The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-01-03
Dun SIZES Up 1902
The Annual Review Show That It
Has Been a Remarkably
Prosperous Year.
Exports Of Flour More Noticeable
Than Those of Wheat-The
Wall Street Situation.

Wall Street Situation.
New York, Jan. s.-R. G. Dun & Co.'s
Annual Review says:
One event stands out In starting dls-
tinctness in the Industrial history OF
1902 Never before was there, and, 1t Is
to be hoped, never again will there De
such a labor controversy as the anthra-
cite coal strike. - ~
IS Coal and Iron.
Other struggles between capital and
labor have been accompanied by greater
loss OF life and bloodshed, or more. DIS
astrous destruction Of property, but no
other controversy in this nations his
tory caused such paralysis of industrial
activity and so great discomfort and loss
to the general public.
The condition Of the iron industry Is
still considered safe barometer OF gem
eral business, and despite the serious In
terruption of fuel scarcity, the year 1902
must be considered by far the most
prosperous ever experienced, while the
outlook for 1903 Is still brighter.
!. Leather and Hides.
The rise in values OF most kinds OF
leather during 1901 was followed by con-
tinued activity and an era of high prices
last year was satisfactory to tanners of
most varieties, although unusually high
rates for raw material served to make
profits small. ~. 80 e.. =. a.
- The Wheat Market ..-....
At leading domestic flour mills all pre-
vious records Of weekly production have
been frequently surpassed during the
year just closed.
Home consumption has been large and
also exports Of -four, which appear to
have attracted more attention abroad
than wheat, the shipments of the two be-
ing about equal in November, a very alb
normal state of affairs.
Shipments during five months Of the
current crop year were los, 137, $50 bushels,
flour included, compared with 126, 92S, 1872
bushels in the corresponding month Of
1901. Although the loss from the previous
years exports appears large, it must not
be overlooked that comparison is being
made with much the heaviest year on
record, the total for twelve months end
ing June 80, 1902. being 232,6s1, 400 BUSH
els. 49,. -.
80 ..- The Corn Trade. ---
Agricultural results for the last year
and general business conditions for the
coming year are both in no small degree
affected by the corn crop Of 1902.
Following a period Of almost famine
scarcity Of the maize crop, the country
| was blessed by the heaviest yield ever
| grown, in part due to the great expansion
Of acreage because of high prices. ~
| Moreover the grower is receiving an
abnormally high price for his product de-
spite the certainty that a record break
ing yield is coming on the market.
Produce Markets. -.
From the producers point Of view the
| fiSfoo or
than any preceding year in the nation s
! history. -,s
| AS to quantity the yield of all grain was
! a bumper, estimates based on the latest
/ official figures placing the corn crop at
2,542, $4,000 bushels; wheat, ~ $40, 800, O0C
bushels; oats 98S, 632, 600 bushels; barley,
>135, 10000 bushels, rye, 1926, 900 bushels
and potatoes, 2S2, 1885, 900 bushels. =; -.
=. In every case, except wheat, there ap
pears large gain over the preceding year
and a few other yields were as large
while the increase in corn over the pre-
vious crop is placed at more than a bill
lion bushels. ..-,: =. ,.., - g .s.. -. ,
Prices Of meats were considered high II
1901, having risen above all records sine
1898, but the year 1902 carries, the com
parison back many years further.
!, During the first six months mess porl
} ruled between SIG and SIT, while the las
) six months maintained a higher averag
, than $1S per barrel.
Lard ranged above 10 cents and liv
hogs reached cents, and the average liv
, beeves touched $40 per 100 pounds II
At times speculation forced quotation
} for pork products above the position sus
} tanned by supply and demand, but in tn
, long run the natural law prevailed an
prices were held up by the shortage c
0 corn and a big consumptive demand due
5 prosperity of the wage earners.
o%1c
\ rise to the point attained during tn
0 Northern Pacific corner in 1901, yet tn
5 year 1902 will always be memorable fc
a the greater general stringency which ez
5 listed, especially during the closin
o months. ...
0 It was essentially. an artificial situation
!; only remotely attributable to the increase
n demand in commercial channels.
c Primarily there was locked up in cor
:, nection with syndicate operations no lie.
than $500, 000,0 900, while during. the upwa1
n march Of security prices an enormo,
o amount OF borrowing occurred in tt
:; speculative operations.
o In Wall Street.
y Rates of. exchange at New York on Lo,
!, don and also continental exchange ha,
d both been Irregular compared with the pr.
lle vious years fluctuations, and yet in son
II respects the situation has actually a,
]. peared somewhat more normal. New ia
.. tors have contributed to the alterations
J rates, while the movement Of specie h,
3 also changed materially.
ID London dealings in American securiti
7 were at times potent in causing alters
. lions in sterling exchange, and the vario
: large international operations such as Il
;, shipping combination were influences n
le heretofore felt.
"a While in many ways the last year h
- been most eventful. Wall street did n
witness the volume OF speculation TIL
70 made 1901 memorable, nor were there a.
III OF the violent upheavals that marked t
ID course Of stock trading in recent pr
~ ceding years.
Quotations established new high wat
marks frequently until Sept. 9, after viii
:. there was a severe reaction with grad