The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-10-03
The Week in Business.

The Week in Business.
The turn has been made into October
and up to the moment there Is no indica-
ton of the approach Of the money strin-
gency so long ago predicted for the early
autumn. The south Is drawing money
from New York In large volume and the
western demand is beginning to be felt
yet there Is little uneasiness expressed,
and the belief is growing that unless the
demand shall run to extraordinary pro-
portions there will be sufficient currency
to meet it.
The decline in the stock market, like the
great boom that preceded it, defies all
precedent. During the week there has
been moderate price recovery, and a more
hopeful general tone developed In Wall
street. but no one ventures to predict
continued upward trend as yet, and the
most that is hoped for is that the worst
IS over, that bottom has at last been
touched and that for the present the mar
ket will solidify on a level notch or two
above. Prolonged liquidation of stocks
has served to ease the situation and
loosen up money, and it is extremely un-
likely that professional speculation will
soon be renewed on scale large enough
to tie up funds, nor is 1T believed that in
vestment demand or the buying Of stocks
by the public will develop sufficiently to
be factor until after the fall elections.
With circumstances so working for the
prevention of stringency, and the secre-
tary of the treasury exhausting his in
genuity in devising preventive measures
and making free use Of his discretionary
powers in their application, it has come
about that the period so often marked by
serious unsettlement Of the money mar
hets. has been entered with conditions ia
vorable. and the immediate prospect free
from any Indication Of trouble to come.
On the list inst. the treasury paid out
$4316,200 in interest charges and thru
October heavy disbursements will be made
for railway mail service expenses while
pension payments and numerous other de-
mands afford avenues for widely dfversi-
fed distribution Of money. Gold in con-
siderable quantity is moving to New York
which should reach there by Nov l. The
secretary's offer Of immediate redemption
with interest to maturity, to holders of
government SIS due Feb. i, 1904, has met
with ready response and 50, 600, 900 were sc
paid out, much benefit actual and senti-
mental being shown from the operation
OF this, one Of the minor expedients fo1
relief of the money market >
The steel corporation has announced
that matters relative to the wage scale
will be taken up for consideration afte,
Jan. 1. and with that pessimistic DISPOSE.
ton now become almost chronic, the east.
ern financial world has been placing the
worst construction upon 1t and the as
sumption has been made that this mean.
an all around reduction in wages at tina;
time.
In a number Of other DEVELOPMENTS O
the week there was much to make tn,
labor situation appear more serious ant
to affect sentiment, but the actual situa
ton is If anything a little better Som,
thousands of miners are idle In the north
ern Michigan district, eastern metal work
ers have been making demands and tn
railroads, notably the Baltimore & Ohio
have had some disputes to settle, yet thes
were not more serious than might hay
been foreseen last week, and for the com
ing period there Is nothing new Of a dis
turbing nature in sight. There are n
new developments Of Importance to-da;
in the local flour millers strike
Crop reports, railroad earnings. an
business reports in general are favorable
and collections are easy. In the west
is true there Is a lack Of uniformity an
as to conditions on the whole the ives
may be said to be spotted. The less ia
vorable reports are from the middle ives
and are not numerous enough to brin
down the average. The railroads are yer
busy, and lines taking grain for gulf port
have been handicapped by lack Of suffi
cient car capacity. -
The feature Of the week in the north
west, and thru the middle west as we
was the remarkably heavy movement {
live Stock which taxed the railroad.
filed the seven principal cattle markets
and made new record day at South S.
Paul.
In Minneapolis there has been goo
week, and bank clearings which had bee
running moderate as result of the forme
long period of unreasonable weather, we1
back to a more satisfactory total at SIS
5o7.773.
The wheat market turned fir1ner tt
wards the close of the week on the "a
haustion of bear news, and partly on til
theory that after decline in Decembe
from ssAc to 75@75hc, something Of r.
action was due anyway. All the potter
bear arguments remain, and there is litt
counter argument to the facts that tt
Minneapolis flour mills are operating {
only about one-third their capacity, the
local wheat stocks increased 10000
bushels In six days, that foreign market
are indifferent, that SO far on the yea