The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-04-09
In the Business World.

In the Business World.
The week brought a complete turn
about in conditions governing farm
work in the northwest. An early
ready we'll under way in many local
tiles.
The severe storm has checked It.
Snow has piled up in localities already
overburdened. Even with favorable |
weather from now on the crops will |
not be in the ground any earlier than |
the average date, and probably some |
what later at important Red river val |
ley points.
This will be little disappointing to
jobbers anxious for more spring or
ders, and country merchants will find
bad roads hindrance to trade for
time. Later this will be made up, and
no harm will result beyond an all
around delay of a week or a fortnight.
Fine crops have often been raised
from late seeding, and even if the
valley lowlands prove unusually wet
after the snow breakup, as now seems
| likely, final results need not be af-
fected. Farmers in many such local1-
ties do not expect to get their spring
work done much before the first week
of May in any season.
The storm may make necessary
some revision of opinion as to relative
acreages. To midweek largely in
| creased wheat area, and a curtailment
| Of flax acreage was assured. AS the
season was shaping itself sentiment in
the country strongly inclined that way,
and the disposition to plant more
wheat this year than last still remains.
But If seeding on low land in the
more important wheat counties should
be delayed a week or two beyond usual
time, enough flax or coarse grain may
be planted on land originally allotted
to wheat to change the early indica-
ton of acreage on the whole. This
has occurred in former seasons when
: the low ground has been very wet
thru April.
| A feature of the general industrial
situation is the determination of man
ufacturers to avoid, at any cost, over
7 production and it's disastrous conse-
, quences. This is a very healthy sign
l of business conservatism. The process
l is at work in many lines, and is mark
} eddy illustrated in the light produc-
$ ton of the Minneapolis flour mills, and
f the arrangement by which thirty-two
i eastern cotton mills will run only five
: days week for the present.
: Altho such measures afford oppor.
= tunity for pessimistic reports as tt
slow trade and an industrial let-up, the
q results of curtailment during a tenn
n porary quiet period are beneficial ir
il the long run.
q The railroad situation in the north
a west remains the dominating inf1u
" ence in Wall street, and everything
u concerning the merger aftermath il
u closely followed In the circles o
finance. Again there Is a fight, blu
. this time it is not the people agains
- illegal combination but apparent.
- one magnate against another. TIL
=. mighty merger scheme winds up ii
u internal strife over redistribution o
stocks Of properties merged. TIL
=. effect Of it all is very unsettling in tn
>, stock market.
=, Eastern monetary conditions ar
most peculiar. There is an abundanc
of money, so much, In fact that bank
ers are not the least disturbed over tn
=, prospects Of gold exports likely to ru
" heavy later on. Money has flowed int
= New York from the interior in volum
unusually heavy, due somewhat to re
taxation of trade and less heavy re
quirements. With this there has bee
$2O,0OO,000 drawn into central ma
- tionals in anticipation of the Panam
canal payments. Rates are low an
: bankers have even found it difficu
- to employ all the loanable surplu
proftab1y on short time commitmen
~ Yet in the face of this many larg
borrowing schemes are still held up.
VI The situation presents the anomal
Of plenty Of money in sight and ne
d. much money available for railroad
nc A number Of roads having need fe
G round sums have borrowed money Q
ne long time notes at rates that look e.
s. orbitant compared with rates fl
de short time mercantile loans, raths
", than force bond issues upon the ma
ed ket at this time. The investing pull
on lie is tfmid, and even an attracti,
as bond proposition is so uncertain TIL
ng little is heard Of new issues.
ng When one considers the underlyiI
elf soundness of the country on the who
ed and the fact that there is known to !
re- much money seeking safe, conserv
les tive investment, this appears strang
It cannot be doubted that the ultr
ms cautiousness of the investor is due
Ter the recent scandals in Wall street,
le- the loss of prestige of the great e