The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-05-16
A KNOTTY PROBLEM
Approaching Conflict Of. Labor and
Capital, on National Lines Wor- :
ries Financiers.
While the Stock Market Continues
Heavy, the Money Market Is
in Favorable Condition.
snac;.I e. -. M;nne,nol;s Journal

Special to the Minneapolis Journal
weekly l revew nay 81 the situation says
There Is feature of the situation that is
worthy Of as much tnoughtfui consideration AS as
past few weeks have further alienated employer
and employe, and there is no longer disposi
ton either side to make pretense or har
monious relationship.
EMPLOYERS from all over the country a.. are
IN the 70 shs eeea
there is a strong probability that National
Federation Of Employers will be formed. Such
lean Federation Of Labor, which claims to con
troll 2.oOo, 900 workingmen.
labor situation or to treat it as problem which
the future will dispose Of. In the words of a
prominent statesman, who is at present the OBJ
condition which IS disturping Business s and i'm
pairing confidence, and which must be met with
the wisdom Of a Solomon.
AN APATHETIC STOCK MARKET.
The heayiness Of the stock market was, &C.
companied by liquidation in many Of the high
interests seems to dispose OF the talk of promi
of osn pree being In fave Of
ard Oil official stated last week that he saw nc
hope. for market improvement at this time. This
Is the consensus Of opinion in we'll informed
circles, and in view Of the apathy of the public
and the disposition of banks to restrain specu
lation. the market is not likely to show 9
marked tendency in either direction for some
time. The mainstay of the market continues
to be the excellent railway earnings. OF the
forty roads reporting gross earnings for the first
amounting to sl,os5 500, and ii the REMAINING
total net Increase 81 oil 1857
Compared with last year the money market Il
IN much more favorable condition. During
the corresponding week in 1902 the rate for cal
funds reached 25 per cent, while money is now
In ample supply at the unusually low figure Of
2h per cent This improved state Of affairs |:
due to the fact that stock market speculation
has been curtailed by the banks, which are pre-
pairing for the requirements of the coming sum
mer .-
Gold exports will probably be much lighter
This spring and summer than IN previous years
June, July and August last year; SAP, 900 IL
the same months of 1901, and s41, 6eo, 900 in thu
similar period of 1900, while far this yea
shipments have been Insignificant
REACTION IN IRON AND STEEL.
The feature of the situation in the industrial
world last week was the report that there hat
cut in s se of steel ~ This
fcials Of the United States Steel Corporation
That there had been further reduction in PHI
Iron was in some quarters regarded as not with
out significance, apart altogether from the, stee
billet outlook, while interests declared
that whether not there had been a cut i,
,billets 1t was fact that in the iron and stee
trades generally there unmistakable sign
of a reaction with many large orders glatel.
reaction comes from people connected with 9Th
independent steel companies, while from off
the talk Is encouraging and hopeful.
The wild speculation which has been goin
on In the cotton market for the past ten day
Is causing considerable concern to the textile in
terests of Massachusetts,. where the high pric
of the staple threa tens temporarily to close sey
though not vet seriously affected by the specu
latiye whirl, will be unsettled by continuanc
of the Upward ,nn% m It, The banks
previously done in the stock market, and fore
the bull leaders to curtail their operations.