The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-12-18

Governor Van SAINT does not share in
the pessimistic views of President James
J. Hill of the Great Northern, and believes
that there will be no serious break IN
present prosperity. He talked freely this
morning to Journal man on business
conditions and the reasons for them, ana
In an unmistakable tone referred to the
current Wall street conditions. He be
lieyes that over-ca pitalizat1on must brlnS
its day of reckoning to spectators. but
that present business activity is on too
sound a basis to be disturbed seriously or
overturned in any such way.
The governor returned from Iowa this
morning. He spent day or two at DaV-
EXPORT his old home, where ne still mas
business anterests. When asked as to
conditions in that state he replied that
business was good and everyone with
whom he talked was hopeful of the future.
Where Prosperity Begins
"Why not?" said the governor. Iowa
last year raised corn crop estimated at
c96 50,3SO bushels, valued at $S3, 422 7OS.
Other products would bring the total
value up to the enormous sum Of $2l6.-
722,S39. Is it any wonder, then, that the
people of that great commonwealth are
optimistic?
Il took coca sion to speak a good word
for Minnesota. The situation certainly
warrants it, for our state was never IN
a more ourishing condition nan at
prices fair, labor we'll employed at good
prices fair, labor vel lemployed at good
wages; the output Of our mines the larg-
est In our history, our merchants are DO
ing a splendid business; our mills and fac
tories are running at fullest capacity.
Our transportation companies are taxed
to their limit to carry our produce ana
wares to market and, perhaps better than
all. our farm lands have in the past six
years increased in value from rs to 30
Jof fo1~f crJ7r mr.
correct>--and, notwithstanding this In
crease there is and has been large de-
mand for our lands. There is a great rush
to our state and thousands are
coming froflm Iowa. 1t Is said
that millions &*of ~ dollars IN have been
drawn from the saving banks OF that
state and are invested here. All the saw
ings banks of Davenport. and presumably
others throughout the state, have decld-
ed to increase the rate to be paid deposit
ors after Jan. 1 to per cent. 1t is doubt
full If even so favorable a rate of interest
will stop the flow of Iowa money into our
state. !
pIverslficaton Has Paid.
''The fact is generally known that
diversified farming is largely on the IN
crease; formerly we were thought to be
exclusively embarrassing community;
especial attention is now given to dairy
interests. We have some 700 creameries
and more than 100 cheese factories. and
last year the people Of our state were en-
riched from said dairy interests fully So
900, GEO; and i'll time the sum will reach
s5,000,OOO annually. we are also maSlns
rapid progress in stock raising and While
we did not at the great international
stock show at Chicago quite come up TO
Iowa. we made a most credltaDle snow
ing and captured many prizes. I told my
old neighbors all this and more. 1t Is
safe to say that our people were never
better off than at the present time.
Prosperity Is Permanent.
well, Governor" said T h Q J o u r.
nal man, according to your view Iowa
and Minnesota are all right what do you
think Of the situation generality?
IT look for a continuance Of prosperity,
he returned. emphatically. I'VE have
stable currency, every dollar of our money
is worth 100 cents in every portion Of the
globe. Our banks are very conservative
and are carrying large reserves capital
invested In legitimate enterprises has
brought fair return and will continue to
. do So and perhaps best of all, the farmer
of America is more independent than ever
before in our history. After all, how
much depend upon him! When his
crops are large and prices good, the mer-
chant. the banker. the mechanic and the
j. laborer are prosperous, and the great
transportation companies. too, when ne
does we'll, pay dividends and find their
> stock increases in value.
~ mo, can see no valid reason why we
should be at all pessimistic. The fact
that there is scarcity of money in Wall
street for speculative purposes should not
cause alarm. = It is rather evidence Of
sound business judgment that money
- should be hard to obtain to finance the
large number of enterprises with so much
watered stock and fictitious values placed
/: on Them There may be some failures
Spectators in these stocks may lose
money. Some enterprises when the
y water is squeezed out may collapse. fol
there always comes a day Of reckoning
:. but with conditions in our country as they
are, in my Judgment our industrial su.
premacy has come to stay. If we have
reached the zenith, we surely will remain
Is at the top for some time to come
:, = y .''