The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-11-29
Business Conditions.

0uS4ICSS OOAu1GAO1o'
The lines Of demarcation between the
legitimate business interests and the in
terests lying within, or bordering upon
the speculative were more clearly defined
this past week. This is usually the case
when the country is awaiting a presi-
Dental message. It would be difficult to
find anything IN the undercurrents Of the
regular trade channels to indicate
drift Of sentiment away from the con-
tinued effort for expansion, or any indt-
cation Of q hesitating tendency. Mer-
chants. manufacturers and business men
in general going about their affairs
planning fer the morrow. and in no way
hesitant as to reasonable commitment to
plans running we'll into the future. The
business world does not see any un-
favorable signs in the general outlook, and
does not believe that anything that may
emanate from the chief executive of the
country will be otherwise than favorable.
A &c conservative in tone and car
rying a fair degree of optimism is ex-
pected.
But the speculative interests OF the
country have not this confidence, or at
least profess not to have 1t, and there is
q tendency towards caution, and growth
Of pessimistic color In the reports from
the great money centers. There are
those in Wall street who hazard the
opinion that the securities market will
soon hsiv We to stand the pressure Of bear
is|l message. The president, unless every
sign fails. will, deal a length with the sub
jer:t OF the regulation Of trusts, and the
elimination Of the evils attendant upon
the operation Of the great industrial COM
binations. The stock market has under
gone heavy decline. At the lower range
of prices there has been no rush Of in
vestment buying by the general public
The money situation, notwithstanding an
Increase in the return flow Of money
from the west into New York, is very
unfavorable. The public is tinid, and the
speculative forces-now committed to the
bull side, are extremely nervous. The
president Will attack the trusts, confidence
in the stability Of present conditions will in
some measure be weakened the country
over, all lines Of business will show some
effect. there will be a general Tightening
and drawing H. and even If the effect be
but temporary, the strain will be great
This, in brief, is the bear argument that
has been the keynote this past week.
Such easoning seems hardly fair. It
Is too much like barking back to the old
arguments so frequently heard at the time
when the president, new, and, in this
sense, IN unknown, man, came suddenly
into Office. The great mass Of men to
whom politics is only minor interest and
whose thoughts are directed almost en-
tirely upon the changes that bear upon
trade and commerce, saw the rise of
Roosevelt with some nervousness A
young man, known as a soldier, politician
and writer. there was doubt as to
whether he possessed those qualities
which make for conservative judgment,
prudence and caution. But the first mes
sage, indics ting an intention to sink per-
sonality in an effort to carry out the poll
cies of his illustrious predecessor, gained
for the president the confidence of the
business men And the most pronounced
partizan cannot but admit that his views
as given to- the public since that time,
confidence that business men have in
him.
The president Is pledged to fight the
evils Of the trusts. He is known to favor
mcderats revision Of the tariff.
But those who argue from this that the
message will contain anything to cause
nervousness will probably be as much
a urIo
the youth and vigor of the man, pre-
dicted an administration of rash moves
and drastic changes when he first took UP
the duties Of the office
The week brought no changes Of great
Importance ii, the general business out
look. The most favorable feature was
the turn ii the weather, which, coming
just before the holiday season, seemed
doubiy seasonable. Merchants who had
been cclnpla ming Of dulllness in lines of
early winter merchandise, found trade
somewhat improved. Holiday buying has
begun, and the jobbers report orders con-
tanning a very satisfactory proportion OF
Christmas goods. The shoe manufactur-
crs report the best trade Of any line.
Woolens are frmer and the textile mills
are booking freely for delivery next
spring. 49,.
Two mammoth steel companies have
consolidated, making another giant cor
poration. There is enormous activity the
ccurtr! over in the construction of office
and fiat buildings and the demand for
steel beams and columns is greater than
ever. The production Of sheet steel
howeve.. and steel wire products is
greater at the moment than the domestic
consumption. The mills dare not pile up