The Minneapolis journal., 1904-07-16
Business Conditions.

Local observers VINO regularls
watch the changing phases OF the
speculative market for first indica-.
tions Of those shifting causes that
bear finally upon matters commerc1ai,
have been a little perplexed of late
over the seeming contrariness or
things, for, quite against the ordl-
nary rule, the grain markets nave
been strong and stocks have likewise
advanced. Obviously this should not
be. especially at this season when
crop reports influence the cereal mar
kets. for If conditions are such as to
cause grain prices to advance they
are of necessity working against
tonnage prospects for the railroads.
The fact, however, is that the ad-
vance in stocks began upon the clear
ing of the political atmosphere. For
almost two years the tendency had
been downward, and something OF an
advance was due anyway. once
started it continued, even tho the
news meanwhile was of a nature Or
dinarily to affect the market adverse
l ly. Wall street had it's mind made up
that an advance was to come, once
the matter of the presidential nom1-
nations was disposed of, and having
; started the ball rolling upward Is
not in a mood to desist because OF a
less favorable turn in the crop
promise.
The street takes cognizance OF the
Il 10 int
in the southwest and of the back
wardness of spring wheat, and ad
mits present condition pointing tf
possibility of 1O0,ooO,ooo bushels les
t wheat than last year. Against thl
e it sees a good cotton crop, a corr
0 crop, backward, yet covering an are;
= suggestive of 3OO,000,000 bushel
g more than last year with the sam
y proportionate yield, and stand
$ oats indicating possibly 100000
IL bushels in excess of last year, or O.
j. the whole a grain production 325,
- 900, 900 bushels larger. ......
- All this is remotely prospective
but prospects govern speculatlV
markets. Allowing that it may a
y. change, and that from mid-July o
~ changes are likely to be for tn
:, worse, yet governing itself by II
y, yorable view of the present l1neul
the street sees general outloo
from which it concludes that pro-
perity is assured whether the countl
falls behind in wheat or not.
H. f,1rfI tines
nd figures, and taking ten-year aVeras
prices for basis find corn acreae
standing for $s25,O0o,000; cotton re,
resenting s495, 5,OOO,oOO; wheat, SAFE
ae 600, 900; oats, 315,o0o,oOo, and 9th
as cereals, sSO,O0O,000, grand appro
III innate total of $2,240, 100000, or mo
- than enough to insure the create
y prosperity-if we get the crops.
'.' There is one thing the northWe
need not fear, that is low price
Everything indicates that all princll
northwest crops will command sat
-, - ia actory figures when the moveme
=. TO the market begins in the fa
"a Wheat especially should find go
market. There was already evlder
ar that European crops would be SIN
ma even before yesterdays estimate
of La Petite Journal Of Paris, viii
makes the French wheat crop 81
100000 bushels compared with 36
atic 10000 last year. Europe will ne
to TO buy more American wheat.
Is Some of the railroads are repor
on considering increased expendit7
the for new equipment. Railroad ca
city ings do not make the favorable
oes hibit that could be desired, yet II
u are holding their own, and for
lion first week of July nineteen ro'
.eo show an average gross increase
no1, 1903 per cent
Nv" Despite the efforts Of the lllir
board of arbitration the pack
~ strike, to. this writing, is/ still
This is now the bad feature, afft
WIS ing not only the $4,000 men dire
or indirectly involved, but the pu
so' as WE'LL and thru them .lessened I
.o'e duction and higher prices, the poe
people especially. An early set
ment is the thing most to be des1
The st. Paul Globe protests that
No ,o+ for Dunn Well its boss Is, for T