The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-05-23
A Bright Outlook.


ing investigation of existing conditions
bearing upon the outlook for the flour
milling industry for the near future. While
the rAillers, thru numerous agencies and
scores Of keenly observant travelling rep
resentatives are at all times closely >ad-
vised as to existing factors, the firm In
question informs The Journa al that
recent inquiries have been more extern
sive, a1ad more exhaustive than before.
1t is pleasing to record that general pros
poets for the milling trade are found to be
extremely favorable and this is especial
ly gratifying from a local viewpoint, since
SO much Of the productive energy Of in I
dustrial Minneapolis is centered In this
great business.
The circumstances accompanying the
recent temporary closing OF the mills are
still fresh in the public mind, but from
an imperfect understanding Of all the ele-
ments entering into the move, on the part
of outside observers, some erroneous de-
auctions have been drawn. Commenta-
tors in the financial reviews and publish
ers Of trade bulletins, are still keeping an
eye on Minneapolis. This makes 1t a time
ly statement, that with conditions ordin-
arlly favorable from now on a good year
is assured The millers could wish for
a larger available wheat supply and for
more equitable freight rates. yet they ask
only fair show and freedom from any
material handicap to do large business.
One encouraging fact Is that stocks OF
-four at many important consuming and
distributing points are far below the aver
age The promise Of an enormous winter
wheat crop with the fear Of weakening
effect on wheat prices, and so on flour,
has heretofore deferred many from buy
ing heavily. But -four they must have
sooner or later. Thru good or bad times
flour consumption varies little, a fact
which makes Minneapolis, as a manufac-
turing city more stable than any other
center where one industry is relatively so
important, fact that no Minneapolis
business man should forget.
Attention has been drawn to the east
this week by reports Of dry weather in
New York and New England but beyond
affecting pasturage and bringing on a
sharp rise in all the feedstuffs markets
no great damage has been done. Over
the west and southwest the weather has
been too wet, and in consequence the corn
crop the country's greatest agricultural
source of wealth, is two to three weeks
late in getting started. :. Not necessarily
bad thing in itself, this lessons in some
degree the feeling Of assurance, by sug-
costing a late crop with increased posi-
bility Of frost damage before maturity.
AS result of the sensational boom in cot
ton there lisa failure to record in that trade
and there Is the likelihood of the textile
industry being seriously affected; that the
remarkably high prices now ruling may
close the mills. Compensation is found in
the unprecedented profits now being re-
,alized on the cotton coming forward
which makes the planters jubilant an6
means increased prosperity all thru the
south.
The labor situation shows, on the whole
some slight Improvement over last week
altho there is a new freight handlers
strike on at ST. Louis and the Mime
apolis -four leaders have asked for an in
crease in the wage scale.
Weakness In the iron market remain
a feature Of widespread influence, and tn
declines have been felt all thru from tn
trades directly concerned to the stoc
market where speculative sentiment
affected. With number Of unfavorabl
elements in the view the commercial an
financial outlook is, nevertheless, favor
able for a long look ahead. The railroa
earnings are keeping we'll up, and collec
lions are not only satisfactory to MANI
facturers and jobbers, but were said
be even better this week than last.
Midway in the week another decline be
gan In stocks. and the market now show
g range Of prices lower than at any tin
since the beginning Of the year. Still tt
public does not come in to buy. Stool
are now selling at prices where in mar
instances more Of an income is obtainab
from holding choice securities than fro
loaning money in the open market. Th
week such standard stocks as Pennsy
vania and New York Central touched 10
points not seen since 1900. Fictitio,
values have been wiped out on the who
and If some stocks are still quoted abo
their intrinsic worth there are others tn
are now close to the level where conserv
tive investors are likely to Look wi
greater favor upon them. Opinion is {
yided, but the preponderance Of opini
Is that any advances that may come
stocks for a time yet will be tempora
rather than sustained. The big bull ma
sket in stocks which all agree must con
will not start until the crops are cons
cred safe, perhaps not until the spec
session Of congress in the fall. w
street, and the country as well, dema
q new financial bill. It is encouraging
note that the senatorial subcommittee
already holding unofficial meetings q
discussing the matter informally T
gives the promise that the next bill p
scented will be free from the minor
iectionable features Of the Aldrich !
which were enough to bring defeat VI
q measure having many excellent featu
on the whole.
Monday is the hundredth annivers
q Of the birth Of Ralph Waldo Emerson,
turnout the country his memory will
celebrated formally or informally by
B thousands who admire his genius
md erstand how truly American and de