The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-10-08
Finance and Trade.

The manager of the New Y OrkS clear
ing-house presented his annual report
this week, in which he showed that the
bank clearings for the year ending
Sept. 80 aggregated $59,672,796,S0
This looks like stupendous total, but
as a matter of fact the figures for the
year preceding were $70,833, 655, $40, and
there has been falling off Of $11,16O,-
859, l36. New York is the country's
great monetary center, and it's financial
reports reflect conditions in general.
1t is a fact that every period of business
recession in the past fifty years has
shown up in New York clearing house
reports, the decline amounting to 86
per cent in 1874, to Is per cent in
1884-85, to 30 per cent in 10000, and
to about 16 per cent in the present in
stance. From this it is clear that the
predictions of decline in activity, or
business setback, made months ago, have
been borne out, and that the counter
predictions made In these columns, that
the recession would be neither as long
continued nor as severe as the pessimists
would have it, has been equally. we'll
sustained, for the effect upon the centers
Of financial exchange has been much less
than in any Of the periods of business
slackening Immediately preceding.
Moreover, it must be remembered that
the proportion Of decrease traceable to
less active participation in speculative
affairs is larger, and that due to de-
crease in mercantile activity, smaller
than in former years. On the whole 1t
is not an unfavorable showing, in view
Of the gloomy talk that went around
until very recently and the bad things
that were said to be in store.
Today we are we'll into the fourth
quarter, and the reports for the nine
months past are in all probability the
worst that will be seen for q long time
Everywhere a more buoyant feeling Is
noted and more confident tone per
vades all commercial news. The coun
try has been watching the corn and the
cotton. For the first there is GOOD
crop assured, not record-breaker, but 6
very satisfactory production, and fol
the second the prospect is very favor
able. The country lost much wheat
but taking the crops all around, and al
current prices, they are found to repre-
setn more money than ever before.
, Aside from all this, the industrial
situation has changed for the better
Instances Of this are too numerous t.
i be recorded here, but it is noteworthy
that the pigiron consumption las
month was the largest since April, AM
that the mills of the Steel corporation
are turning it out to full capacity
that considerable steel has been sol,
to Japan and Russia, and that the ship
building companies have recent,
booked some large orders. Unfavor
able reports still come from some O
the New England industries, yet tn
= Industrial ten ency in general is up
ward. .1< ...-
AS usual, Wall street has rushed il
. to get in advance Of the comm e lin
{ provement, and something like the oil,
: boom times have been witnessed, trad
ing on the New York Stock Exchang
: averaging 100000 shares daily on
: rising market. Prices Of leading stock
l. are now 16 to 20 points above Low
prices earlier In the year. The ris
: has reached the point where conserva
: tives pronounce it enough and advis
L caution, yet it by no means follow
that top figures have been seen. Wal
street will probably overdo it again.
>, The northwest has pulled away fror
V all crop-loss influences and is concerne
L with the turning Of its produce int
y cash. Grain is being rushed into Mir
. neapolis in great quantity. Again til
. city makes new financial place flo
l. itself, standing first in the percentag
. Of increase in bank clearings with
/ gain over last year Of 1913 per cen
q and a total for the week Of $25,301 ,934
q Mr.. Heatwole now knows how sharpe
d than a serpent's tooth it is to have