The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-09-24
Special to The Journal.

Special to The journal.
New York, Sept. 24.-several prominent
western railroad in. town, rep
resenting both the southwest and the
the corn-crop situation and are not at all dis
turbed over the estimates made public. They
believe that the cGoD this year VIII be over
out, also. that higher prices for corn will be
decidedly beneficial to the railroads, as it will
increase the west-bound traff, an important
factor on all the western roads, whose heaviest
traffic is naturally east-bound.
large number Of persons having been induced
during the past few months to buy stocks on
margins at advancing prices, reaction a was
of renewed reports of crop damage AS result,
the persons aforesaid parted with their cash,
and the market has been placed IN stronger
technical position This is nice way the
manipulators have Of expressing their feelings
when the public has been feeced.
About two weeks ago, however, conservative
observers Of the market began to sound a note
Of warning. The upward movement of prices
had been a substantial one. The appreciation
in value Of securities in the aggregate amounted
to many millions of dollars, and the undoubted
improvement which had occurred in general In
dustrial conditions had been largely discounted
by this enhancement of values. Close observers
buying which had first started the upward move
ment. 1t was noticed that most Of tho buying
during the last few weeks was professional.
There was also unmistakable evidence that,
having purchased stocks heavily at very much
lower prices, were taking profits. The fact
that prices did not start to react until last week
showed the extent to which confidence has re-
turned.
A Halt Called. 8
occurred in the upward movement Of prices is
the uncertainty felt the crop situation
In view of the extent to which prices had ad-
vanced, there was a strong temptation to take
w thnso wi hq0
much lower prices, 80 that they might look
around and see If the improvement was conttnu-
ing. Until the crop situation is known with a
fair degree Of certainty, the market is likely
to continue to move with some irregularity All
indications are that the crops will prove
to be somewhat smaller than was expected a
month ago. The wheat crop has been dam
aged to a considerable extent, and the corn crop
may also suffer before it is finally harvested.
While the crops are likely to prove smaller than
was at first expected, the indications still are
that the yields in the aggregate will be abun-
dant On the whole, the year should prove
profitable to the agricultural classes. II this
mined with certainty within few days. then a
resumption Of genuine buying and renewed up
ward movement may be expected that will carry
the market to a very much higher level.
Higher Prices Later. .
While majority Of close observers Of hnan-
cial conditions believe that much higher prices
will be established In 1905, the immediate future
is uncertain. Those who believe that much
higher prices will be base their opinion on
the natural growth. This country is steadily
growing in wealth at most rapid rate. All
of the indications point to 1905 year Of
general and genuine prosperity. The country, 1t
Is claimed, has already turned the corner, conf
| dence has been restored, and conditions have al
| ready started to improve. By the opening OF
| the year, it is believed, the country will
again be on the full tide of prosperity. This
increase in prosperity and earning power will
inevitably be reflected in an upward movement
of prices in the stock market. In spite Of the
advance Of the last few months, stocks are still
selling far below the level established In 1902.
With q recovery in general business conditions,
q further upward movement of prices in the
stock market is considered inevitable.
IS. s. Schroff.