The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-01-02
kota In the front rank in per capita wealth
production. Doane is pretty good at other
figures than poetic figures. But, then, with
South Dakota back Of him, the job is
not such very hard one
The Business Situation.

not such a very hard one.
The Business Situation.
In the midst Of changing conditions,
Of confidence and favorable prospects,
not unmixed with elements of uncer-
tainty, the commercial world has
passed into the new year.
A year has opened which, unless
preliminary indications have been at
fault, should be marked by good trade
and fair business; new development
and expansion in a conservative way,
without anything approaching the
rush Of boom times. The old year
witnessed the passing Of many dis
turbing features, and the end Of the
craze for promotion, consolidation
and new industrial exploitation, with
the beating down Of prices of inflated
stocks as the last act Of reign of
Wall street predoninance. Public in
terest has been in greater part drawn
away from the center of speculation
into the more legitimate trade chan
nels.
| The many great questions have
been fought over again. If they are
as far as ever from settlement, there
is at least one result arguing more
| for a prosperous year than anything
else in the view. This is the changed
position of labor. Vastly improved
is the situation in this respect over
that Of year ago, and better than
at any time intermediate. The prob
ability of a surplus of unemployed
men in the country is not a good
omen; yet, bad in itself, it is not with
out a saving feature. The demands
of labor are to-day more reasonable,
the arrogance of labor agitation less
conspicuous, the acrimonious spirit
less in evidence on the part of work
ingmen, more Of a tendency to
take g. rational view Of the ques-
thion Of relationship between en-
ployer and employe. Far-reaching
wage reductions, necessitated by re-
taxation in trade. have been accepted
in good grace.
The effect is widespread, the most
striking illustration being found il
the building trades, in which a more
active year than the country has yet
known is in sight. In the larger cen.
: tiers 80 to 80 per cent of the organ.
lied men have agreements with EN-.
ployers extending to 1906.
A big export trade is being done
and there is prospect Of it's contin
; .uance. A feature has been a reduc
ton of railway rates for product
from interior points to the seaboard
destined for foreign ports.
: Already $25,000,O0O in foreign gole
has been added to the holdings O
: American banks, and there is NOR
to come. Barring war possibilities
easy money seems assured for som
: time.
l Two elements of uncertainty ar
/ found-the war cloud now darkenin
Y the far east and the position of cot
3 ton.
e So acute has the war situation be
:. come that the possible effects Of wa
: interests Is a timely consideration
4 With little Of precedent to build upo1
: and nothing of precedent relative t
: present conditions in our country,
n is difficult to foresee results. Th
probability is that the first effect upo
e the worlds money markets would b
S bad; that this would be less severed
y felt in New York than in Europea
: banking circles, but that a gener;
Y disturbance would follow. A Ion
;. drawn out conflict would unquestior
r ably benefit our country thru. its d,
e ration, tho we might finally have I
/ stand some share of the damage j
i an indirect way. That war woul
Z. mean dollar wheat is current opir
: ion in Minneapolis.
= Cotton goods consumers will n,
J, buy freely at present prices. TT
= same conditions that are sendir
: abroad cotton at high prices, swell
. ing the value Of exports materiall
+ pouring gold into New York and fiji
q ing the south with prosperity, al
q operating inversely upon the text
> industry. Extreme cautiousness ar
l. hesitation are features. There is
n contest on, a. holding off and EXPIRE
+ sion of lack of confidence on the OF
j. and extended effort to educate Il
consumer to new conditions and ray
cotton prices that look wonderful
A. high. considering that the cure