The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-04-16
The Business Situation.

The Business Situation.
The financial world may now be
said to have entered period OF crop
and political uncertainty that is to
remain for a time. This year 1t is
the annual crop nervousness intensi-
fled by uncertainty incident to the
great quadrennial political campaign.
Much will be made Of these things as
the season moves along, the pessim-
istically inclined may find the chang
ing developments affording opportun-
ity for unfavorable inference, and al
ready the fear Is expressed that some
thing Of business hesitation will fol-
low.
Why this should be it is hard to see.
However the political game may shape
itself. the people may be trusted not
to elect to the presidency an unsafe
man, should such a candidate appear,
nor Is there likely to be any issue
at stake of nature to unsettle bust
ness generally. There is always a
sort Of dragging tone the country over
during the heat Of presidential cam
paign. and we need hardly hope to
escape it this year. The crop worry
is the regular thing every season from
April on.
The whole may make for greater
conservatism, and If so it will be
good thing. What this country needs
is a little more conservatism. Be
cause there is not much heard of new
combinations or consultations, and
there is nothing doing in the promot-
ing line, it is utter fallacy to think
the country Is sliding backward, altho
some eastern financial opinion and
much Of the Wall street gossip leans
towards this view of it. When the
last great boom was on there was
enough financial exploiting done to
last the country for some time. Things
went thru then with a mighty rush,
and to get rich overnight seemed the
! aim of a considerable element of the
| American people. A return to saner
ideals and to the movement Of bust
|
mate lines is not bad thing. During
the week general interest has been
turning more this way, the backward
spring being a matter Of prime impor-
lance. There should be no mistake
about conditions in the northwest
Never was there time when the April
outlook for good agricultural returns
was better. The later season signifies
little with reference to the amount
of new wealth to be produced in the
northwest, which will be much larger
than ever before from all indications
An unusual interest attaches, how.
ever, to wheat, for the reason that fol
several successive years moderate
wheat yields have been the rule, bu
this year there was the early indica.
ton Of a gain of probably 100000
acres in seeding. The disposition t.
increase largely the wheat acreage re-
mains, and a materially larger area
may yet be seeded, but it has beer
feared that delay in farm work will
mean the sowing of other cereals, il
some important districts, on land orig.
inally allotted to wheat.
/ A wheat acreage smaller than orig.
inally indicated would be disappoint
ment, especially to the milling inter.
ests, but It would mean an increase il
something else, and in 50 far as the
present outlook for good crops, salts
factory returns to farmers and future
railroad tonnage are concerned, thu
northwest Is in splendid condition.
! The government foreign trade state
ment for March, indicating decreas,
Of $17,000,000 in value Of merchan
] year ago. presents the unfavorabl,
} side. When the complete exhibi
|, comes later this will be found to b.
/ materially modified by a better rela
tive showing In exports Of manufac
/. tured articles.
. The present monetary situation
} a most unusual one. Money was NOV
) ing into New 7 FORK, slowly but steadily
Then the government called in a BIZ
sum to have 1t ready for Panam
! canal payments. Litigation in Pari
: stopped the proposed payments. Som
gold is going out Of New York, bu
it is being replaced by Japanese gol
coming In to pay for war supplies
New York banks are burdened wit
. money. From the fact that the BAN
. of England this week reduced the rat
of discount, 1t would appear that Lon
J don is in much the same position
, Such time, one might naturally sup
, pose, would invite speculation, but tn
public is out of the market for stocks
, and is not likely to come in until tn
big men cease quarreling among them
) selves, nor is it certain public inter
!, est could be drawn in even in tina
J case.
j, The best evidence Of the value of on
, grade and high school training In Min
nesota was furnished at the universit
] chapel last night. Young men in tn
. high schools who can think as clearl
+ and tell what they think as forcibly an