The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-07-02
Business Conditions.

Business Conditions.
All the weekend financial reports
carry q tone Of conservatism and In
dictate an Increased tendency towards
hesitation. There Is disposition
shown to walt a little, to go slow for
the time being, pending formation
into more definite shape Of a number
Of important factors now appearing as
rather uncertain quantities.
Thursday brought the close Of the
first half Of the year, and the end Of
the fiscal year for many railroads and
Industrial corporations. Annual re-
ports will soon appear.
Meanwhile the week has run into
an extended holiday, q national po-
litical convention is due for next week
and, following this, the most important
government crop report Of the year.
However carefully one may scan
the financial horizon, it is Impossible
to find any very black clouds, and an
alysis Of the commercial news Of the
day fails to discover anything wrong
in fundamentals. That many annual
reports will be bad Is not to be ex-
pected. They will be unfavorable by
comparison with last year, and re-
cent boom years, but not more SO than
might reasonably be supposed by any
one who has watched the recession in
general business since Jan. i, and
their effect will probably be found to
have been we'll discounted
That the democrats will put bust
substituting plank into their plat
form or that radicalism will rule at
st. Louis seems unlikely.
There was much in the two private
southwestern crop reports Of the week
and in the daily advices from the
northwestern grain fields to indicate
that the government report will be q
good one. Nevertheless there enters
into it all enough Of the element of
uncertainty to give rise to slight
feeling of hesitancy.
Already there Is some talk Of the
probably demand for money to move
the crops, altho this is still a long
way off. This arises from the heavy
interest and dividend disbursements
Of June 80, which increased the al
ready enormous amount Of Idle money
in New York. Much of this money. it
is thought, will seek reinvestment,
and the stock market is in line to bene-
fit by 1t, but here, more than any
where else, is the fear Of the demo-
cratic convention, and buyers are in a
waiting mood. Whenever the west
may need money, New York will be
found ready, but until recent date it
has been the other way, and money
has been flowing eastward. The old
cry Of western independence is not
likely to be raised this year, for while
the west is prosperous there is prob
ably not SO much ready money avail
able as was the case at crop-moving
time in the past several years.
The situation in wheat is that OF
crop-making time-doubt and uncer-
tainty. The southwest has "a; crop
ready to harvest. but rains have de-
layed the work. Chances are In favor
Of a dry period from now on, as there
have been several weeks Of almost
continuous daily showers, with very
heavy occasional rains, the excess pre-
ctpttatton amounting to three to four
inches In two states. Millers fear tina,
further rain would not only delay the
winter wheat movement but would
lower the quality Of the crop in some
degree. During the week one author.
ity gave out an estimate Of 344, 900, 00(
bushels for the total winter whea1
yield, against 01,000,00O, bushels 6
year ago, a loss of 57,o00,0o0 bushels
The northwest will make this ur
with good conditions from now on
The wheat is late In many importan
districts, and In the Red River valley
there Is ground for apprehension, FOL
much Of the wheat will not have
reached maturity before the period o,
!, possible early frosts. Nevertheless
the plant is In splendid condition. a!
it stands and there is an acreage anc
a condition from which bumper cror
might be produced, altho the ex
traordinary dangers attendant upon i
make the outlook doubly uncertain
And nobody rejoiced over the res,ll