The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-01-03
The Week in Business.

The Week in Business.
A year ago, at this season, there was
one prominent feature in the financial
outlook that in itself gave assurance Of
the greater prosperity that was to come.
It was the fact that never before in the |
history of the country had a. new year
started with so much of the industrial eff |
fort for that year already planned. When |
1902 opened it brought numerous reports |
Of business changes and the launching Of
new ventures, Of the appropriation of
large sums for expenditure In improve
ment and in new development, of the
pressure upon manufacturers for delivery
of goods and of enormous sales at in
dustrial centers for delivery through the
year. It was evident at the start that
nothing short of national calamity could
bring any material setback since the
greatest of the manufacturing interests
had sold their products for months ahead, /
thus affording the true basis of all pros d
perity, an active and stable labor mar
ket. How we'll the predictions then made
were borne out the figures for the year
just closed will show. We have made
new records and even surpassed expec-i
tations in commercial expansion and in
dustrial activity, except in the several
lines where for time abnormal condi-
tions prevailed. We have seen the coun-
try pass through a. long and bitter labor
controversy with very bad effect, indeed,
yet with nothing resultant of a nature
serious enough to stem the tide of prog
ress. We have seen the acrimony too
otter witnessed in the past giving way
to a better understanding between en-
the rise of kindlier feeling and clearer
conception on the part of capitalists Of
the necessity for fair dealing with the
workingmen, this eliminating in the wave
of liberality and the voluntary advances
| in wages that characterized the last quar-
ter of the old year. . -
Now we are at-the start again and with
prospect as favorable and in some
respects more favorable than year ago.
Great as has been the advancement, there
is a period to come that should fully
equal it, for the conditions that were a
safe guide twelvemonth ago are with
us as we start into 1903. There is
much of new business in sight and much
to come over from the old year. The
building trades is one line where many
plans were held up owing to the un-
usually high prices Of material due to
extraordinary demand for prompt deliv-
cry, and with moderate price declines the
prospect is for even a better year than
last in this, as in some other lines.
Meanwhile the purchasing power of the
people has been greatly increased. Wher
1902 came in it brought only the purchas
ing power derived from the comparatively
poor crops Of the previous year, the ag
gregate yield in grains Of all kinds being
3,163, $4,000 bushels. To-day we ar,
starting in on the basis of a total cerea
: production of 4,364,667,oO0 bushels, AM
the people have the larger buying capa
- city that comes from an excess over las
year Of 2O1,474,O00 bushels, this beinl
. found principally in coarse grains, No
only does this mean year of more read
1uOuGy lOI lIG 4dIIllS1, IuOi0 lOIludSS IL
the railroads and larger exports of grair
but it carries the promise of lower price
: eventually for several Of the prime neces
. sites Of life.
. We still labor under the handicap {
= money conditions somewhat less favorabl
: than for several years past. In the ives
e there is no scarcity of money, but moo
" crate Tightening of the market and
;, tendency to hold rates firmer-this bein
= in great part only a reflection of cond
n lions in the east. Bankers do not loo
J., for much easier money until after tt
middle of January, and the condition
,e the market then will be-, determined
receipts of currency at New York fro
: the interior and the condition of the TO
er. eign exchange market. During the wee
ut there were shipments of currency
n fairly large amounts from Chicago al
e. st. Louis to New York. While tn
ic indicates the beginning OF the return flo,
n begin in large volume for some time "
ne still, it is gratifying as indicating a
se cided change for the better.
OF the speculative markets there is Ii
! tile to be said. The holiday tone st
4 rules. In wheat there was a decline d
of to generally bearish news from Euro
&c and from Argentine. But confidence he
ds is very firm There is much wheat bel
III carried by holders in expectation Of
lin January rise, and should prices. sag aga
he liquidation might start and a consideral
ny / decline follow. Even should this happe
ole however it would not shake the con
We dence OF the trade, as there is a growi
:hel feeling that later on, when the mort