The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-06-06
The Week in Business.

Press Room.
The Week in Business.
These are times when the average busl-
ness man, who ordinarily gives little at
tention to matters concerning stock spec
ulation finds his interest involuntarily
drawn that way. For three months de-
cline has been on in stock prices that will
go down in Wall street history as max
ing one Of the great bear markets. The
Indicator, over this ninety-day period, has
been steadily pointing downward, and the
continued sagging trend is marked at In
tervals by sudden turns Of sharp declines
caused by enforced liquidation. This week
brought another severe break, OF more
general interest here than any preceding,
for the reason that In the forefront Of the
decline were several issues ordinarily
known as Minneapolis stocks. -,
To-day, prices of the best stocks are
35 to As points down from high figures Of
earlier months. A calculation of the sort
often made would show shrinkage OF
hundreds of millions in stock values, such
figures serving little real purpose anti
prosperity, arguments, since the losses
represent very largely the scaling down of
inflated values. Prices are now on levels
where in many cases stocks are legiti-
mately worth the market quotations or
even more, which does not necessarily
mean that low points have been reached.
When a speculative market runs
way for a long time, it gains great mo-
mentum and Is very hard to slack. On
the present decline a powerful and well
organized bear clique has developed, with
nanipulative tactics as daring and ag-
gresslve, as any ever seen. The slightest
change of an unfavorable nature in mon
etary conditions or Industrial affairs is
the signal for a fresh attack, while such
an occurrence as the collapse Of the Ca
madam speculative pool and the failure of
a Toronto banking house means a raid
all along the line. Excessive rains over
the west, with % retardation Of cereal
growth and the accompanying suggestion
of the probability of a. smaller grain tom
mage in the, fall is the latest incentive for
selling stocks, SO far ahead does the pro-
fesisonal speculator discount the future
and if the Mississippi should burst it's
able, fresh drive in stocks may be ex-
pected next week, the ground of ad-
ditional crop damage and injury to rail-
road property.
New developments in the labor field
were principally unfavorable the feature
being the controversy centering around
the Philadelphia textile trades, involving
twelve mills and almost $4,000 men.
In all reports of a favorable nature re-
specting general trade the northwest con-
tinues to make the best relative showing
and the minor features that collectively
are serious enough to be handicap else
where, are almost entirely missing here
The only disappointing feature is the
building industry, where the figures, altho
well up and comparing very favorably
with other centers, show a total of new
construction under way less than had been
generally expected. The same causes that
operated to check new work the countr,
over have been felt in some degree here
This means delay and nothing more, az
there is demand here for more buildings
to accommodate growing business ant
population which must be met sooner o.
later. The city's retail trade meanwhile,
is very large for the season, and the Job
bers report a good business with collec
tons still very, easy and few failures o
bad debts. Ia
While the grain movement remains ligh
the northwestern railroads can make NJ
high records, even tho the volume O
traffic in other commodities is heavy. TIL
Ing a general tonnage larger than eve
before in their history, and are doing
so expeditiously that delays are unusual
even while the rails are holding more car
than at the time last fall when conges
ton and freight blockades were the com
plants.
Iron has been on the downward tren
again, nor is it to be expected that re
coyery will occur very soon. The cos
trade has rarely been better, and sth
mining companies are filing large order
at prices which will soon reimburse Their
for the losses resulting from the grea
coal strike. From the first of June tn
northwest begins to turn her attent1o
more towards itself. At the same tim
the business world outside begins
watch the northwest more closely for ii,
dications respecting the spring wheat. o
"Wednesday next the government will Civ
out the first monthly report as to sprin
wheat and the condition will be show
to be very high. Then will follow tn
period of watching the development thr
all the favorable and unfavorable change
until maturity. There never was q yes
when the spring. wheat crop went into tt
ground, or came above the ground, in be,
ter condition, and the early reports of II
sufficient moisture for seeding or for gel
mination that are often heard, are lacl
Ing this year. The ground has abundal
moisture to carry The plant thru the fir
early stage.
The Commercial West present an E,
tremely interesting statement Of the sui
stantia1 reductions in freight rates on IL
Great Northern within the last twent
years. Doubtless the company deserv,
much credit for these. reductions, but ii
Minnesota railway laws and the railws
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