The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-01-30
The Business Situation.

n Again it is the west that presents
the leading feature for good in, the
summary of conditions in the world
commercial, ..- .. u .,.... ...t1
The first month Of the new year
ends to-day, and finds the country,
from the business mans viewpoint, in
condition far more favorable than had
been expected. O.. The year came in
with a number Of discouraging things
in sight, llof which have had some
bad effect.
But despite them, the general show
ing for the first thirty days is splen-
did one. Many trade lines report re-
suits surprisingly good in view Of
what had been looked for. The bad
features have now in good part spent
their force. and new ones are arising
on the favorable side, and prominent
above all and most important as an
index, is the business being done by
the western railroads.
Even railroad officials did not ex-
pect the traffic to hold up quite so
well. Some decrease was due as nat
ural reaction from the former i'm
mense business, and with other causes
affecting particular sections there have
been notable declines in some in
stances. But there has been no de-
cline at all commensurate with the
discouraging talk that went around so
freely in the last two months of the
old year, based upon the unfavorable
turn in the industrial situation then
evident, while increases have been
made, more than sufficient to Offset
the losses. @., .~
The western roads with business
equal to or in excess of last year have
served to bring up the average for the
whole country, SO even under the
handicap of conditions that had been
expected to affect traffic very serious
ly, the thirty-six leading roads did
we'll enough last week to show an
average gross increase of 4.S3 per cent
in earnings.
That the net figures when received
will show up less favorably than a
year ago is not unlikely, and that
a period Of decreases in gross earn
ings will come later on is not improb-
able. But while these are things to be
expected, it is gratifying to note that
their coming has been postponed
largely by the activity in the west and
northwest, while in the east the in
dustrial situation meanwhile is show
ing steady Improvement. There is
the indication that any period of UNI
favorable railroad comparisons that
may come, will be of shorter duration
than previously anticipated.
The weather has been rather bad in
the effect, and the spring trade that
had started a week ago was temper
aari1y checked. A revival of inquiry
Is looked for next week. Some Of the
great lines, as the iron trade, report
improvement on the whole. Demand
for structural material is increasing
and the indications of an active spring
In construction work are more numer-
GUS as the winter passes.
There remains a very unsettled
state Of affairs in a number of COM
nodities Of a speculative nature.
Again and again have cotton prices
reached new levels, and another high
figure was recorded this week. Prices
are now so high that the attention Of
the world has been drawn to cotton.
Coffee is another commodity that has
advanced by leaps and bounds. Legiti-
mate conditions enter largely into the
strength. but manipulation is not