The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-01-23
Business Outlook Frightening.

There" are two. very favorable fac
tors bearing upon the question of gen.
eral prosperity in our country that
have been little dwell Upon. They
are, the wonderful gain IN our trade,
balance abroad, and the unusually ia
yorable returns to our farmers from
the marketing. Of their; last crops.
During the past year our country did
a foreign business aggregating $780,
,0O0-the largest. ever. known.
Some leading lines Of exports fell off,
but the outward. movement of mer-
chandise sold TO- foreigners, our man
ufactured products, and the raw ma
terials from our farms,a was, on the
whole, SO great1as to leave a balance
of, $4S9,0OO.O0D. in. our favor. Only
three times before in the country's
history has the Balance been so large
and there never was a time when,
all things considered. our foreign
credit position was SO favorable. We
owe less money abroad than at any
time since the civil war.
With this there has been a material
increase in the. value OF leading farm
products. Last fall the government
estimated that the grain crops Of the
year would bring the farmers Of the
country approximately $2,500,0OO,OO
This was a fair conservative estimate
at the time. To-day It is seen to be
much too low. To make the calcula-
mon correct. the average prices ap-
Piled to the proportion; Of the crops
gnce marketed, or to that portion still
unmarheted to date, would have to be
raised materially. This is the situa-
ton with reference to grain crops
other than wheat, which cereal has
not alone shared in. the enhancement
Of values, to. say nothing. of, cotton,
now leading all products in relative
value, filling the south with prosper
jty and swelling the value Of foreign
shipments by millions of dollars.
These things are worthy OF being
emphasized because they are by ma
$ure fundamental. Surface indications
have their value; good and bad signs
appear, conditions change for the bet
ter or the worse, and in the changes
which make the general outlook more
favorable one week and less favor
able the next, this year will be no
different from other years. But 1t
has started with a few simple truths
as bed rock. There Is no getting away
from the facts that we owe little and
we have an immense balance due us;
that we are making the foreigner pay
r,oora for q pond ma ri of wk,a + u,o ora
selling him; that our farmers have
nothing to complain of in the way of
returns to them, and that prices of
those farm products that are leading
in strength are based largely upon
conditions justifying the belief that
present price levels will be well main
tanned. Give the farmer satisfactory
abundant money to- pay his debts and
buy what he needs, and a condition
is created against which temporary
unsettlement in Industrial centers or
pessimistic, opinion in the realm OF
high finance are Of little avail
From end to end OF the country
there is more favorable report this
week. In no particular line is there
any Improvement worthy of special
mention, but all the business reviews
show increased confidence and great
err freedom from the doubt and fear
so prevalent just before the first of
the year The New, York bank state
ments are favorable from week to
week. Money from the central west
Is 4 I 2 : / . i 3 s--