The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-06-14
IT IS SpHSMODIG
STOCK MARKET CONTINUES TO
HAVE IT'S FITS OF DEPRES-
SION.
GENERAL COURSE is UPWARD,
AND SYMPTOMS POINT TO A STEADY
AND CONSERVATIVE REVIVAL
OF BUSINESS.
RAJ COURSE is UPWARD,
THERE'S NO OvERPRoDUCT1oN
Away With Such TaIk-Henry
C1eWs' Review.

NEW YORK, June 13.-In his weekly
review Of the financial situation, Henry
Clews says:
The course of business on the stock ex-
change during the past week has been some
what irregular. The previous rise in prices
showed liberal profits upon large lines Of
stocks and there was consequently dispo-
sition to realize. That feeling was also en-
couraged by some uneasiness excited by sup
posed friction IN cur relations with the gov
eminent of Spain, and by bear" attempts
To create an impression that the ungen;al
weather is having a damaging effect upon
the growing crops, and specially on the pros
PEGS of the corn crop. Under these condi-
tions there has been a slight reaction in
prices which probably would have been
greater but for the stiff support received from
London buying. Towards the end OF the
week there was sharp recovery OF tone and
the market developed considerable increase
of activity with quite a marked advance in
prices.
Brief realizing reactions are naturally in
cfdent to such conditions as are now snap
ing the market. The drift seems to be TO
wards moderate spasmodtcal Improvements,
rather than continuous sangu.ne buying and
an uninterrupted rise. The conditions pro-
duO.ng the recovery are Of a kind that de-
veiop gradually, and it IS only after the
lapse of certain period that their effects
become conspicuous. The result is that, al
though prices gradually advance, yet the
market is kept in sta;d mood conducive to
the taking Of moderate profits. with the con-
sequence of moderate reactions Such mar
ket is a safe one 10 buy upon, provided the
purchaser gets in on the drops and realizes
upon fair advances; and present symptoms
indicate that the market is likely to main
tain these characteristics for some time to
come.
All the symptoms continue to point to a
steady conservative revival in the general
business of the country. Perhaps the men
mcSS closely in touch with the trade nerve
are the railroad managers and the bankers
and among those classes there IS but one YER
dict as 10 the business outlook. 1t is no.
merely that their information leads them to
expect a good crop year, with fair 20 rela-
lively high prices for farm products; they
also report evidences of preparation for re
newal of activity in the industrial and dis
iafbutng interests, which they expect to find
expressed in a decided revival Of activity dur
ing the fall months This recovering ten
dency appears TO be less the result Of any
expected legislation (although much Is hoped
for in certain directions from the new tariff
than from the fact that the long depression
appears to have about exhausted it's effects,
and the national vitality is beginning to as
sert itself. Much has been said about over
production. and undoubtedly we have very
seriously suffered from that cause: but that
depression has been greatly aggravated by
condition of underconsumption. With a
country OF such teemng fertility in every
source of wealth as ours, the usual move
ment is towards a rapidly increasing produc-
ton, which carries along with it a steady
growth in the ability to consume-to say
nothing of the increase in wants that comes
from yearly gain OF one and a half millions
IN our population. For the last four five
years this natural impulse towards rapid
growth of production and consumption has
been he'd N the severeSt check by the silver
panic, by the treasury troubles, by dangerous
political tendencies, by war-like crazes and
by declining prices and q production in excess
CT consumption. In a country Ike this such
obstacles 10 progress cannot be operative
forever. To large extent they are cured
by their own effects. The Americans san
gu-ne temperament viii not brook repres-
sion beyond a certain Emit. Four years alb
sence of profits appeals to his courage and
makes him willing to take a risk. -Four years
curaailment of his private OUTLAWS makes him
impatient for increasing his earnings. Infiu-
ences OF this kind are now having their curing
effect upon the bad times the trade feeling
tie manufacturers and merchants are ex-
pandiIg their operations
The extension CT ;hiS process feeds trade
and its impetus is gradually carrying us for
to this movement that we owe the signs of
commercial recovery. and close observers of
the currents Ct trade arc looking forward
to the next fail Season for the appearance of
distinct advance towards healthy business
conditions At present these tendencies APP
pear to be most conspicuous In the West and
Southwest and in the Pacific states; IN the
Eastern states. whore conservatism is more
Influential and supply has been most
prevalent the recovery is least apparent. The
Eastern industries are also held back by the
uncertainties connected with tariff legislation.
When the pending bill has become law,
manufacturers will know the basis upon
which THAR operations are to be conducted
and then a large amount Of business now
held in suspense will be released from re-
straint.
In Wall street there is an indefinite con-
seriousness that affairs are drifting in the
direction here indicated. The tendency is
seen through a glass darkly and therefore
has only a partial effect upon the market
for securities. There Is plainly much bet