The Minneapolis journal., 1903-04-25
The Business Outlook.

ANY one VINO keeps IN tOuch with the
business world at large, cannot have failed
to note that of late conservatism has be-
come a dominant feature in the CONNER
cial news of the day. We find week after
week continued encouraging reports of
development and progress, and the same
favorable comment respecting current
business, coupled with optimistic views
of the future. But the whole is now tenn
pered by greater steadiness and a lean
ing towards moderation, and this tendency
to conservatism is one of the favorable
signs of the times.
It is not that our merchants, nanufac-
turers or business mon generally are any
less aggressive, nor is it that new enter
prise is in any degree limited, or the
general volume Of business smaller. 1t is
merely this, that we were told by wise
acres, even before the present year came
in, that the American business man had
thrown conservatism to the winds, and
that in consequence. of the remarkable
business expansion of the year then clos
ing. a setback was to be looked for in
1903. Arguing, perhaps, from the: fact
that in the past every long period of
great activity has been followed by
period of recession, these commentators
took the ground that the, great era Of
prosperity that came in with the first
election of Mckinley had about run it's
course and was near the eliminating
point. Some predicted recession within
a twelvemonth,3 a few had previously as
serted that something of a setback was
To I,6 tFnlt r1, IN w
now close to May 1 and there appears
nothing to warrant doubt or hesitancy,
or any fear as to the maintenance of pres
ent conditions. There is this to note,
however, that taken collectively. business
men in the country are not OVERRIDING it.,
are not expanding beyond safe limits,
are not extending credits too largely, and
il we may judge by the reports from the
larger centers, are not straining their
own credits at bases of supply. That de-
gree of conservatism necessary to keep
things well in hand appears to have
worked into the situation, thanks to the
fact that the average American business
man is the possessor of the valuable quail
ity of common sense. d,
We are told that never before was the
question of good crops more important to
the west than this year, that never before
! have the eastern financial centers in this
connection watched the west more close
ly. This is true. There has been wide
spread speculation in farm lands over the
west and northwest. This enters into the
situation In an important manner. While
the northwest went thru the drought Of
1898 which cut the wheat yield almost
one half without hardship. it is probable
such a disaster occurring under existing
/ conditions would be felt more severely
This is what the extremists of the east
the tra-conservatives Of the money
world are turning over in their minds as
g. possibility, even now before the seeC
is fairly in the ground Thus does the
III cautious money lender in figuring ahead
take into consideration the very. wors
that could possibly happen. The north
west asks or needs nothing extraordinar,
K this year. Give her. a season Of only fai
average crop yields, and the fact tina
there has been any speculation in land:
will be- utterly lost sight of in the gen
eral prosperity. Given a very large return
and the prosperity will be Increased il
corresponding measure.
Z In the southwest we now find the winte
wheat very fine. OF course, there is I
long time to pass before harvest, anl
ANY thing may happen. But the promis
now is 50 fine that all the land is Jubi
liant. The railroad men are looking at j