The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-06-21
HENRY CLEWS CONFIDENT THE
IMPROVEMENT IN MARKETS
RECENTLY t-E
is BEGINNING OF GOOD TIMES.
MARKET LII< ELY TO CONTINUE UP
WARD WITH TEMPORARY RE-
ACTIONS. 't T.
INDUSTRIAL AFFAIRS IMPROVE.
Better Demand for Staple Goods
Cuban Affairs Continue Ito
Affect Prices. 81

Special to the Globe.
NEW YORK, June 20-In his week.
ly review of the financial situation
Henry Clews says:
AT times during the week the stock market
showed reactonary symptoms. Prices have
undergone a very substantial advance since
the beginning OF the year, and under ordi-
nary conditions free realizing might be ex-
pected. A good deal of profit-taking really
occurred, and scme of the more intrepid
bear operators ventured putting out fresh
short lines, but only with the effect of
strengthening the market and increasing the
buying power.
The present situation however, is So nm
usual that ordinary standards of Judgment
''uSt be arDlled with care. 1t is true prices
have scored handsome rise, but that does
lot InSan that the limit has been reached
We have but just begun to emerge from very
unusual drawbacks; from a combination of
political and economic arrangements such as
are only experienced at rare intervals Those
VINO calculate, therefore, upon rise of only
ordinary proportions are likely to be agree
ably disappointed The market has fairly
started upon an upward course, and it is
hkeIy to continue so for some time to come
accompanied, of course, by fluctuations and
reactions incidental to any fair degree of
activity.
This far Wall street has merely discounted
returning prosperity. The improvement in
business at present is greater in sentiment
IMAM IN TACT. The very adoption of more
cheerful tone is, however, likely to become
a powerful aid to business revival. Already
there are signs of actual Improvement Now
York has been the chief center of pessimism
because here the strain upon credit resulting
from the silver craze and trade depression
was greatest. This strain has almost dis
appeared. Our leading bankers are regaining
confidence; our most responsible railroad
managers are very pronounced in their be-
lief OF better times the coming fall: those
VINO lead are more willing to take the
initiative, and many Of the evils from which
we have been suffering are working out
their own correctives. The crop situation is
satisfactory. Wheat, corn and cotton are
somewhat Backward owing to low tempera-
ture and excessive moisture but in spite of
drawbacks there is every prospect of abund-
ahce In the agricultural sections of the
country trade reports are favorable Mer-
chants are in position to stock up more
freely, and the farmers are gradually getting
out Of debt; in fact, in some portions of the
west they are in better condition finan-
clally than in many years. Cheap freights
have often more than compensated for low
prices.
The industrial situation is also improving.
ana TINS is factor of increasing Importance
TO wall street, in view of our rapid develop
ment in this direction. The iron trade gen
orally considered a fair business barometer
SHOWS increasing activity some large orders
Tor pig iron, bar iron, ETC., having been
placed at the Western markets. where prices
are low, but firm. better demand is also
developing for staple cotton and wooden
goods, and in some instances a moderate
advance in values has followed These two
prominent industries are still in unsatis-
factory condition, owing to an excessive pro
oucuVe capacity, but it is encouraging to
note turn for the better which promises to
be maintained. W
The tariff question will soon be out of the
way, and this accounts very largely for the
better tone in business circles The better
prospect OF currency reform and the abate-
ment OF Cuban agitation are, also encour-
aging factors of Importance. The condi-
ton OF our foreign commerce is satisfactory.
exports continue large and, as the rush of
imports to anticipate the tariff must soon
cease, there is no prospect of Important gold
shipments The treasury reserve is strong.
snd before long we shall probably be import
ing gold, especially if the foreign demand for
our securities revives, as seems not unlikely.
for London is bare of our stocks, and opinion
ever there is steadily becoming more favor
able.
Personally, l believe in a higher market.
heactions may be expected, but they will
De iight, and the trend of values will be
Enthusiastically upwards for some time to come
barring, OF course, unforeseen disaster