The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-03-26

Things we 90 not produce. mat kind or
reciprocity would never. touch a schedule.
Its only supporters. are those WHO are
opposed to any tariff reduction whatever.
Features of the Business Situation.
Strikingly illustrative OF, the ,uncer-
certainty of speculative markets are
two important occurrences of the clos;
ing week-the> advance in Northern
Securities stock and the rise in wheat.
They show more forcibly than any
thing in actual, practice for, a long
time, the tendency Of all speculation
to discount the future. BY demon
stration they, prove the impossibility
Of drawing conclusions absolutely de-
pendable at any time, the utter worth.
lessness of opinion based upon surface
Indications They show the tendency
of speculation to- :: oVerdo- - everything
and then to react, upon, itself and
make it clear that when things are
looking worst, then, very often; the
turn for the better is at hand, .,-.g,,
The supreme court has declared a
corporation Illegal. This was a bear
ish factor of first magnitude. The
stock. however, has since advanced
fifteen points. q. = = J 3: Il: SO. IL -. -.
OF the twenty-five, Minneapolis
flour mills, eighteen ceased grinding
this week, and closed down Temporal
rily. Theoretically this should have
| broken the wheat. mrket. - Wheat adj
,yo,oad foj,r capts ~ I+-. ~ "a ~. 81
The first case shows where spec,tla-
ton, anticipating The worst, i had gone
the limit, !; long beforeastfle thing of
ce-depressing effect actually came;
the second. a, factor, only mildly and
temporarily bearish in any case, mag
nifed in importance, discounted in
good part, and. more than offset. by
other speculative considerations of a
Strengthening nature. Continued sell
| ing on fear. Of an adverse decision had
put Northern Securities to a level be-
low the value represented by the
4 equity. in the re-exchange Of the stock
! for the stocks of constituent COM
panies. - Continued selling. Of wheat
had putS|that. market to "a point where
it was dangerous to sell more. :: = !. :itM
Much interest has been, drawn to the
east 3by}a" state Of. activity in Wall
street. known. for a. long, period.
I Trahsactio IN st ocks have beer sur
prisingly large, thes2total> business, on
several days, running. well above, a
i million shares This was heaWyheVen
beyond what had been expected TO
follow the removal Of the great ele.-
1neht Of uncertainty tn En- merger con
troversy, and was due largely to the
Leadership Of Union Pacific stock, OF
d which no less than = 249,30O shares
changed hands in one day. Naturally
there's arose the fear that a, fight For
81 control was .son- again. between the
\ great rival interests that came. ITO.
gether once beforesin the clash of The
, Northern Pacific corner "A dozen in.
ferential = explanations have beer
fort heoming. but; nothing as yet 5tau
: thentic, leaving doubt as to whether
there has: been any secret Buying O.
Union Pacific for control. or whether
the heavy business represents only. thu
reaction. from long pent-up energy
!. and q period Of tiresome waiting.r:&.s
;, / Almost without exception the IRE
ports from the country at large hay
:: been more favorable. ~ Bad weathe
has cut. "a, big figure this month, de
laying fnerchandise, tying up cars, am
!, making car ,sh Mortgages, and SO .increas
, ing the expense nf4railr Dad operation
. as to leave reasonable expectation o
= somewhat. 1ess favorable showings il
later net reports But these thing
=, are passing. y The monetary situation
. is very stable. Friday OF this Mee]
= was the day OF maturity Of the treas
ury call upon national banks, for. 2
per cent Of their holdings Of: publ
q funds, and fiscal operations looking t
. the payment of $40;000,000 = to tn
canal company and s10,OO0,000 to tn
- republic of Panama are under IVA
i, with no disturbance III the none
market. ,,z., - :. X - :3g.:&
/, Those who argue for a steady fris
:. worst has been heard of recession
: in business and that under. thel5sd1
n face, conditions are anow1 shaping 70
g the better. After, g. time many thou
r sands, of. investors Will find out the
f the country is so fundamentally SCUM
t, that no bad factor. can have very..ser
g Gus effect and no recession. be NOR
O. than temporary, and then will folio,
e j that increase in investment purchase
e usually the forerunner of a gres
n speculative. rise,gssz $50 ga So
T The more conservative view, share
: by; many admits in full the genera
i soundness Of the bull contentious, bl
e leans only moderately to- the stron
z side,'s because of the many great ssle
rnents Of suneerta inty,,4 with the. I'VE
= In the far east likely to drag on, keer
. ing in the foreground the possibilit
. of the. Involving Of other powers, an
:, in our; own country q great polite;
= campaign just ,opening, there are ma
: Edra1 reasons for conservatism. Z Bl
whether there Is to be a sustaine
:, rise. at, this: time, or whether shor
: of it must be deferred until safte
. the erection, it cannot be doubted til;
!, from now on, barring, Eof course, an
& crop failures or other great calamit1e
! conditions will be steadily making IL
= better prices Of good securities.