The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-02-28
The Week in Trade.

watching COHkIoSS OH "SSAA'
money market and the stock market have
turned on the reports enanating hourly
from Washington. respecting the pros
meets of the passage of the Aidrtch Dill.
Bankers and flnanciers the country over
hope for the passage Of this BILL. not be-
cause they believe 1t a perfect measure,
hit because they would welcome anything
that will afford relief to the money mar !
ket, and prevent repetition later In the
year, Of the unsatisfactory monetary con,
ditions that ruled last fall Although
congress will adjourn on Wednesday,
there Is hope for the passage OF the bill
Mt this session. The present condition of
thA New York banks serves to emphasize
the necessity for 1t. In the bank state
mont Of a week ago two new records were
made, the combined loans OF the clearing
house banks-asgregating $93s,191.z0o
or s12,o17,5o0 more than ever before
known, while the surplus. at SIS, o41,675
was tho lowest ever known at a cores
bonding date, being s3.414.77S.o0 less than
ponding date, s5.6o5. 900 less than in 1901,
SO, s36, 900 less than In 1900 and $685.
$50 less than in 1892 The treasury mean
while, despite recent heavy disburse-
rnents for bond purchases, Is carrying a
surplus Of 1921. 664.s1s. aside from the
$3.50 900, 900 gold reserve. Wall street
would breathe easier with law In force
by which the facilities for obtaining
prompt relief from the treasury would be
increased. Only this week some $1,000
900 in currency went from New York
to Chicago, coming rather unexpectedly
and adding to the nervousness over the
ests are hoping for favorable action
the BILL and should congress fail to pass
It there will be feeling much like that
experienced in the shipping interests
early in the week when the house COM
nnittee ON merchant marine refused to re-
port back the ship subsidy bill
The government gave out the official
figures which show that in 1902, 7sesese
immigrants came to this country. This
compares with 592.57s in 1901. 47212e in
1900. and 361 ,31S in 1899. Good times and
stories of prosperity going abroad draw
them and the outlook now Is for q year
surpa ssing the 1902 figures In this alone
is shown a fundamental cause of increas-
ing prosperity. and the northwest is in
line to profit by this influx more than any
other section of the country.
Extremely healthful conditions prevail
in the west. Milder weather was a great
help to- trade. although the breaking up Of
roads Ceterrenf feat 11ro
There Is no break in the generally favor
able exhibit of the western railroads.
Freight is being offered in such quantity
and passengers are so numerous, as to
make a, volume of traffic Is per cent in
excess of what the roads could handle, un-
der the most favorable circumstances
and the full force of this is illustrated by
the fact that the roads have Increased
car equipment and motive power by at
least 20 per cent in the past two years.
Western railroad managers are deter.
mined to bring about an advance in freight
rates. At a recent hearing before the
commission in Washington the managers
showed great solicitude for the stock.
holders whose revenues are being cut
down by increasing expense of operating
the roads, but not much solicitude was
shown for the shippers. 1t Is a fact,
however, not to be lightly passed over.
that railroad expenses have increased
enormously of late The E1I<irs bill
I which is now a law, imposes fines OF
$1,000 to $4,000 on both the railroad and
the shipper, for deviations from fixed tar
if rates. This will be help to the
roads and an enormous waste of revenue
will be stopped II the law is not in some
manner circumvented. Several months
ago 1t was predicted that the railroads
could longer continue the ratio of in
creases IN earnings owing to the In
creased cost Of labor and material The
Atchison report for January was the first
forceable illustration of the truth of this
the road increasing gross earnings by
s49S,o0o and net earnings by only Sal, 900
The detailed report is awaited with inter-
est. Unless there have been some extra.
ordinary expenses. the report would indi-
cate increasd cost of operation that viii
hove to be reckoned with from this
time on.
Another merger of two great systems
was announced during the week. that OF
Il the Rock island and the San Francisco
this having a direct local interest since
the Rock Island is now a Minneapolis
road. ~
The speculative markets have beef
quiet. the grain trade waiting on reports
from winter wheat. English merchants
have been selling WEIGH coal in Penn.
sylvania, the present low freight rates
and the taking off of the Csc tariff enab-
ling them to compete with American soft
coal. ~
American Indebtedness abroad is being
reduced. There is evidence of this in the
later reports from abroad American in.
austria firms are still invading new for
eign fields. The week brought reports
Of contracts taken by American firms fol
( entire street railway systems in Holland
and in Brazil, the contracts involving
many millions Of dollars.
f would not be, surprising if the ap.
preparations committee Of the lower house
q the legislature should decide to re.