The Minneapolis journal., 1903-03-21
The Business Outlook.


unfavorable views Of the futre. which have
been rather more nunrous than for a long
time. 4 a. |
The situation for several years past has
been so free from any important factors
Of an adverse nature, and our country has
stood SO long in the sunlight Of prosperity,
that tho smallest clouds on the horizon
now look to us unnaturally big and black.
It would be strange indeed it no relaxa-
tion were to come after several successive
years Of great activity and expansion. In
deed, 1t would not only be strange, but it
would be dangerous, for If we are not to
overdo 1t, we cannot go on indefinitely
making new records of production: we
cannot hold ourselves at highest tension at
all times. A short breathing spell might
be good thing for the country. If any
business man believes he can discern the
first signs indicating the approach Of a
time for more conservative action he is
foolish If he does not govern himself ac-
cordingly In the matter Of new commit
n1ent, but he is even more foolish if he
magnif1es the importance Of the signs, i'm
agines a grave outlook where none exists,
and allows q distorted view to lead him
into ultra -eonserva tiveness and timidity.
There is one thing no business man
should overlook and that is the soundness
of the country as whole. If we turn
back to this time last year we find that
our exports, to Europe were then falling
off greatly, and for 1902 the decrease was
No
porting almost 81. 600, 900 day more than
last year. With improving freight condi-
tions more agricultural produce will soon
be moving out and there is every reason to
believe that the deficit of last year will be
wiped out. This means an increase of
foreign credits for our country and is a
matter so important as to throw into the
shade any half-dozen petty things that are
unfavorable. Conditions now are vastly
different than at times Of relaxation in the
past. Then we had tremendous liquida-
tion from abroad to stand against. To-
day our country's wealth and resources
are more nearly controlled by Americans
than ever before. AS recently as 1895
| fully fifty per cent of the securities Of
Audiy lSdO1AS AHeIICdll IdIEOauS were
owned abroad, while to-day it Is doubtful
! if fifteen per cent is so owned. We have
been buying back our paper from Europe.
So long as the foreign trade of the coun-
try continues in its present healthy state
and internal trade shows no sign OF relax
alton no great fear need be felt. And as
to the outlook industrially it is impossible
to enumerate the favorable signs pointing
to continued activity. For one thing our
country is likely to produce this year more
iron than Great Britain, Germany, France.
Russia and Belgium combined. The far
mers are prosperous and the people as a
whole have money. The country is prob.
ably In better position to stand period of
| tight money, should it come, than in many
years. Locally business conditions are
good. Easter trade is beginning we'll and
| the retail lines report business fully up
to the average for the season. Jobbers
and manufacturers are entering satisfac-
tory orders. The millers are not com
planning so much Of low water or fnsuffi-
cient car service, and it is likely the worst
has been heard of these things. More
Minneapolis flour has been sold to Aus
tralia. % -,.r - 5~& '-.
The wheat market has been in a mar
row range with trading light. Everything
in the news and statistics is bearish. The
bears have had the market in control FOL
a time and it is conceded that while Ar.
i gentene continues shipping wheat at the
rate Of 3,350,0oo bushels a week, our owr
exports for the same week being only g.
$4,000 bushels, and while the winter
!, wheat outlook is SO favorable, there Is no.
much chance for the bulls. Still tfers
was d tendency to let up on the pressure
this week, the bears fearing to become to-
aggressive in the face of colder weather
and the possibility of damage to the grow
, ing crop. .s<.,.-s=ss. 49,