The Minneapolis journal., 1902-10-25
In the Business World,

The first sign of tendency towards
hesitation due to the near approach of
a general election was shown in the finan-
cial report Of this week. Originating, as
such sentiment always does. in our great
monetary center, the effect there has been
to breed caution and hold down new COM
mitment of a speculative nature.
Beyond this the influence scarcely ex-
tends The issues involved are not es-
pecially disturbing, and in business GER
cles at large there Is no evidence Of any
effect from the congressional campaign
now going on except for the more quiet
tone always to be noted at the beginning
Of a period when politics takes precedence
over everything else in the public mind.
The really serious thing in the financial
situation was the rise of demand sterling
exchange to within fraction of the point
where it would be profitable to export
gold The east has had money
stringency serious enough to tax the best
efforts of the treasury department for its
relief There has been period of de-
clines in securities and much of pessi-
mistic talk. The shipping out of any con-
siderable quantity of gold at this time
would be bad in it's sentimental effect, al
though it is hard to see how even the
shipment of gold and unsatisfactory elec-
ton results combined could have more
than passing influence upon a country so
blessed as ours with abundance on every
hand, and all things promising continued
business growth and activity.
We owe much money to Europe. We
must pay it in merchandise or in gold.
In time the movement of our produce
abroad will bring down this debt; our
shipments of cereals alone will go far to-
ward canceling it.
1t happens, however, that while money
is tight in New York, the French govern
ment is preparing to take care of num-
Der of national loans while simultane-
ously several large enterprises are being
financed in Paris. Being In need Of
money, the French bankers have been
drawing heavily upon London, and Lon
don in turn has been obliged to reduce
American credits in a moderate degree.
While this condition prevails, it would not
be surprising should gold begin moving
out.
Highly encouraging are the reports from
the industrial field. Manufacturing COM
| panies have a good volume of business
and in many lines are not selling more
| only because they cannot make more.
| Jobbing trade is satisfactory on the
whole. A touch of cold weather would be
welcomed in the northwest to draw the
| farmers from their active work at home
| and turn their attention to fall require
| ments. This would liven up retail trade,
which is reported little quiet in some
| localities.
The railroads are doing a business
heavy beyond precedent. We no longer
hear the loud complaints, so common at
this time last year. when the situation
was not much worse, Of the scarcity Of
cars. With all the new equipment added
since then and with more coming into
use daily, the roads are still overtaxed.
| The grain movement is affected seriously.
| But shippers realize the situation better
now and are slower to lodge complaints.
Here in the northwest it is believed that
the movement Of coarse grains the heavi-
est ever known, has passed It's maximum
point and that from this time on more
wheat will come instead. Country ele-
vator stocks are larger than at this time
last year and will probably be larger
Nov. T., while at that date wheat stocks
In Minneapolis and Duluth will probably
be 100000 bushels less than last year.
There has been some slight growth of
reactionary feeling during the week due
to the recent sharp advance in wheat and
the fact that number Of bearish items
are seen in the worlds statistics. The
| heavy Russian wheat and rye crops are
| dwelt upon influences making for
ultimate price depression, as Is the large
increase in Manitoba interior stocks and