The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-11-14
Brighter Trade Prospects.

OF a nature reassuring, and de-
cidedly more favorable than in any
like period In several months, We're
the reports of the week covering the
general state Of trade. Bad influences
were not wanting, nor was there any
scarcity Of news calculated to breed
depression. Additional to the troubles
of long standing a number of other.
serious labor disturbances have de-
veloped, The industrial summary had
about the same proportion of bad
items, the east supplied an abundance
of bearish gossip and pessimistfc
opinion concerning financial affairs,
and from some Of the important trade
centers the advices as to the volume
of new business were on the whole a
little discouraging. Yet despite this
the balance shows on the favorable
side and the week was relatively a
good one, for a number of old Stun
bling blocks were cleared away, and
everything new on the wrong side
found an offset in some turn for the
better elsewhere.
It is now about eight weeks since
the commercial and financial news be-
gan to take on the deeper coloring
that led so many observers to fear the
beginning of period of general re-
cession. The stock market had SO
long been demoralized, the eastern
money centers so depressed, and sem
tinnent so completely dominated and
No., a
stories Of big combinations in trouble,
new drives and new low points in
prices OF securities had ceased to be
alarming. Interest had shifted from
the doings In the stock market proper
to consideration of the next change
likely, to come.
BY. precedent, on the theory that
history repeats itself, by all reasoning
based upon the ability OF Wall street
to forecast and discount the future,
the next change was due to show in
declines in the general volume of
trade, and a period of business de-
preston. The break in selling prices
Of iron and steel products. the closing
Of a. number Of furnaces, the effect
upcn the allied Industries and even
upon the operation of the mines and
more remote auxiliary branches OF
the great Industry, led to the fear that
the depression had fairly begun. The
number Of business embarrassment
and minor bad reports coming coin
cident with this, served only to in
tensify the fear that the declines the
forerunner of hard times, was upor
the country. The weeks have beer
passing, each adding a little to the
gravity Of the situation, but this week
is an exception.
Whether this is a check or, q
permanent turn about for reaction il
uncertain, but this much is certain, the
atmosphere has been cleared. and il
is becoming more evident from day te
day that the bad news is not wholly
bad; that many unsettling occurrences
tons in the long run, while 1essened
production in many leading industrial,
lines is really blessing in disguise
since 1t serves to prevent that periodic
over-production that usually ends in
decentralization.
For six days the country has beer
importing gold. In round lots about
A s5,00o,ooo in gold has been shipped
I this way, and more is likely to be en-.
gagged. This is in marked contrast te
the situation earlier in the year, wfer
moderate gold exports with fear OF
more to follow were the cause of much
A nervousness. Export trade is larger
than FOR some time and shows In.
creases in some degree thru the en-.
: tire list of leading exportable com.
nodities. Wholesale trade in al
sections is light, but stocks are mucr
lighter, and while a few months age
larger stocks were the cause of con
sentative buying, which sentimen
still prevails, it is noticeable tina
stocks in many lines, including -four