the
outlook is by no means devoid of unfavorable fea-
lures. No fuel famine exists, although the
furnaces consuming receipts Of coke as they
errive, and it Is impossible to provide for more
than immediate needs.
Some idle plants have resumed and now op-
crate from day to day with the constant menace
Of an interrupted movement of fuel, which would
suspend operations. At the west this factor is
most serious, coke commanding $40 ton or
more while in exceptional cases $13 has been
paid
dence there is less disposition to place large
contracts for distant delivery Of pig iron, and
gales are cnleny OF small lOtS. fOfolSu iron Is
freely received and other consi gnments are
under consideration. More steel rail orders
have been placed abroad. Needs for structural
shapes are increasing, much work being held
back by slow shipments, and orders are reported
for delivery nearly two years hence.
In effort to provide adequate transportation
facilities, the railways are purchasing literally
of rolling stock and other equipment, and great
improvements in terminal methods are planned.
A further slight advance in footwear quota tions
Indicates that the healthy demand has made 1t
possible for manufacturers to secure compensa-
fon for the recent sharp rise In materials. COun-
try hides show the principal declines of the
week, but even foreign dry hides are easier.
Although the cotton goods are firmly held, the
market is quiet buyers content to take
only such quantities as are needed for immediate
distribution. The situation Is not satisfactory
for producers owing to the high price of raw
materials. but the attitude of purchasers Of
goods indicates that they do not consider the
present position Of raw cotton one that can be
sustained.
1t is too early for supplementary orders in
mems woolens and ,worsteds. yet there Is some
extension of original purchases and the tone of
all staple lines Is firm, while in some instances
advances over opening prices asked. No
concessions are possible in the wool market,
which has increased inactivity at the east.
and sugar Is firmly held, with refners behind in
delivery.
Failures for the week numbered 2O7 in the
United States, against 227 last year, and 81 in
Canada, against "a year ago.