The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-06-25
A Brighter Business Outlook.

.
When final summary for the bust
ness year, now half spent, Is MADE
the week just closed will stand out
prominently as marking the begin |
ming Of reaction from one Of the
greatest bear stock markets the coun-
try has known-a market In which
the trend Of prices has been down.
ward for nearly two years. This
week, in a few stocks, Canadian Pa
ciflc and 500 among the leaders, ma
terial advances were made and held,
and the whole market strengthened.
The old discouraging advices have
finally ceased to emanate from Wall
street, and that former breedingplace
of pessimism has begun to brighten
UP and to send out opinion of more
hopeful nature with reference to the
future.
Primarily the better feeling comes
from the Chicago nominations, so en-
tirely in line with expectation as to
have been discounted by several days,
yet bringing full assurance only when
clinched. The names on the repub-
which the candidates stand, give con-
fidence. Financiers, rarely party
bound, dreading radicalism, caring
less for party affliation than for safe
ty, and welcoming, without close dis
tinction as to political coloring, what
ever stands for sanity, conservatism
and moderation, found nothing for
IN, ar
much for commentator.
With this there was the turn for
the better in railroad earnings, in
which the northwest led; a number
of minor items of strengthening influ-
ence, and the fact that since the gov
eminent report Of June 10 the coun-
try has been blessed by generally ia
vorable weather, with the tendency
of all important crops towards i'm
provement. ~
From this it is not to be supposed
that a great rise is to come, or that,
outside the financial center and in the
so-called legitimate trade channels,
notable extension Is to be expected.
Business does not go into long-con-
tinued recession and come back with
g. jerk. Neither does Wall street go
into the dumps for two years and
recover in week or a month. Too
many elements Of uncertainty are in
the view. Almost a hundred thou
sand men have been laid off by the
railroads, the iron trade is dragging,
and other industrial and commercial
lines are doing less business than a
year ago. The crops bear promise
that, if realized will insure prospect
ty, but have a long, critical period
to pass, and finally, the democrats
have yet to assemble, and while indi-
cations point to a safer candidate and
sounder doctrine than was the case
when Bryan and free silver unsettled
the country, yet no one can foresee
what may be done.
Nevertheless, chronic pessirnism is
passing. The country may bump
along on the bottom for time and
occasional new bad features arise
as the incident of the passing of 6
Wabash dividend this week-but the
trend from now on should be up
ward, even tho the visible start be
not MADE until aIler eleCC1On. wal
street is far-seeing and prone to an.
ticipate long in advance Of actually
While the country still doomed, Wal
street made the turn, and by it fore.
Swallowed the business decline tha
began in good time. Now, after {
long downturn, while still the bust
ness Of the country is contracting, an6
even yet may not have reached low
est point, Wall street shows a ten
dency to react.
The country is now IN the midst O.
a business recession, not extremel.
bad anywhere, but rather general
To prevent reaction and keep it re
ceding,. against it's natural buoyan
cy, something distinctively bad ha
got to happen. All predictions wouls
count for naught against a failure o
crops or other great calamity, blu
there is no reason to look for either
and altho a period of waiting ma.
ensue, feeling Of optimism appear
to be fully justified.