The Minneapolis journal., 1903-03-20
CITY NEWS.
NOT HEDGING NOW
T. B. Walker Takes a Most Optimis-
tic View of the Business
Situation.
Discusses Elements Disturbing Con-
fdence-Top-Heavy Trusts and
Labor Entertainments.

Unlike some of his contemporaries in
business, T. B. Walker is not apprehen
sive of a financial panic or general COM
p,ercial depression. He has noted that
many prophets have struck very wide of
the mark so he does not want to predict,
but gives some pertinent reasons why
panic seems unlikely.
THE apprehension that some unfavor-
able turn will come In our affairs Is a
common characteristic of the great ma
jority Of business men," he says in an in
terview in the Mississippi Valley Lumber
man. 1T is natural and very appropriate
for each one to consider carefully the
signs OF the times and estimate the pros
poets and probabilities of the future. In
1873 and again In 1S93 it was this custom
of estimating carefully the prospects Of
the future that enabled me to avoid fall
ing into the sheriff's hands, I hedged
against panics a year or so before they ar
rived in the years mentioned. I am not
hedging against panics now.
The two elements disturbing confidence
are the top heavy trusts and the aggress-
i've action of the labor organizations. So
far as the trusts are concerned, they have
developed a strong adverse or hostile feel
ing which has brought the antitrust legis-
lation and which will, to a limited extent,
check their unsavory practices And while
a large proportion of them contain the
elements of financial decentralization. yet
they probably In large part will continue
for several years before they reach the
acute stage.
Most of the industrial concerns have
orders ahead for their products extending
over the year and beyond They are real
izing good prices and profits, and there
seems to be no reason for any general
sma ash-up among them for at least
pie Of years. until after the next general
election or later.
Labor Problems.
''As to the labor complica tions, they
will evidently increase their encroach-
mentS and demands upon employers,
which in the more less distant future
Will react very seriously upon themselves
as We'll as upon the whole commonwealth.
whether or not they will, in the course
of years, lead to general collapse of ma
tional industrial life, as the leaders are
working to accomplish, depends upon the
question Of continued license accorded to
their organizations by the great body of
citizens composing the middle class, COM
posing three-quarters or more Of our pop
ulation.
There are valid reasons and rights in
demanding and insisting upon increased
wages in prosperous times and the rail-
ways and large and small Industrial con-
Germs should see the proprietyr and good
Judgment in conceding increased wages
where they are entitled to 1t, without wait
ing for strike.
THE strike brings not only demand for
increased pay, but is almost always coup
led with conditions demanded that are
more or less entertainments on the rights
OF the employers. There are a great
many sides to this labor question which
should receive serious consideration and
be looked upon from the standpoint Of the
rights and interests Of the whole common
wealth and not through the medium of
prejudice either against capital or for
labor.
Tho
qu1re serious consideration and settle
ment. 1t is not so much a question be-
tween the trusts and railroads and the
labor organizations as it is one which
affects essentially the interests of all
classes of people.
The Happy Farmer.
"There has never been a time when the
farmers condition was SO favorable as at
present. Farmers are not only not bor-
. rowing money, as formerly. at high rates
of interest, but in very many cases are
loaning money through the country banks
that are taking paper of the city business
firms
1.-THE savings banks have larger deposits
than ever showing that the ordinary citi-
zens are in good condition; trade in al
lines Is heavier than it ever has been
there is demand for every available
worker In all lines, not only in nanua
labor, but for the superintendence ant
management Of business affairs.
Money is close in New York from thu
heavy demand made by the excessiv,
business activity of the country. Busines:
never was so great and never required
so excessive an amount of capital to car
ry 1t. There should be really an addi
tional stock of currency added to our cir
culation and it would seem as though ther
should be craftsmanship enough In con
gress to devise an addition to our cur
rency that would enable the business t
run along with greater ease and comfort
But at the same time, while money
a little higher than it was one or two year
ago, yet it is only or per cent now a
against s, 10 or u few years ago. I
might run considerably higher withou
prostrating business, for whenever tn
rates run higher, money will be used les
and rates would fall again.
Railroad Expenditures.
"The railroads have provided for large
expenditures for equipments, extensions
improvements and betterments than eve
before. These large developments are t