The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-09-12
The Week in Business.

1uG w eek Ill DuSllICSss
Within the next three weeks the one
great element Of uncertainty still re-
naming in the business situation Will
have taken, on more definite form. Even
within a fortnight that question which
means so much for the west, and TOT
the whole country as WE'LL will be closer
to the point of solution, for by that time
1t will be possible to know with some
degree of certainty how much Of corn
crop our county is to raise. This year
there is an acreage of corn that. on the
condition Of SOL. shown in the govern
ment report Of the 10th Inst, should
mean yield of 2,2S9,00o000 bushels
which would be very satisfactory re-
turn. This corn Is In sight. Unfortu-
nately, however, the crop Is very late.
Handicapped at the start by unfavorable
conditions and retarded since by sum
mer excessively moist and unseasonably
cool, the plant, which should now be
turning into that late stage Of maturity
insuring immunity from frost damage, Is
still in large part so green that early
frosts extending west and southwest,
would cut down the total yield materially.
The men Of the grain trade, merchants,
bankers, railroad managers and the
financiers of Wall street are watching the
corn as it slowly pulls ahead, and coupled
with the hope that it will come out all
right there is full appreciation of the
danger as the season draws on and full
understanding of the urgent need Of good
weather for the next few weeks. 1t is
natural there should be some tendency
towards hesitation under such circum-
stances.
Last year our country produced $685.
900, 900 bushels of corn, but the year pre-
vious the yield was down to 1922, 0O0,o 900
bushels. To come out at all right we
must raise, as minimum, 2,000,00o,O00
crop annually. It is not that the farmers
suffer directly by smaller crop. In
deed the - last great shrinkage In corn
was much more than offset by increase in
price, and while the crop Of 1899 and 1900
both just over the 100000, 900 bushel
mark. were valued at s629,oo0,00o and
$751, 900, 900 respectively, the short yield
of 1872 ,0OO,0 900 bushels Of 1901 was valued
at 1921, 100000. But this is only one mar
row view of it. To follow the effect of
a short corn crop beyond the railroads
and thru all it's ramifications would be
impossible here. 1t hits every one in
some indirect way. Many commodities
and products not ordinarily associated
with corn in the popular mind, are af-
fected. Illustrations at random are the
record high prices for foodstuffs re-
corded in the period following the hort
crop Of 1901, and the great advance in
prices of meats which bore so hard upon
the working classes and increased the
general cost of living. Serious dana ge
to the growing corn would mean repe-
tition of this, while liberal yield will
be one Of the greatest possible factors 70,
our continued prosperity. ,s.. F,
The weather of the day is bad in every
way. There is a lack of the hot forcing
weather necessary for corn, while in the
northwest the spring wheat in stack anc
in shock is being injured in quality by
the rain and threshng operations are Sc.
riously hampered. "
Another unexpected move was made
by the treasury department this week
the secretary directing the deposit IL
national banks Of st. Louis Of $4,000, 0O
Of internal revenue receipts. The de
mand from the south for currency t.
move the cotton crop Is just beginning
to be felt in the east. and the action o
Secretary Shaw will diminish the drail
upon the New York banks. Anticipation
nent. and the secretary, with proven
ton as his guide word is showing dis
position to use the discretionary powe
attached to his office to the full limit
The segregation Of a part Of the reve
nue. receipts for the purpose Of forming
fund for use In an emergency was a.
original and daring move, and has no
entirely escaped criticism. It is not t
be doubted, however, that the money in
terests Of the east have come to view tn
department as guided by strong mar
not in the least bound or handicapped b.
precedent. and that this is an importan
factor at this time. Some wester
bankers even take the ultra hopeful viey
that there will be no serious none
i stringency this fall. Mr.. Fowler, it !
reported, has financial bill almost i
readiness for the coming session. Fror
Senator Beveridge comes assurance tina
moderation will be the principle in tn
proposed new law, and that no sweepin
or radical financial legislation of a ma
ture to disturb general business need b
feared
Gold from Australia and Alaska
moving towards New York, which is
favorable sign.
The west is very active, and while tn
bank clearings for the country have bee
light, the falling off is almost entirely i
the east. Dizziness rules In the specu
lative markets Exports of wheat th
week wero light, and considerably unde
the corresponding week of last year. BIT
indications point to good export deman
later on and to an exceptionally heav
demand for cotton. Grain markets al
quiet but strong. England, mort
France, Germany and the Netherlant
have had serious damage, a factor sui
to affect us ultimately. The Londc
statist of recent date says it is doub
mi If the Liverpool market can remai
pauct, longer Indifferent in the face Of ii