St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-07-08
ASTONISHING THE MOST
SANGUINE.
FURTHER UPWARD MOVE
ACTIVITY BE-
GINS.
LONDON NO LONGER A FACTOR.
Wall Street Not Dependent on
Foreign Markets-Henry
CIeyys, Review.

NEW YORK, July Henry
Clews, in his weekly financial re-
view, says:
The stock market has entered up
on distinctly new stage; new not
so far as respects the main under
lying conditions-in which there is
no change-but in respect to the cur
rent speculative attitude and tactics
of operators. The triumphant bull"
campaign of the last three months
has brought about a new situation.
Prices have risen to a pitch that sur
prlses even the most sanguine, and
bull operators have made eXtraor-
binary profits. Among conservative
spectators there is a feeling that
prices are now, as a rule, up to what
the immediate facts of the situation
warrant. 1t is conceded that the
general drift of the conditions that
control values suggests the eXpecta-
ton of a further advance when the
harvest has been gathered and it's
beneficial after-effectS upon trade
pegln to appear. But between now
and then there is an interval of some
weeks, during which possibly no in
fiuential developments may be forth
coming. AS a matter of speculative
| tactics, it appears desirable, to pro-
fessional spectators, that this inter-
val might we'll be used for the pur-
pose of realizing profits on the
strong rallies and thereby laying the
basis for repurchases at a later stage
with view to a new upward move
ment in the fall. Also, the absence
OF operators on their summer recre-
atoms is encouraging to this sort of
attitude.
1t is not supposed that the "bears"
Will allow this opportunity to pass I'M
improved. A long experience of con-
ditions adverse to their side has made
them impatient for an opportunity for
attack; and it is not likely they will
permit the present partial lull in "bull'
activity to go unappropriated for their
benefit. We do not undertake to say
how far they will venture in making
reprisals on the reposing BULLS nor
how far the bulls" are likely to re-
taliate. Our Judgment is that the pes
simists are likely to prove cautious.
and that the optimiStS will not be
found willing to part with any consid-
cradle amount of stock at much lower
prices. Nevertheless, the bears may
be expected to do their best for the
early future. to test the market at
what they conceive to be it's weak
points, as much perhaps from a mere
spirit of fight as from any strong hope
Of making a distinct impression on
prices. The late fierce attack on the
fndustrialS and the attempts to stiffen
the rates of foreign exchange are a
part of these tactics; the failure of
the break in the industrials to break
the railroad list Is a sample, however,
of the sort of result the bears may
expect from all such movements
But while immediate conditions
seem to favor temporary lull in the
larger speculative operations, it is RI
impossible that events near at hand
may revive the buying movement
sooner than is now anticipated. The
reconstruction proceedings in the
bankrupt railroads are now making
rapid progress, and announcements
may be forthcoming at any moment
which would create new excitement
and bring into the market a mass of
stocks that have been tied up pending
these establishments. Moreover, the
corn crop has possibilities of proving
very important element in the value
of the stocks of roads serving the
great corn belt. Should that crop
maintain its present promise to the
end of the season, it will prove a very
valuable help towards the more COM
plete revival Of business throughout
the country. To sum up the matter,
while the position of affairs at the mo-
ment seems to tend towards a tenn
porary luli in speculation and Rossi-
bly, to moderate fluctuations in prices,
yet this position may quite possibly
change for a revival of ''bulP' activ-
ity.
London is no longer a leading fac
tor. That market perceives that New
York is now capable of taking care
Of itself and of the foreign markets
at the same time. 1t sees that a great
confidence has taken hold upon our
people; that power commands the con-
fidence of London; and Europe may
therefore be expected to follow the
drift of our home market rather than
antagonize it so long as it tends to in
crease profits upon foreign holdings.