The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-05-03
THE WEEK IN BUSINESS

It was hardly to be expected that the
week would pass without more serious
tnrn in the labor situation. Trouble has
been in the air for time and the oesln-
ming of the new month brought the culInl-
nation of some long standing disputes.
Strikes occurred in many places, YET, III
the main, they were local troubles lnVolV-
ing no great body of men. 1t is gratny-
ing TO note an exceptional freedom from
the bitterness that too often characterizes
disputes between capital and labor, ten
dency to avoid demonstrations liable 10
lead to violence, and a marked dlsposl-
ton to adjust the differences by arbitra-
ton. The building trades have suffered
and in SOME places new building plans
have been hung up pending settlement
This delay to spring building Is the most
serious aspect so far. %
Some uneasiness exists over the large
expansion of the loan account OF the New
York banks a recent bank statement
showing ninet cen leading banks with
reserve of less than Is per cent. With the
crop outlook In the west as yet uncertain,
the ultra conservatives have been advis-
ing caution. Money frightened, and this,
with the expectation Of gold exports next
week, was an influence against stock
market values. The public was rendered
more hesitant by the wild fluctuations
witnessed in some Industrial stocks, nota-
bly, International Power. Yet it would
be error to draw an opinion as to the
stability Of affairs from these surface in
dications alone. Against every unfavor-
able sign there Is an Offset. Railroad
earnings are averaging fully I per cent
| above last year. Large blocks Of the
stocks OF the North West ern road changed
hands privately this week at figures said
to be above the public quotations The
milwaukee road is earning II per cent on
both the common and preferred stocks
and holds a surplus now Of $40. 100000, and
most important of all, the Pennsylvania
dividend rate No body ct men in the
country have higher reputation for con.
| servativeness and foresight than the ner
who manage this, the country's greatest
railroad, and the fact that they deem II
safe to increase their dividend Is taker
as evidence that they can see nothing bu
continued prosperity for the Immediate
future.
/ In all the cities of the interior banl
clearings are running far ahead of las
year. Minneapolis had showing O
81, 09s, 1856 for one day this week, which
is within few Thousand dollars Of TIL.
high record. Deliveries Of wheat by ele
vators to millers on May contract helpet
swell the total.
There is better volume of business
noted all through tho textile trade, an,
the output of the mills held up we'll, not
withstanding. the labor troubles. Pig
is UP again. Jobbers have felt4the bene
fits of good spring weather. and business
was heavier IN the leading lines.
i The grain markets held between tn
counter influences Of unresponsiye foreig1
markets and home conditions, tending t
make a high price range. In the mort h
west the season is backward, and som
parts Of the most important territory viii
not be seeded for a. week or ten days vel
on account Of excessive rains The fac
that the crop will start uneven and gen
!. orally late Is not necessarily bad in it