The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-05-13
Hesitant Speculative Situation.

call for. department. you wish to speak TO-
Hesitant Speculative Situation. :
The serious nature of The situation
and the uncertainty existing with ref
ere1tce to the speculative part of the
worlds financial affairs were empha-
sized this week by, the appearance OF
statement complied by M. Neymarck,
statistician and economic writer, CIV
ing figures representing French invest
ments abroad. The total is huge, rum
ming to $3.50 $4,000 The war in the
east bears heavily upon France, and
at time like this, when all the world
is waiting and watching for a great
naval battle, the question naturally
arises as to what the effect upon Paris
will be in the event of crushing de-
feat for the Russian commander.
The French people are the most Won
derful Of savers. Despite the cata-
clysm of the Franco-Prussian wal, which
!: left France with an enormous lndem-
nifty payment to be made up from
weakened resources, and debt that
was staggering, she pulled out OF 1t
}: within a decade. Despite great losses
in foreign investments, as In the
-. Panama canal collapse, the French
g.people have gone on saving and send
ing. money abroad for investment, for
there are not opportunities enough at
4 home to provide for all the surplus
Every government has some French
money under it, and every country has
it's industries or it's railroads represent
ing in some part the investment OF
- French savings Remote .Oceanica has
Or 81, 1882, 900, Central America $55,97O,
. OOO,~ North America 1904 1884, 900 anC
;" Asia $216,353, 900. South America has
Z drawn $5O6, 1882 900 from France, anc
J. in Africa as is natural French colonial
. and other investments run to 7l2,749,
600. But it is in Europe. that the big
r figures appear, aggregating $4,O53,OOO,
III 900. France is not a heavy investor
in Germany, and her holdings of Eng
fish, Spanish, italian and other securi
ties are not especially heavy in thu
. case of any particular. country. M
Neymarck has not given details, bu
- everyone knows that the heavy end O.
~ the enormous European total lies il
e Russia. France is carrying a mountain
8 of Muscovite debt.
:2- With war risks increasing, INSURANCE
j.. rates on ships engaged in the orienta
: trade going up rapidly, and all tn
#9 world on the ragged edge for first nois
Of tl,o- hot &c hat
IS financiers should begin to feel that tn
4 crucial test is soon to come.
S Months ago, when the new Frenc
( bpremier NJ. Rouvier, took office, one Q
IS his first, acts was to send out semi-off
~ .cial notification to all the agents d
change of the Paris bourse, to the e:
feet that the governmental attitude ws
zone of opposition to speculation, an
=. the cooperation of the bankers an
brokers was solicited for the work (
I'D discouraging it in the interest of ge1
f@sseral financial stability. This h;
worked out splendidly, and, .altho Ru
.s1ssia has had some frightfully hal
E knocks, and the owners of Russian S
4 curities have not been free from ner
business, reinsurance has always be-
>. forthcoming from highest sources, al
.,..ssthru it all Paris has been free fro
s.z;even the whisper Of panic. This h
been the situation to date, but wheth
81 in the event that Togo should fall up,
Roiestvensky and infiict crushing d
feat, confidence could still be mai
tained is doubtful. The only thil
likely to prevent a panic would be il
I. mediate Inauguration of peace negoti
tastions, and this is one reason why mai
~. believe that once the Russian feet
30 nc beaten, peace will come. The FrenI
Is. financial situation meanwhile is one
al great uncertainty.
}@s.s America stands to suffer little by a
9~financial disturbance that might col
over Paris: 1t is New York and Lie
IS. don that are hooked up in installtal
tti Gus touch, with securities markets o
.s4rrehecting the other. Should the une
pected happen, and the japanese at
go down to defeat, it cannot be doubt
that London would feel the effect /;
ssSSssversely, and New York would suffer
sympathy. This would not necessar
,ssbe great decline, nor would it in a
Likelihood be permanent, at least on (
y SIDE. where everything in our reports
zscrops, internal commerce, and tinan
- is so favorable. But it is the thi
to be watched for now and while
fight is pending hesitation will rule
markets for securities.
Rev. w. E. McLennan, pastor of E
den Avenue Presbyterian church, Chica
advocates q. corps Of competent instr
tors in every theological school. to Civ
post graduate course to young minist
and all Christian workers that will g
them. an insight into practical saffa
There are some things thatSey AGO