The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-06-20
The Week in Trade.

The passing Of the tone Of extreme |
pessimism that for time has ruled senti-
ment in the financial centers was favor
able feature of the closing week. Sue
ceeding it there has come feeling OF |
cautious hopefulness and disposition TO
take more cheerful view OF the country
financial and industrial outlook, While still
remaining upon the side Of conservatism
That atmosphere Of righteousness ana
dependency. always so evident When the
bear party in Wall street gains the as
tendency and holds control for a period
Is slowly being dissipated and the many
whose lines of vision were sadly distorted
nv recent events lin the great theater OF
speculation, are now beginning to take
clearer and more rational view OF the
situation. Having gazed fxedly for
time upon one side of the picture they
are now beginning to view the whole.
It is clear that the labor situation,
which was a destinctively bad feature.
has improved. On June l. there were
about 296 900 men out strike the coun-
try over With the settlement OF num-
Der of minor disputes and few important
ones as well, this number has been re-
dueed to about 1861 900. The conference
of coal miners this week brought the
promise Of peace and lessened fear OF the
danger of interference with the coal out
put later on. That which the steel man
ufacturers feared has come about-the
falling off in demand for finished steel
nroducts as the result of the blocking Of
plans for new work by strikes. Yet While
this is the case, it is doubtless fair as
sumption that an even more potent reason
for the deferring of large plans by capt.
talists is the high cost Of material, In
which connection another slight decline
in pig iron this week is encouraging, as
suggesting the probability of an ultimate
lowering of prices for structural iron.
Despite all the difficulties Of high material
and turbulent labor, the May figures show
q total of $35, 463, 1897 in new building,
against $31, S4s,754 last year and the June
showing promises even better.
AS adverse influences sometimes work
about indirectly for some measure of good,
SO, as an offset to the losses from LABOR
troubles there is this consideration; that
the recent strikes have not been large
and confined to particular industries, but
We're on the contrary, small and widely
scattered, the result being a lessened out
put in multitude Of manufacturing lines,
this operating to defer the day when we
shall hear complaints of dull markets and
+ oyerproduction.
Rail mills are opening their books for
1904 business. Altho some roads have de-
cided to scale down appropriations fol
improvements and extensions the demand
for steel rails will be great that 1t has
been predicted the supply will fall short
by about 400, 900 tons. The New York
Central Pennsylvania lines will use $50, 00l
tons, the Rock Island Frisco and Unior
Pacific Southern Pacific systems 00,O0(
tons each, and many smaller systems ane
individual roads will be good buyers
The Morgan reads have as yet made NJ
public estimates, but requirements will
be very large.
Industrial reports are favorable on tn
whole, altho high prices for cotton an,
raw silk are operating for uncertainty IL
textiles. The bad weather has had SOM
deterrent effect upon country buying, We
Minneapolis jobbers report a fair bust
ness. The local flour mills will run some
Il what heavier next week. .s
Some Of the railroads will show u
very poorly in the June reports when tn
losses incident to the floods are figure
out. This is a. bad feature, yet it's effec
has probably been more than discounte
by the declines in prices of securities {
the roads affected. All western road
have suffered severely in the great bea
market. At low points this week North
Western common stock was 1O4 point
off from the former high point, while til
so-called granger roads, including Atch
son, Rock Island, Missouri Pacific, Unto
Pacific and Milwaukee, average, over :
points lower The result of this has bee
the shifting Of values to levels affordir
much higher returns to holders, which
the basis for the argument now more fir,
quently heard that the market is close
the bottom. TO pick an illustration
random, Minneapolis & st. Louis eommt
stock at lis paid the investor 4.S5 p
cent, and at IS the income was raised
6.67 per cent.
The outlook for the crops is, of eours
the paramount consideration and in tt
A respect the situation does not admit
clear definition at this time. A #
weeks of good or bad weather will me-
many millions way the otht
There is this much clear beyond pos:
d Bile doubt; that the crop promise TAXI
\ the country as O whole, has been m
terially lowered Corn is the bad featul
4 but with continued good weather m
4 yet do fairly well. Here in the northwe
there is a splendid outlook and the go
all around prospect has been undisturb
until this week, when some nervousnt