The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-03-07
The Week in Trade.

Hope and confidence giving away to
doubt and fear, and final disappointment
breeding. funeral gloom. This is the
story of.the week in Wall street. In our
great monetary center all interest hung on
the proceedings in congress, and not for a
long time has there been such keep disap-
pointment as was felt in the defeat Of the
Aldrich BILL The eastern money interest
had looked upon this bill as the measure
of primary Importance. It's ardent sup
porters viewed it as the only means of
salvation through the period of tight
money that it is expected will come again
next fall z : =
1t was not a perfect bill, and has some
minor faults and one very serious defect
yet even it's <severestT critics could not
deny that it eontainedI the fundamental
requirements Of financial bill and en-
bodied many principles essential to an
elastic currency system, and that it was
the best and most practicable legislation
yet proposed along the given. line. The
4 bankers had digested it thoroughly and
were almost unanimously in favor of it.
The bulls in the stock market counted
( =
confidence and higher prices, and in ac-
cordance with the Wall street methods of
anticipation and Of discounting every fac
tor. We're loaded up with stocks and
standing around waiting for the lightning
to strike. The failure of the bill brought
4 reaction, liquidation of holdings and de-
\ clines all through the list It was a week
calculated to bring out all the latent pes
sin1ism in the nature Of the many who
i are in touch with the Wall street pulse
L and who think the country is going to the
4 dogs whenever there is an all-around
B smash in stocks. = 49, 5--.-.<
Passing from the east, and away from
4 the feverishness of the speculative center
into the west. we find conditions extreme
4 ly gratifying and full Of promise. The
south is just now 1.-the verge of the an
nua1 period Of high water, and already
many Of the rivers are close to the danger
point. Fear Of flood has delayed trade
i and the week in the south is reported
hardly up to normal.
Elsewhere through the country business
is going on In a volume larger than at
this time last year, and this week brought
a large increase in demand for everything
In the line of building material, this fore
shadowing a year of new construction on
q very large scale.
Here in the northwest business ,mer
have little ito complain of aside from the
matter Of insufficient freight service
4 which remains the one really bad fea:
ture. The railroads, in trying to cover al
demands without enough srolling stock
and in endeaVoring to make every cal
do the attest possible amount of service
have been imposing new restrictions upo1
shippers from time TO time. Some Of tn,
larger shippers, as the m1llers have ig
III nored the later Instructions ant
have fought it out successfully with tn,
roads. The northwest is looking to Thu
\ opening of navigation more anxiously thi
year than ever before, for this will meal
relief from a situation that is intolerable
After several weeks Of 1istlessness il
s wheat, the market on Thursday had a Sc
III we're break, the Minneapolis May optio1
going under 75c. For some time the graf,
trade had realized the bearish import Q
the free shipments from Argentine t
liverpool and the favorable reports iron
our own growing winter wheat crop Blu
strength In the cash wheat market, an,
I the fact that the visible supply in TIL
III northwest IS light MISUNDERSTANDING
inluencessup to Thursday, when free sell
III ing began, induced in part by the fact tina
on Tuesdagsnext the government will issu
]H a bulletin, on winter wheat, which it i
HID expected will be very favorable. An
lid other weakening factor has been thesIoca
ie car situation. With enough cars availabl
Il the millsswould probably be drawing NOR
wheat from terminal elevators, an
be strengthened somewhat.