The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-06-28
STEADY UPWARD MOVEMENT OF
STOCK MARKET DOESN'T SUIT
BEARS.
BUYING FOR INVESTMENT
GIVES THE MARKET STABILITY
AND CAPITALISTS MORE CON-
FIDENCE.
THE WEST IS WAKING UP.
Increased Activity There Greater
Than in the East-Henry Clevvs'
Review.
Special to the Globe.
NINNr Unn

Special to the Globe
NEW YORK, June Pin his
weekly review of the condition Of Wall
street markets Henry Clews says:
The marked improvement in the tone of
the securities market that set in with the
beginning of this month continues to be we'll
sustained. 1t has spread quite generally
throughout the list and goes on steadily
from selling and with little disposition to
realize profits Some operators have de-
sired "a reaction, i'll order to lay in stocks.
and have used their influence for that pur,
pose, but with little effect, as the market
Immediately RECEIVERS from the slight reac-
lions caused by "bull'' sales made for this
object.
one significant feature of the market is the
moderation of the amount of transactions
as compared with the buoyancy of prices.
The inference is that the buying is not
stimulated so much by the operations of
iocai professional operators as by outside
Duy!ng, and by investment purchasers the
buylng by the latter of dividend-p paying shares
belng quite marked. Indeed, the advance
mas come before the professionals were Quite
prepared for it, and they have to get in az
best they may. During the week London
mas been so absorbed by the jubilee as to
nave been an absent factor. 1t remains to
De seen now that market will next week
take to the higher range of prices that has
been established during the interim.
1t is generally understood fact that the
business feeling in the interior has reached
d more advanced stage in the process of
recovery than is the case at this center
ana II is owing to this fact that outside
operators have got into the market in adj
vance or our local operators Wall street
nas YET 10 appreciate the extent to which
business affairs in the country at large have
ALREADY progressed towards normal conditions
while, here We are still watching old symp-
TOMS and nursing the tmidities begotten of
Dygone dangers and waiting for promised leg
1slatlon that is to work wonders of one
KIND or another, the interior cites are begin
ning to deal with the vast accumulated wants
OF consumption that have remained unsatis-
lea Tor the last four years. Wall street
sees IN the current rise in prices little more
than the effect of the near approach of the
passage OF the tariff bill, and cautiously as
sumeS that when that comes there will
De an extensive realizing on the anticipatory
purchases now being made There NAV he
some such reaction to limited extent Int
IL VIII be found that there still remains
a sound basis for buying The recovery of
confidence that has already anneared in tho
interior Will receive fresh impetus from the
rev tarlf, and the probability is that orders
Ior STOCKS from other sections will then
receive a fresh impetus carving nm nrioas
TO still higher range All Indications wor
rant the belief that the present rise Is tbe
beginning OF a steady continuous return TO-
MdIus normal level of values For years
investments have been made subject tn the
control OF an extraordinary concurrence of
alarms accidents and disturbing political ex
citeIhents: Those influences have now about
t Ia tneir force the paralysis of dis
trust they have produced is disappearing
ana the spirit OF trade and enterprise is re-
Stunning its wonted natural tone. We arc
exchanging our pessimistic dreams for hope
IuI Feallties and in a few more months the
Whole machinery of trade and finance will
again be in active operation The con
seriousness Of this change has come unon tbo
country and the local speculative contingent
DELAY lN1ooy<
mlsglVlngs and allowing the reeuperatiye
FORCES full swing. Therea is this evidence
that the street is awakening to the APP
proach of reVival-we are close UNION tha
usual summer contraction of operations hut
tnere is none of the closing-up of accounts
Ihat usually comes at this season: an in
oennite nope keeps operators at their posts
ana II is lar from being among the impos-
slpliltles that speculation may remain active
Wen INTO the summer and prepare the wav
for vertable fall boom
IL is worth noting that the current buying
orders from the interior come largely from
those whose positions make them familiar
with the current business and the prospects
OF the railroads, and who are imbued with the
cohHdent expectation of a revival of business
which has been SO confidently foreshadowed
Dy many prominent railroad officials These
buyers understand better than we at this
center the extent to which the farmers have
already been benefited by the rise in prices
OF last years crops of breadstuffs and thew
see evidence of larger new crops at probably
a stlll higher range of prices. All this means
not only improved earnings for the rail
roads, but also better times for the great
army of agricultural consumers and for the
manufacturers and merchants who cater for
their wants.
An unmistakable evidence of the improve
ment in business is afforded by the increas-
ing demand upon the local banks for dis
counts. Last Saturdays statement of the As
soclated banks showed an increase in loans OF
$1S 100000 within the last four weeks; the
gain being materially due to operations on
interior account; which again shows; the ex-
panslon OF trade in other sections to which
L nave already made reference. Country
merchants arriving here express surprise at
the absence of the buoyancy of business which
mas set IN among their own people.
incident to the settlements abroad of July
interest and to an active demand for travellers
credits, there is revival Of the export move
ment in gold, and at the moment OF writing
the WeeKc shipments appear likely to aggre-
gate around $1,000 600. These transactions
however, have no effect upon the securities
market; first, because their bearirs; upon the
money market is wholesome rather than
Oi Ili r next, because with current sup
ply from our gold mines of about So, 900 600
per year, we can well afford to part with the
metal; next, because the treasury is amply
able to meet the demand; and, next because
the course OF our foreign trade foreshadoWs
comparatively early return of the gold we
are now parting with
The great spectacular event of Queen Vic
toria jubilee has, not been without its Of
feet upon the practical imagination of Wal
street. The population of this country has
grown up to probably in the neighborhood
of ~, 10000, which is about double what it
was at the termination of the war-thirty-
two years ago-thus showing that this is
pretty progressive country-but there are
others. Let us. see how the above statement
compares with the increase in the British
empire. At the commencement of the queens
reign. in 1887, the number of her subjects
was 1880, COO. After sixty years prosperous
reign (Which has been celebrated so grandIy
In London her subjects now number $50, 5OO.-
GOO; and this great and good woman is now
queen and empress over one-fourth of the
populated globe. This exhibit makes the
strongest argument possible in favor of the
international arbitration treaty between this
country and Great Britain. Such an obliga-
ton will unite 600 of people under an
international compact so that this country
will get full equivalent in the undertaking
especially as its influence over other nations
cannot fail to gradually bring them into
similar relationship. when the sword will be
effectually conquered BY the pen This should
be brought about in time to start the twentieth
century with. and jubilee between the vari-
Gus nations should take place that will eclipse
the notable one Of this week, making the
first year of the coming century the great
jubilee civilization year.