The Minneapolis journal., 1905-11-12
GENUINE BUSINESS

No greater evidence of the legitimacy of the
business situation is needed than that afforded
by an analysis Of the reports of bank clearings
for the country. The financial transactions are
on an enormous scale, the clearing house re-
showing 81, sos, $50, 5OO This does not repre-
sent all business done and many deals that in
aggregate make volume of trade run
ming to millions find no direct representations
in these statistics. The clearings nevertheless
afford d guide to conditions. and when read
correctly, faithfully reflect rise or fall in the
tide Of commerce. We are doing today, in our
country, one-ffth more business on the whole
than we did year ago. L
Proof of this is in the fact that the in
creases shown in the smaller centers So
much of the element of speculation enters into
financial transactions in New York that when
fever siezes upon Wall Street and buying and
selling Of stocks runs heavily, clearings mount
necesstated by the shifting from one to
another Of blocks Of securities. s -.
When the country shows an increase princi-
palIy from this it is in q sense fct1-
tious. 1t is not to be contended that such
transactions are not entitled to recognition
They are part Of the country's business.
Men who are allied to Wall Street, and who
help maintain a market for money and securi-
ties, and state Of activity, serve their part
in the general work. There has come to be
distinction drawn, however, between this
OF financial commercial effort
and for want Of better word, legitimate
has been used to mark of, rather loosely,
business that runs close to the understanding Of
the people, and follows the old ideas of buy
ing or selling merchandise. or serving in some
capacity in the supplying of human needs, or
turning produce into cash. or making q finished
product out Of raw material, and business that
produced nothing in itself, stands farthest
removed from the honely ideas and closest
to speculation, and very often is speculation
pure and simple.
Hence when the bank clearings indicate
that the country is doing enormous bust
ness, needs first to stop before drawing
conclusions and see wherein the gain is princi-
pally produced If he finds that the figures In
the interior cities are light, AM that in New
York millions Of shares being traded in,
and a greater number Of people are giving
| thru speculation, he may conclude that the
| figures mean nothing. II he find, as in thu
present showing, that the larger gains art
being made outside New York, in cities where
! the figures stand for the movement of produce
and the sending back, OF money to the farmer
| an increase in trade manufacture or transporta
ton, and the employment Of labor, he may
| know that it means real prosperity for the
country. "*,'
| Little attention Is longer being paid to new
records in any line, 50 often have they beer
broken Of late. The railroads are hauling
more freight and earning more money, th'
! iron mills are producing more, and this il
found all along the line with very few excep
/ tions. -..t- -. o. .,
| Relative to population Minneapolis makes 4
| showing in general business increase that i
| remarkable and puts the city into leadership
! The country is indeed 80 prosperous that 1
| can scarcely become more so, nor can nev
| records be made continually. But the countr!
! may. enjoy the present aprosperity for loni
time to come. e@ Everything fundamental i
sound. There was the fear at one time. earle
in the year, that speculation would run ava
with reason in Wall Street and bring on distur
bances, but the country appears to have to
much business on its hands to care much abou
| speculation