The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-11-01
Of THE MARKET THEY AVOID
LARGE SALES.
ELECTIONS HAVE EFFECT,
CAUSING A DETERRENT OF OP-
CREATIONS OF ANY IMPOR-
LANCE.
MARKET MORE REcUPERATIvE.
Good Railway Earnings Giving Con-
ffdence-Henry CIews' Weekly
Review.
Special to the Globe.

Special to the Globe.
NEW YORK. Oct. 31-In his weekly
review of the financial situation, Henry
Ciews says:
We have had another ragged week In Wall
street, though with no important net change
in the prices of stocks. transactions have
been confined very largely to professional
operators, most OF whom, for the moment
seem to prefer the bear" side, as best suit
ed to the current mood of operators. One fea-
ture in the operations of The pessimists de-
serves attention as significant symptom
They do not care to risk large sales, and re-
frain from anything approaching an oversold
condition of the market. There is reason for
this, as there still bulls" whose interests
are large enough to induce them to make
reprisals upon short" interest big
enough to make it worth the powder.
The condition of the market is a natural
result of the happenings Of the last three
weeks. The great realiZings Of influential OPP
orators have produced tmid feeling; which,
in spite of the conviction that the prices of
stocks are intrinsically moderate, causes hesl-
tation and the postpOnement of buying. Many
operators are discouraged and enteebled at
the loss Of their previous profits; and, be-
yond the continuance of the recovery OF bust
ness and the increase of railroad earnings,
there are no new elements TO revive Dull
enthusiasm Moreover there have been causes
for the deferment of operations, which nave
appealed to the bulls great and small, per-
haps especially to the former. The election
has been a diyerSive element, and some peo-
pie have been led to think that its result may
have an effect upon confidence IN financial IN
terests. The new phase of the Cuban question
has given occasion for new fears that we
might be drawn into serious embodiment
with Spain. Some have attached undue
Importance to the Nebraska railroad suit, al
though it directly concerns only state inter-
ests. Others have looked with mstrust TO the
opening of congress; though just for what
reasons have not been made clear. In mont
of these things has there been any sufficient
ground for real apprehensi0n; but, put to-
gether they have sufficed in the late timid
and unsettled state of the market, to afford
an excuse for the deferment of transactions.
Large operators, however, convinced that
values are not scale that would admit OF
upward movement, are naturally always
indisposed to start campaign in the pres
ence of cloud on the horizon, though 1t may
be no bigger than a mans hand, and espe-
cially when there is, asat present, an absence
of any new inspiration Thus it has easily
come to pass that we have had a spiritless
and neglected market for the last three weeks;
and the bears have not been slow to turn
it to account. This, however. is but natural
after-phase of the great realizing movement,
and it takes time to recover from the effects
of such reaction.
The recent drift of the market has how
ever, shown more recuperative force than is
generally acknowledged. In our financial re-
view of two weeks ago, it was shown that
prices at that time averaged 121a points below
the highest figures of Sept. IT, when values
were the highest. The following list of the
same stocks, showing the highest prices on
Sept. II and the lowest on Oct. q, will indi-
cate the change that has occurred within the
last two weeks: