The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-05-30
A BETTER OUTLOOK
Financial Age Sees Signs Of I'm
provement in the Stock
Market.
cliques Are Eliminated and Sub.
stantial Support Is Coming
u to the Front. a

IN New York, AMY 3O.--The financial Age in its
weekly reveiW Of the situation says: :, st,t
The recent liquidation In the stock market
has resulted in at last bringing prices to a
level where conservative interests have been
tempted to invest, as was evidenced by the
absorption which followed the decline Of Mon
day London also showing a keener interest IN
our securities. These are promising signs. not
only because they signify the entrance Of sub
stanttal interests but by reason Of the fact that
the weaker and more dangerous elements are
being eliminated The western crowd" and
which in reality Is composed Of several distinct
parties, It must be admitted that their entrance
INTO eastern finance has not added stability to
the market. The heavy liquidation last fall and
winter was generally supposed to represent their
holdings, and there is no doubt but that a large
proportlon OF the selling orders Of the past month
came from the same quarter. Stocks which they
nad bought at considerably higher level in
anticipation Of another ''bulI'' market and which
they have carried in the face Of high money
they might protect other securities, regarding
which they have high expectations. While the
1855 Which they have suffered Is to be regretted.
II IS generally conceded that with these cliuues
eliminated the market is In much stronger DO
sition than It has been for some time s.
WIN YIN tne. advent OF June money again comes
70 tne front as the most important factor and
although there Is onth1ng in the present serene
outward appearance of the money market to sup-
sest the slightest disturbance it is probable that
oeIofe me end OF the month the rates for both
call and time funds will more accurately repre-
sent the actual condition Of the money marfet.
Thanks to the lack OF demand and the long .ner
100 OF liquidation in the stock market money
mas been at figure that ordinarily would indi
cate an unsual degree Of strength in the cash re-
sources Of banking institutions, whereas it Ia =
generally acknowledged fact that had tha lcond;-
lions IN the security market been reversed rates
Ior call funds would have scared to proh1bt-
tive figure. s55y1= 80, y < - 800
The numerous Withdrawals Of trust comma nies
from the clearing house have nninimized the erect
there Will be no immediate tying up of +he funda
OF these institutions such as WAX anticinatsd s
Inc labor situation Is somewhat imnroyed
Inc troubles OF the building trades in New York
are likely to be Satisfactorily ended within a
comparatively short time; Chicago also sends en-
courag1ng reports regarding the loca1 ont7ool1
which has been rather worse there Than aIsa'
where. Settlements are announced affecting % :
GOO men. While there is much encoura cement IN
these reports. the labor problem is not to be adj
1ustedf merely by the Termination Of individua1
strikes. The menace OF this faatura of III 10
uatlon consists In the .estranged Relationship ha
tween employers and employees rather than IN tha
present q1nicult1es, and until more Harmonious
aseang can De established labor disturbances will
commune TO harass the business community 80
mere was the usual catalog Of good railway
earnings For the third week OF NAV thirfy
do o roads reported an increase of gross of 81 @
o o oaS against decrease by i've roads Of ST.
DOL: me feature fsthe April net earnings. made
Pubic last week is an increase in several casas
against decrease compared with previous longer
periods, when expenses were more than ahsnrh-
f Ing the increase Of income from growing hmai
The unfortunate controversy between the Penn.
syivania railroad and the Western Union Tai .,
graph company has created much lnfa vorahi.
comment IN financial circles. While the actnal
railroad in destroying the wires and noias a1,,s
It's lines Is Insignificant, the fact that tha 1are
interests behind these companies are at tlaggar,s
points Is not altogether reassuring. 80
- : = 3