The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-06-24
The CROPS, WAR
OR The EQUITABLE TIA |. !.
ONE OF THESE THREE FACTORS
MUST CHANGE. IS
Wall Street In State Of Hesitancy,
Awaiting Something More Definite
Concerning Them Before Getting
Bullish on Stocks-F fund amental Con-
ditions Very Sound Increasing Spec
ulative Interest Noted in Mining
Stocks.

New York, June A.-During the next
few months the principal topic of
discussion in speculative circles is likely to be
the crops. Stocks in spite of the decline, are on
fairly high level, and further advance must
be based upon reasonably large harvest. With a
favorable outcome in the crops business interests
look for further stimulation to trade. The
government report for May with a ,7-point reduc-
ton In winter wheat did not come up to the
former high estimate, tho still indicating one
Of the largest harvests on record. Should the
total wheat crop, as predicted in some quarters,
reach 7o0,0o0o0o bu, the west would have every
reason to feel optimistic over the situation. Of
course, reports Of deterioration now daily
occurrence, tho too much credit can be given to
such statements. Not until the middle of July
will the actual situation be known, which war
lants the conservative feeling now evident. Corn
is undeniably backward tho hot weather may
do much to retrieve the situation. Until the har.
vest is safe from killing frosts, however, no
accurate estimate can be made. In spite Of con-
fict1ng claims as regards cotton, the indications
would seem to favor large crop, assuring the
manufacturing interests Of cheap raw material
as well as furnishing a basis for much foreign
exchange.
The Market Hesitant.
The stock market is receiving comparatively
little attention from the uptown brokers' cliques
but they are by no means neglecting the situa.
ttoa, and, in fact are watching conditions close
". They say that while the market may con.
tinue dull little longer, when it does become
active they expect the change to be abrupt and
pr onounced. Men who have figured prominently
In the market for some time are out of town
but keep in close touch with their representa-
IN this city. It seems to be pretty generally be
lieved that the market will change materially az
soon as the Equitable matter Is out of the way
Next In order of the announcement expected is ar
| armtstfce between Russia and Japan. It seems
to be believed that the effect of the far eastern
| situation on the stock market, at least sentimen
tally, has about expended itself. While the i'm
mense accumulation Of funds abroad may be
heavily reduced the conclusion Of peace be
tween Japan and Russia, this is not likely to bs
done In such manner as to materially disturb
prevailing conditions. No one takes any stool
In the war stories about Morocco. The newspa
pers are dragging in England as an ally O.
France but the stagnation in the London stool
talk Of extensive labor strikes in this country il
also discredited. '-l.
Conditions Sound.
So far as underlying business conditions ar
! concerned the situation is still very satisfac
tory. There is 2seasonable hating In som
directions but nothing like depression. In al
lines OF business tone Of steady optimism pre-
walls, with expectations of revival Of activit.
| in the fall. Seldom have there been fewer labo
troubles. the workingman being generally vel
employed at good wages. : In the steel trade
the so-called barometer Of business, consumption
! has not yet adjusted itself to production her
are still plenty Of orders. however, to keep tn
mills busy. Attic dullness in the lighter line
is remarked structural steel, because Of tn
! activity in the building trade, is still in goo
/ demand. Railroad earnings continue to rehee
business prosperity, showing an average gal
i over the previous year of g. per- cent. Ban
| clearings, another indication of existing condl
lions. show an average gain turnout the countr
i Of 81 per cent. So far monetary condition
4 are concerned, there would seem to be littl
i reason for hesitation, prominent banking author
tiles seeing no Indication Of str1ngency durin
the crop moving period. From all over tn
country come stories Of surplus Of funds 6
much SO that it is intimated the west wi
require less than usual from the east to haryet
its crop. ~ ~ -
| Mining Stocks.
A conmfssion-house broker calls attention
the great interest which the public seems to b
taking In mining stocks It is his opinion ths
to an Important extent the Itch to speculate
which men often say must occur sooner
later and bring the public back to Wall stree
has relieved itself and is relieving itself in tt
f purchase Of mining stocks.