The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-01-24
The Week in Business.

The Week in Business.
Some of the English writer's OH cur
rent economic questions have been send
ing over little advice this week to their
brethren on the American side. They
have been telling our finaciers, through
the columns of eastern financial publica-
tions, what should be done to insure the
maintenance Of conditions Of prosperous
activity in our country. With the cock.
sureness SO characteristic Of the British
mind they have taken In the American
situation In one long, broad sweep, and
are prompt to come down with criticisms
putting emphasis upon every defective
point. With the criticism they hand out
the remedy. - : - 80.
Plainly biased in some of their views,
and too quick to- apprehend danger where
no real danger exists, there Is neverthe-
less much Of truth and a great deal of ir-
terest in what they say. 1t would be
absurd to suppose that these foreign OBJ
servers are more argus-eyed than their
co-1aborers on our side: that they are
any more capable Of detecting danger or
more competent to provide remedies. Yet
if the great Scotch poet prayed for the
gift to "see oursers as ithers see U.S.
the American business man should be glad
to know how conditions that surround
him appear to a critical observer looking
from the outside, Stripped Of all bias
and unnecessary 'verbiage, the foreign ar
guments leave one general conclusion.
America is in debt, If she is to continue
begin to get out Of debt. She must pay
up or there will be trouble for her later.
There is no getting away from the fact
that this country is indebted abroad to
a considerable extent There would be
much in this to cause suneasiness were it
Esupposab1e that We ares not going to liaui-:
idate. - Butsatslease aope British observer.
has based. his strongest argument upon
estimates Of our indebtedness drawn from
| figures recently made public but repre-
Isenting results Of business done some
| months earlier. While this observer,
| following after the published statistics,
| was making his unfavorable deductions,
| the turn in the tide has already begun.
We are paying off what we owe abroad
directly and indirectly. Since the new
year came in a feature every week has
| been an increase In exports of cereals and
agricultural products, and in cereals
| especially we stand to do a heavy for
eign business from now on, although the
present bull speculation in grains, If
overdone, may carry prices temporarily
out of line for export sales.
| We had a good year in 1902 and have
made the start for another good year
Whatever the foreigner may think of the
| outlook here for capital, he must concede
| that this is still the poor mans country.
| For the working man the prospect is bet
ter than at the start year ago. There is
no reason to believe: that there will be any
lessened demand for labor, while wages
are fully up to last year, and in many in
stances higher than year ago. And
there is every prospect for material de-
cline in the general cost Of living. Had
last year been a period Of low wages and
less steady employment coupled with the
high commodity prices that ruled, the
consumer would have been crushed
Much interest is already being shown
in the matter Of the probable course Of the
money market during the spring and sum-
mer.' 1t Is thought that land speculation
in the west will be an important factor.
Much western money has been tied up in
lands. Heavy Investments have been
made and many payments on contracts
II will he dnA March .FdnnWa1S e
} and the financing of new western land
deals may keep some money in the west
y that would otherwise drift into eastern
y financial centers for employment. It is a
, long look ahead to next fall, and opinions
J at this time are not worth much, yet it is
interesting to note that there are many
: who look for a repetition then in an az
gravated form, of the money stringency
Of last fall, unless congress gives us new
currency law. With this there is the
, possibility Of an extra session Of congress
as a disturbing factor. The business
world having taken a passive interest In
) the workings of congress for several years
} finds it advisable to watch proceedings
closer now that antitrust legislation il
up, and tariff revision sentiment is gain
ing. +.
The demand for merchandise in general
) is reported heavy and fully up to expecta-
tons. THE securities markets have been
without special new feature. The north
} west had good week and trade in Min.
neapolis was active.
A sharp advance in wheat has carried
( Minneapolis and Chicago out Of line, and
J, where the May option had been steady at
!, the same figure in both. markets, Chicago
q has taken level about cents over
!, There are many things in the wheat sup
ply situation to warrant higher prices and
Minneapolis was the first market tc
y start up on the present bull market Blu.
the gains Of this week were due not SO
much to legitimate conditions as to the