The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-08-22
A Favorable Business Prospect.

The labor situation has made turn
for the worse and in the local field, as the
week closes, the distinctively bad feature
of the business outlook IS labor d1sanec-
tion.5 Elsewhere conditions are no worse,
nor Is the strike now on here extensive
or the number Of men involved great. Yet
the building industry Is hit hard and with
the season at Its height practically all
work has been tied up pending settle
ment Of the dispute. Meanwhile employ
ers and employees alike are losing heavily
every day Confidence is shaken and new
plans held back, while If the strike con-
tinues for any length Of time the effect
will be felt thru the jobing and nanufac-
turing lines closely affiliated with the
building industry .--.|.
Aside from this feature the business
outlook In the northwest is very favorable
! In railroad circles it is the concensus OF
opinion that the northwestern railroads
will have from now on traffic even
larger in volume than last year, heavy as
1T was at that time, and there Is already
some fear that the roads will be unable
to handle the fall tonnage. Business here
so far this month has been very good for
August and in leading jobbing lines above
the average for the season. A local bank
president says the statements OF GUS
toners who are large borrowers OF money
are very satisfactory, a feature being the
increased business shown, and cites the
instances of a local jobber whose business
a
facturer whose business is larger now
than a year ago by so per cent. Mean
while a. prominent Minneapolis retail dry
goods man, in New York on business, has
been helping to impress the east with the
fact that the troubles of Wall street have
had no effect on legitimate business by
citing the instance Of his own house,
(which, on the day before he left, did a
business almost $4,000 in excess of the
corresponding date last August, this on
an ordinary business day. The CONNER
,cial press of New York printed this as an
illustration of good business and to the
credit incidentally, of Minneapolis.
For all this, however, the Wall street
troubles have not been without some bad
leHeCt, ana eVldenCeS Oh IL are SeeIl Ill Lie
steel industry This most important
branch Of American industrial life, which
could not suffer without affecting condi-
'tions generally, stands facing three grave
matters Of doubt. One Is the old question
whether or not the selling prices Of stee
products can be longer maintained, an.
other the fear Of labor trouble, the thir(
the fear that the men In charge Of thu
affairs Of the giant steel corporation are
too much in Wall street, and that theil
attention Is too much centered upon thu
ticker. The management having brough
upon itself this lack Of confidence, ha
been making an effort to overcome !
and not without some success more re
Gently.
The greatest rush Of investment buying
in many years has been witnessed in Wal
street. The small-lot investor has beel
In evidence, prompted by low prices an,
the growing belief that the worst Is over
From withdrawals for this purpose tn
savings banks have suffered losses in de
posts. 1t Is healthy sign, however, an
means much to Wall street. The publ
would not buy at inflated prices, but nov
that the rich mans panic has actually pu
prices, in some instances, below intrinsi
worth, the public takes hold little.