The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-07-30
]. ]. HILL MAKES
WALL ST. CROSS
WHEN A BULL IDEA BoBs UP HE
HI. 1.KNoCKs' IT.
His Recent Estimate of 100000, 900
Buslel Wheat Shortage Danper
for the Stock Market Russian Ag-
gressiveness Hurts Shipping Poll
tics Bad Influence in the Market.
Special. to Tho Journal,

Special to The Journal,
New York. July 30.-Unfavorable fac
tors predominant In the financial world at
present Gold exports, which always ex-
ercise an adverse influence, are certain.
and with the possibilities surrounding the
eastern war situation new ventures have
practically come to a halt. 1t is pointed
out that one reason for shipping the yell
low metal at this juncture will be to pay
tn subscriptions for the japanese loans
which are due to London, and heavy ex-
ports Of grain will follow and again make
Europe a debtor to the country. Neverthe-
less movement of gold to Europe is
usually looked upon in financial circles as
an indication of hard times; hence it Is a
sort of nightmare to all concerned.
Good authorities in the east think that
the wheat yield. They say that the crop
Will be nearly the same as last year,
when 1t was an average one, and that
Hills predicted decrease of 100, 900, 900
bushels Is wide of the mark. Mr.. Hill was
one Of the first of the "big men, to pre-
dict the Industrial reaction that began In
1902, but it does not follow that he Is
necessarily correct in his estimate of the
wheat crop, in the face Of much larger es-
Inmates by other recognized authorities,
Including the government experts.
~
Shipping is feeling the aggressive tao
tics OF the Russians very seriously. Local
marine insurance companies report a
sharp rise in war risk rates during the
past week. Shippers are crowding the in
surance offices these days to take out
war risks. The rate demanded by the
majority Of the big local companies is
per cent: but in few days it might be
deemed expedient to demand 8, or even
- ~%~>o> a. M
in the orient might even send the rate
up to 20 per cent.
"A local shipper visited one OF the marine
insurance offices this week and asked for
war risk rates on g. cargo shipped to ia
pan some time ago, and which ought now
to be rapidly approaching Yokohama. He
asked that the rate be fixed higher
than per cent, and when his request was
refused he cabled to London, where the
best was 5A per cent He insured there
at that rate, Precipitation OF trouble be-
tween Great Britain and Russia amount
Ing to distinct warlike act would send
the rate UP to not less than per cent
while the declaration Of war between the
two powers would be responsible for ar
Increase In the rate to at least 10 pei
cent.
Politics and Finance.
Politics continues to exercise maligr
influence on all business, altho the re.
publicans are as optimistic as usual, and
apparently. do not dream of defeat Says
one:-it--was reasonable to suppose that
the recession now on would not be SC
severely felt and long In duration as have
been similar periods of depression in the
past, for the country entered upon this
with no such burden Of overproduction as
in former periods Of dull trade. A general
revival Of business activity should fine
stocks Of manufactured articles pretty
! we'll depleted and the way cleared for q
revival in volume of industrial produc-
ton. I..,
Despite the clamor about Wall streets
hostility to Roosevelt, it is the fact thai
the most important men Of the street be,
lteve that the president will be elected
and have reached that conclusion no.
without satisfaction, recognizing as the,
| do that the concomitant Of democratic ad.
ministration has been national business
adversely
| Notwithstanding this statement the In
creasirfg deficit in the United State,
treasury, which is due to increased ap
preparations and general depression II
business, is causing considerable uneasi
ness. It is predicted by some f1nancier!
that the total deficit for the fiscal yea
Will reach startling dimensions.
IS. S. Schroff