The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-09-06

In every case but one of these "a stocks
there has been an advance in prices. The
average rise has been about So points. On s
stocks the advance has been below points,
and on 16 stocks between and 10 points. c. n
sidering the great excitement in the market,
and the magnitude OF the transactions the
rise thus far realized can hardly be regarded
as very extraordinary 1t is certainly far
from sufficing to restore values to the normal
level that existed before the great depression
set in; and very far from corresponding to
the great restoration of agricu.t ure, of in
dustry and of commerce upon which the coun-
try has now entered. This brief comparison
shows that great recuperation is now in
process. The advances that have been real
lied however, make it the easier to resist
the rising tendency; and hence each fresh
rise is sharply contested by the bears Dur
ing the past week they have been courageous
sellers, but have had to pay for their temer-
ity.
1t is not unlikely that the bulls" may have
to do a good deal of hard fighting to ho.d
the first average rise Of 10 points; but they
are made strong by their past profits, and
the whole drift of outside cond tions is en-
tinuously contributing to their success. They
have also had to contend against large in
fluX of foreign stock. The supply from Lon
don has probably reached not less than $15,
600 600 in cash value for the last few weeks,
and more may yet have to come; but these
supplies have had little other effect than to
induce short" sales, which only add strength
to the market.
1t would probably be mistake to calculate
upon London forsaking it's selling policy. The
Bank of England stands in an exposed posi-
ton. 1t has been steadily losing gold and
now holds only f35, 900, COO against f46 000, 900
a year ago. and yet it has to provide for cary
important Withdrawals to Austria and Rus
STA, to say nothing of the possibility of its
having to contribute to countries which are
embarrassed by short crops and will have
to import unusual quantities of cereals. Un-
der these conditions the bank and those
largely dependent upon it are using their in
fuence to prevent spectators from buying
our stocks and to induce them to realize at
the current high prices. This motive is likely
to continue operative for some considerable
time to come; and may therefore expect
no participation by London in the current up
ward speculation.
At the moment, our relations with Spain
are again beginning to attract some attention.
There is a very general impression that the
administration Is considering how it may do
something for the Cubans; but exactly what
that something may be is by no means clear
A stage, however, has been reached al which
some effort seems likely to be forthcoming
The president is now in possession of the
facts ascertained by Gen. Lee; and it is
understood that Gen. Woodford is charged
with special proposals to be submitted to the
Spanish government, while press dispatches
have reported that he has already sounded the
disposition of certain European powers
towards Spain. 1t is to be assumed that Mr..
Mckinley will act with prudence and en-
deavor to avoid offering provocations to Spain;
but he treads upon delicate ground and it is
not impossible that impending negotiations
with Madrid may evoke some uneasiness on
this side of the Atlantic. This is a cont:n-
gency to which cautious fnanciers are pay
ing some Difference.
The course Of operations during the past
week has been irregular Although there
have been no noteworthy adverse develop
mentS and the drift of external hopeful con-
ditions shows abatement yet the bears
exhibit a great deal of energy and direct their
attacks with much skill The bulls find
no difficulty in successfully manipulating such
specialties rs they take in hand, but, pending
those operations, the bears" assault shares
for the time being neglected and so keep
the market in ferment not conducive to a
general advance. This is always a feature in
a market of great breadth like the present
and calls for circumspection in the selection
of stocks in which to make transient invest
mentS.
Trade movements show no abatement of
their universally hopeful aspect. In the mer-
chandise markets the increased demand is
producing a steady advance in prices. The
iron trade continues to gain in activity, and
the rise in values is extending over the whole
range of metallic products. The wooden fac
tories are clearing off their past accumula-
lions of stocks and conservatively increasing
their output. The cotton goods trade, though
in a stage of the season when orders contract
is yet doing more than a good average bust
ness for this period of the year. Cotton has
been showing a fairly firm tendency in spite
Of a prospective crop of $1,000 600 bales. In
brief, in all the large branches of trade there
is the same story of conservative activity, in
creasing demand and an upward tendency in
prices, while railroad earnings continue to
show large increases. There is no difficulty
in divining the effect these movements must
have uDOn securities.