The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-06-13

D. m. business
and be directed to the visitors gallery. of the
Press Room.
The Week in Business.
For some time past number Of men
whose names are known the world over.
and who are acknowledged leaders in the
realm Of trade, have been giving the gem
eral public the benefit Of their views upon
existing business conditions. This week
brought the usual number, and in the
opinions expressed much material for
thought has been presented, an abundant
opportunity afforded any business man
who may have cared to follow out an an
alysis Of the situation. One thing in this
connection that must have impressed any
reader as rather remarkable is the fact
that while the men in our own country
whose opinions are considered worth hav-
ing are inclined to conservatism, and a
few even allow this to carry them to the
verge Of pessimism, men who are OBJ
serving the situation from the outside are
decidedly hopeful.
Two widely divergent views came out
this week almost simultaneously. through
inquiry prompted by the reports Of lighter
trade received from some centers and by
the course of the securities market. which
up to nid-week was still on steady de-
cline. One interview was with an Ameri-
can who has been styled the leading mer-
chant of the country; the other opinion
4 ernanated from the head Of the London
branch of the great banking house Of
Rothschild.
Mr.. Marshall Field sees in the labor sit
uation, in the continued disaffection and
persistent demands Of various labor Or
CARNATIONS for increased compensation, a
menace to the welfare of the country. La
Dor. In his opinion, has gone too far in
our country, and there is a day of reck-
oning to come, when with a lessening Of
trade activity and recessions all around,
labor, too, will find its value on decline,
this day he believes is being fastened by
the laboring men themselves in their in
sistence upon concessions which employ
ers are obliged to grant under the stress
of a temporary labor scarcity; concessions
which having been wrung out of employ
ers thru threats Of ruinous strikes, will be
the less likely to hold long after easier
tone develops in the labor market. While
noting every element of an adverse nature,
Mr.. field would put the labor question
above them all in Importance as bearing
upon the question of setback to Ameri-
can industry f
Lord Rothschild confined his observa-
lions principally to stock market affairs.
but his remarks are applicable to other
sides of the question as we'll. Europe
looks favorably upon the United States.
and so far from fearing that we are en-
tering upon a period Of decline, believes
on the contrary that there is to be a
long period Of commercial and industrial
activity here. We have pushed ahead
very rapidly, perhaps too fast, and are
now experiencing something of the reac-
ton that European observers told us
would come, when we were at the high
point some two years ago. The great
bear market in stocks is evidence that the
American people have taken this view Of
it recently. American financiers have gone
too heavily into enterprises abroad. nota-
bly, into English fractions and railroads,
and the European investing public hav-
4
extent calculated upon, tho American pro-
moters have found themselves compelled
to find additional millions to carry thru
their plans, with the result that many
holdings of American securities were
liquidated. On a market already weak
and declining, this has had the effect Of
forcing values to levels where, by compari-
son with former figures, a total shrinkage
is represented in American securities Of
all kinds equal to almost billion dollars.
Two years ago when Wall street was
almost crazy with bull speculation no
american talked Of anything but further
advances. To-day, with a record Of heavy
declines, there has been and there still is
much pessimism and the prediction Of
further heavy declines yet to come 1t Is
often true that one must stand outside
his local environment to see the conditions
surrounding him in their proper relation
to conditions Of wider extent, and it is
probably true that Americans are more
own fires in which they stand, than are
the men who watch them from distance.
The time for the American pessimist is
gone. A year ago there was chance for
the cautious business man to go on rec
ord as predicting a turn Of lessened activ-
ity, and some few did this and had their
predictions fairly well borne out But
the man who turns pessimistic now, after
the passing of some of the most unfavor-
able features and the full discountins Of
the unfavorable features that still re-
main. is likely to be as wrong as was the
man who shouted for still further expan-
sion when the country was booming be-
yond the limits Of safety.
The most encouraging feature of the
week was the government crop report of
Wednesday. The shaving made was graft
F flying, as the prospect Of a heavy grain
tonnage is maintained. notwithstanding a
decline in the condition Of winter wheat.
What makes the promise for the west so
good is the prospect Of a big yield of
grains without the usual accompaniment
Of low prices. Stocks Of wheat are SO
light and European requirements will be 50
great, that even If the yield be the largest
ever. ms seems not unlikely. the prices
will not be materially lower, and the
farmers Of the west and northwest will