The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-12-06
Rally OF TIE BULLS
DECIDED CHANGE FOR THE BET
TER NOTICEABLE IN WALL
STREET.
ELEMENTS OF STRENGTH
UNEXPECTEDLY APPEAR TO MAKE
A STAGNANT MARKET
ACTIVE.
PACIFIC POLICY AS TO CUBA.
1t Encourages Investors-Decrease
of Silver Agitation Also
Hopeful.
ELEMENTS OF STRENGTH
PACIFIC POLICY AS TO CUBA.

Special to the Globe.
NEW YORK, Dec. 5.-In his weekly
report of the financial situation Henry
Clews says:
A decided change for the better has come
over the Wall street markets. l have repeat
eddy noted, in these advces, that the stock
market appeared to have touched bottom as
to prices; that, so far as respects intrinsic
elements of value, there existed conditions
which warranted a buying movement, but
that there were lacking certain elements nee
essary to give the upward tendency start
ing impulse.
Just at the moment of greatest stagnancy
these lacking elements have Unexpectedly APP
peared. Perhaps the more Immediate cause of
this change has been that the room traders
have found it impossible to any longer make
profits on selling, and therefore changed over
to the bull side. This was natural test
of the market, and the response has been
general increase of buying orders. The re-
Spouse came the more readily because there
has been a steady mitigation of certain out
side influences which have been tending to
the postponement of operations. As the open
ing OF congress nears it becomes more evil
dent that we are likely 10 have a business
like session, with the sensational dictionaries
held In restraint and with a preponderating
regard for policies and measures calculated
20 encourage confidence among the business
interests. Among the things which now are
considered as assured are the support of the
presidents pacific policy on the Cuban ques-
good bankruptcy law, an earnest attempt to
effect some real improvements in the condi-
ton of the currency. though possibly not all
that some may desire. and sssort to Sc
cure some equitable adjustment of the rail-
road questions. The marked public neglect
of the silver agitation also warrants the hope
that that issue will influence congressional
action less than has been generally feared.
The feeling in Washington among the ar
irving congressman is very confident as to
the abatement of the agtajons raised by the
Bryan campaign of last year and the increas-
ing desire Of legislators to deal with the pend
ing large questions in moderate and concil-
iatory spirit and / venture to predict that
this disposition will gain ground as the ses-
sion advances.
These symptoms, coming to the surface at
this moment, have important bearing upon
the tone of the financial markets. and have
directly contributed to the revival of buying
which has been apparent on the stock ex-
change during the past week. Ordinarily,
December opens with postponement of buy
ing operations, owing to the winding-up Of ac-
counts and the l1quidationS incident to the
close of the year. Now, however, the stu
alton appears to be regarded as warranting a
departure from that usage and operators
deem it safe to promote an advance prelimi-
nary to the rise in prices that usually re-
suits from the large dividend and interest
disbursements made at the opening of the5
year. The result of this buying-a rise of "
to pointS-in some measure sets at rest
the fear entertained in some quarters that
the very large amounts of stocks marketed
in September and October by large holders
would prove load very difficult to move
in any attempted "bull movement The
purchases have been double those of preced-
ing weeks, and the rise in quotations proves
that the demand exceeds the supply, and
haste is shown to realize on the already good
profits. One of the inspiring aspects of the
market is the appearance of large operators
who have been cautiously standing aloof since
their realizings of two months ago. They.
appear to realize that, with so many assuring
factors in sight-such as the hopeful pros
poets of congressional action, the coming
great abundance of money at this center. the
promise of a booming spring trade and the
probability of congress making at least
hopeful beginning in currency reform-it will
not to be possible to hold prices at the recent
semi-panic level, and therefore the present
situation affords a good opportunity for buy
ing. We do not pretend to say how far this
recovering tendency in prices may immedi-
ately Possibly the rise may halt until
the presidents message and Secretary Cages
report have been digested after which
further advance may occur. But, in any
case, it would appear that purchases at the
present range of prices will prove profitable.
The concessions now offered by Spain to
the people of Cuba, conceding home govern
ment to the island, will doubtless be recog
niZed by members of congress as sufficiently
liberal to merit their acquiescence and mas
much as this excellent result has been
brought about through astute diplomacy by
the administration, the inference is that the
president and his cabinet are well satisfied
Spanish government. The plan proposed for
the government of Cuba is, as q matter of
fact in many respects more liberal than
that accorded to Canada or to any other of
the British colonies, and it would appear
therefore that there is longer any just-
fication on the part of the insurgents in con-
tinuing hostilities. government such as is
now proposed for Cuba, in the estimation Of
fair minded people, is undoubtedly the best
for them, for if an independent government
were established on the island it would not
be likely to prove permanent as il would
lack the necessary adhesive qualities, and GER
country at heart would advocate the anneXa-
ton of Cuba and making the Cuban people
American citizens There has been much ap-
prehersion felt that the coming congress
might evince a spirit of "jingoism" similar
to that of the last regular congress. This
should not now be seriously contemplated,
as the release of the American prisoners, the
humane treatment on the part of Gen.
Blanco of the Cuban people. and the with
drawal of Gen. Weyler since the last congress
is a revolutionary change all round. and one
that cannot fail to be recognized as remov-
ing the sting from 'jingoism.'
The people ought to be willing to leave the
entire Cuban question to the administration
for settlement, and have faith that the best
will be done for the interests of all con-
cerned in connection Herewith. The true
course therefore is for the people to pay
as little attention possible to floating
rumors about what both the administration
and the government of Spain going to do
or not going to do in this matter. President
Mckinley can be trusted to do the right thing
at the right time and If the situation is sim
ply left to him and his cabinet associates all