The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-02-07
The Business Situation.

OF paramount influence upon the bust
ness interests Of the country Is the rail
road situation, which Is found in the
main unchanged with the passing Of an
other week Whatever else Of good or
bad omen there may be within view, the
Importance of the traffic situation is such
rs to overshadow it. That monetary con-.
ditions are improving, that despite the
milder weather the fuel supply Is still un-
satisfactory, that the Venezuelan matter
remains a threatening factor, and the
question Of trust regulation is in the front
and center at Washington; these influ-
ences, their effect considered collectively,
are of less interest now to the average
business man than is the matter Of the
unsatisfactory service rendered by the
railroads Of the country.
It is still long look ahead to the open
Ing Of navigation, and the railroads say
that while there is hope for Improvement
from time to time, they cannot promise
entire relief until freight begins moving
on the lakes.
To the owner Of railroad securities the
present situation has it's favorable side
Railroads were never transporting so large
tonnage and so many passengers as
they are to-day; there is no rate democrat
z1tion; indeed, little competition any
WI ere for business, and the rate situation,
bo@l as to freight and passenger service,
was never better. The larger earnings
through maintenance of rates an din
creased volume of business is more than
an offset to the greater cost of equipment
and increased cost Of operation resulting
from recent advances in wages.
This Is the Wall street view of 1t. 1t
does not appear in this light to the ship
per, who finds himself often badly handi-
capped, first by inability to secure cars
promptly to load out. and again by inabil-
ity to force his shipments through the
blockades at congested points.
Given relief from the present, discoura-
ging traffic conditions and the outlook
would be favorable as could well be
desired. The northwest has the promise
of a good spring business, demand having
opened unusually early this year. There
is everything to indicate repetition Of
the good country demand Of the spring
and summer Of: last year; plus the de-
nland that will come from new immigra-
ton, which the railroads confidently ex-
pect will be even greater this year than
last. ......- -@.".. .s--....--.--'.
From the movement of currency to New
York it is evident that cash is accumu!at-
ing in banks all over the country, thus
increasing reserves and permitting extern
sions of loans beyond local requirements
Hence New York is receiving currency In
larger volume. The northwest Is con-
tributing somewhat less freely to the
movement than the country at large, as
there Is much new enterprise here seek
ing money, and some disposition is noted
to hold money for the land settlements Of
March 1. ..--
The eastern industrial field shows many
evidences of great activity for long pc.
Rod ahead, of which the most important
instance is that Of the steel corporation
whose management reports orders booked
ahead to the astonishing and unprece.
denied total Of 100000 tons.
Australia is still buying wheat on the
Pacific coast, and stocks there having
been reduced to a low point has extended
inquiry into the Canadian northwest. This
legitimate demand remains one Of the
strongest features. Flour demand III
general is good and much wheat is beine
consumed.
The two uncertain factors in the specu.
1ative mind are the Argentine shipments
and the attitude of the big Chicago
In fbe
shipments Argentine sent out 1880, O0t
bushels of wheat and in the second 'weel
100000. Unless the movement grow.
!, heavier than this it is not likely to affec
speculative sentiment materially. Ou1
own country Is behind in exports so far
having sent out since July i 1855, $50,
bushels of wheat compared with 17c,146,
SAB bushels in the previous year.
In the stock market the new develop
ments Of the week were mainly favorable
but they failed to stimulate activity. Th,
listlessness Of the market and lack o
speculative interest on the part Of tn,
public is in sharp contrast to the CONNER
cial and industrial prosperity OF the coun
try. While the many who have expected
pointed, the co'eIErative quiet that ha.
ruled for time has directed interes
more towards the channels Of trade an,
manufacture. Many have had time bette
tn understand the wonderful development
west of the Mississippi where a large
amount of capital is being invested il
legitimate enterprises than ever before
The result of it all has been a, health
reaction, a falling away from the feveris
excitement of a period of advancing PR
ces in stocks and a turning more to tn
examination of the fundamental factor
on which prosperity is based, and It
which values in the long run inevitable
adjust themselves.
The navy appropriation bill, as reported
is somewhat obscure in it's terms as t
the promotion of warrant officers to til
rank of ensign, it not being plain wheth
er provision is made for twelve more sue
promotions a year, or whether the numbe
is increased from six to twelve. At an
rate 1t Is step in the right direction