The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-05-23
.DEARTH OF BUYERS
That's What Ais the Stock Market
According to the Financial
Ages Diagnosis.
Neither Real Nor Manipulative Sup
port Has Come to the Front to
Check Decline.

cuss a ss s AsS aea Says s9n'ne' a
press the sentiment not only OF the speculative
community, but of the investing public as well:
among TIE great au army Of Individual Investors
that the stock market has failed to show any
evidence Of resistance to the downward tendency
of the past few months: not even the bargain
low prices prevail, have taken advantage Of
have liauidated a considerable portion Of their
holdings apparently with the expectation Of re-
interests identified with the control Of great
railway. systems shown disposition to absorb
the arke oy
careful observers of conditions in Wall Street
that the Of the weakness Of the entire list
port. either real or manipulative the market has
been left to its own resources, which at present
The cause Of this unfavorable sentiment is not
difficult to trace. Recent Developments have
denee mot only in Existing but
the immediate future Of the situation.
the opinion prevails that employers Will be com
PEELED to take more decided stand than here
tofore in dealing with the demands Of unions, Il
BILE basis. The action Of the New York build
s b IN aSnr ba
will not submit to unjust demands.
AN EASY MONEY MARKET.
The prevailing ease in the money market hal
been caused by a lack Of demand for funds TO-
speculative purposes rather than by large casl
| resources. The requirements Of the summer may
have been overestimated, but it appears certain
that the means adopted by bankers to provide To-
a possible stringency will stand them in goot
stead before the crop-moving season is past.
Fortunately, the present attitude Of the west
| ern banks gives Indication of better equ1pmen
| for the coming harvest demand than ever before
The problem that will confront them, however, II
| that of untying some OF the loans that havt
been taken on during the winter. There ma!
be some difficulty in rapid liquidation when har
vest brings its urgent need, without assistance
! from the east. How great this need will be, o
how far the west will be able to care for 1T
own, still remains to be determined.
RAILROADS DOING. WELL.
| Western crop reports and railroad earning
week. Notwithstanding the excellent showing
! Of current gross earnings, and the fair compari
| son Of net, railway officials still looking TO
so much Of an increase in operating expenses TO
| the rest of this year that the proportion of ne
| will be much curtailed. The percentage Of op
| Grating expenses to gross earnings which ha
| been the decrease for years will undoubtedl
| be enlarged. Railroads not planning i'm
| provements for the future they did year o
| two ago. The high cost Of labor and the in
| creased value of supplies are still causing mos
large systems to curtail operations in the way o
! betterments until conditions more favorable
| AS the policy of our best managed railroads
| to put aside good surplus for future dividend
| and improvements there Is little prospect of an
| increase In dividend rates for some time.