The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-05-16
The Week in Business.

The Week in Business.
This week has been filled with minor In
cidents OF an adverse nature bearing upon
the question of our general prosperity.
"A MANY sections Of our country have sent
reports less optimistic, of conditions less
stable,--repOrtS more often Of local in
Huence, only, yet important enough coll
lectively to throw a slight element Of UNI
certainty into the business situation.
Conflicting crop news, exports of gold,
the rise in cotton to a record figure, and
the first material decline for a long time
IN the iron market, are some Of the more
Important factors making for instability.
With these and more important than all
is the labor situation.
few weeks ago the seat OF the labor
difficulty was in the east. BY last week
the feeling of unrest had spread far over
the west. This week the west was the
storm center. Omaha and Denver have
d their old troubles, and dozen western
points have labor disturbances more or
less acute Chicago, with existing dis
Y Iputes, has the additional prospect Of a
controversy between some 5000 team
Here in Minneapolis there are three small
strikes likely ultimately to affect the
building industry unless settled. It is the
prevalence Of this widespread labor dis
affection and the fear that it will finally
break out within some great industry
and bring paralysis upon it, that causes
the feeling Of hesitancy. Yet there seems
little ground for such fear.
Because there is a grumbe heard in
almost every Industrial center it does not
follow that we are to run into period
of great and disastrous strikes. A hun
4 dred minor disturbances were not so dam
aging as the one great coal strike. Bet
ter the field of labor in the west were
dotted over with little disputes and petty
squabbles than that the men Of the Great
Northern road should have gone out; and
these men will not go out, thanks to the
wise attitude of the road and men and
the untiring efforts of twin city business
men, Minneapolis is relieved from the
strain Of the uncertainty attending the
progress of this dispute, and the nervous
tension SO evident here while settlement
was pending.
The season is at hand when we may
expect to hear of deterioration in the
5 growing crops The winter wheat stood
at 97.3 on April l, and at 92.6 May l, and
Z may be expected to show further decline
by June 1. But with the condition SO
high and a present area 4,525,000 acres
larger than the acreage harvested last
year, there is the widest margin of safety.
4 Unfavorable weather has been expert
onc in ho at
is dry, and rain would be welcomed over
portions of the spring wheat area in the
extreme northwest, but the crop promise,
on the whole, is we'll maintained and is
far above the average for this date.
Western railroads are reporting traffic
well in excess of last year, and for the
first week in May fortythr roads show
gross earnings increased 1859 per cent
Increased operating expenses due to high
er material and advances in wages ha6
been expected to cut very seriously into
net. earnings, yet in the detailed March
statements Of Lightweight roads there !:
IAN average increase in net earnings o.
ss i17.77 per cent very gratifying showing
nor is there anything to indicate that thu
roads have modified their policies of con
preparations for betterments to make tti
= showing,
The dip in iron has been bear argu
sment in the securities market which i
without life and very narrow. The stool
traders take it as foreshadowing the re
duction Of the dividend on the stock o
the steel corporation Notwithstanding
the declaration Of former president o
the company that the dividend rate Wi
be maintained. In the west the breal
An iron is viewed rather as a bull argu
ment, since cheaper iron would benef
the whole country, and check importatio
which has recently been heavy. And
the decline shall cheaper structural iro
in any material degree it will be a goo
thing for many western cities; it ma
revive the plans for the erection of a
least one. large building In Minneapolis
plans that have been permitted to lie dor
W mant owing to the extremely high price
of structural material. The fact tina
country banks drew on Chicago recent
for $4,000, 900 indicates continued need fc
money in the country, and on the argu
ment that If there is such demand nov
there will be money famine in the fal
Wall street is already borrowing troubl
We can cross this bridge when we com
to it. Meanwhile we may note that j
his San Francisco speech President Roose
welt placed himself squarely on recor
as in favor of currency legislation, and tt
ia inference is that an extra session of cor
gress will be called principally for tn
purpose.
The eastern financial Center is a lit
blue because the stock market is SO DIT
md neglected, and because ordinary BIT
reports Of strictly legitimate natul
fail to arouse public interest Even Il
most potent argument Of all, the increase
railroad earnings with prospect OF the
maintenance fails to bring in many bu,
ing orders for investment. The Peep
are too busy otherwise and have 9th
investments to make.
Still when the turn IN the stock ma
ket does come 1t is likely to be IN q
nature of an advance based on legitima
sf,uyir,g. The recent enormous subscrl
zE zion to. the new Transvaal loan, Will
could have been placed many times soy
s good evidence Of an abundance OF En-