The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-11-29
BIG SPECTATORS ARE THE ONLY
OPERATORS IN WALL
STREET.
DULLNESS In ALL LINES,
As THE GREAT MASS OF SMALL
INVESTORS ARE HOLDING
ALOOF.
CONGRESS HAVING ITS EFFECT
What Action 1t VIII Take on Impor-
tant Matters the Subject of
Anxiety.
Special to the Globe.

NEW YORK, Nov. 2S.-In his week
ly review of the financial situation,
Henry Clews says:
The market for securities retains the same
general features as we have had TO note for
recent weeks except that the volume of trans
actions has fallen still lower. Outside spec
ulatlVe operations have become almost in
significant and transactions are mainly con-
fined to operations for fractional profits by
room traders. There Is however, a class OF
CONSERVATIVE operators who Discriminatory
follow closely good features in particular
SOCKS, which gives certain degree Of healthy
interest to the market. The purely specu-
!atiye stocks. however, are neglected owing
ventures.
The purely speculative spirit is at a low
ebb, and very naturally Such reaction
as we have lately experienced makes the
most sanguine sober and timid. All great
and sudden rises are largely stimulated by the
feebler and less experienced operators. Their
CONFIDENCE rises in proportion as prices ad-
vance; and when the more prudent have
realized at a profit and the whole weight Of
the market rests on these lighter supports
they rush from the extreme OF sanguine
expectation TO that OF utter disappointment
and distrust; and. worse still their means
are dispersed and they are no longer a
buying factor in the market. It is some
years since so many OF this class of operators
were on the market as during the recent rise
they were the main element in the advance
and their absence or inability now constitutes
main cause OF the prevailing stagnancy. No
matter now cheap stocks may be az the pres
ent range of values; nor how large the earn
ings Of the railroads; nor how encouraging
the condition and general outlook of business
interests; nor how much political dangers NAV
nave abated-all this amounts to little so long
as the market lacks the vanguard OF the
mass or sangutne minor operators who AL
ways take the lead in starting booms The
larger operators await their lead because
they value their cooperation and do not care
TO BUY until they see in the market class
TO whom they may be able to sell out.
with the large mass of stocks placed on
the market during the recent reaiizings of
railroad capitalists, the larger operators are
Hkely TO stand aloof until they see some new
elements OF speculative vitality in the mar
ket. With them, good conditions are not the
only prerequisite to buying they want the
cooperation OF a class who will help them
IN advancing prices. Apparently there are
lew now remaining in the market OF those
who performed that service during the late
rise A new set of outside buyers is needed
ana 1t Is matter Of conjecture as TO when
that contingent may be expected in the field
approaching conditions may supply that
want. The settlements and interest disburse-
ments made at the end of the year distribute
a large amount Of funds, which usually CON
tribute to January rise in prices The last
SIX months of business revival especially in
the interior cities. is likely to result In lib
eral distributions of earnings: and that money
may De expected to find its way. more or
less, into Wall street. That however will
depend, In some measure, upon what NAV be
the prevailing feeling at the opening of the
year That ought to be good All reports
agree IN representing that, in the agricultural
sections, the results OF the last half year s
business have been unusually satisfactory.
Moreover a still better state OF trade is ex-
pected for the next season. The improved
state Of our manufactures is showing itself in
a steady Increase in wages and the general
full operation OF the factories. In short a
prosperous spring trade is taken as fore
gone conclusion. How the action OF con-
gress may affect these prospects remains 10
be seen. 1t seems safe to take 1t for grant
ed that We have little to fear from jingoism.
Also, there seems reason to hope that when
congressman feel the public pulse as II beats
at Washington. they will come to the con-
clusion that the currency question cannot
be so easily shelVed as some of them have
real and effective toward giving us perma-
nently sound money would prove very
positive help to confidence among the bust
ness and investing classes and would FAVOR
ably affect the status of our securities in
the foreign markets. Perhaps the most SEN
sitive legislation will prove to be connected
with the railroad questions that Will come
up for treatment Pooling and the powers Of
the interstate commission will no doubt awak-
EN- the still slumbering granger sentiment;
but from present symptoms, 1t will be found
that the commercial opinion OF the country
has largely come round In favor OF a settle
ment Of these questions that will give the
roads a fair chance for making reasonable
profits and exempt them from undue eXtrane-
whom the railroads serve are so weary OF the
unsettled condition of the carrying trade that
they will be likely to support any fair and
equitable proposals the companies may pre-
sent and TO oppose anything that saVors OF
fractional Bryanite hostility to the transporta-
ton interest
Upon the whole therefore, we see no rea-
sons why the new year may not be expect
ed to open with better feeling In the stock
market and renewal of speculative buying.
The congressional discussion Of the railroad
questions is likely TO be attended with dis
turbing proposals. but so long as there Is
little probability of their acceptance such DC
currences would afford only transient yari-
atoms in the course Of prices. There Is no
doubt much holding back from Wall street
operations with a view to ascertaining the
temper Of congress and the drift OF conditions
at the opening OF the year; and. when those
have ceased to be uncertainties Of the future.
we look for a resumption OF speculation, with
what force or measure OF results the event
must show Nothing Is more difficult than
10 forecast the moods OF Wall street. They
depend more on Whims or accidents or ruts
than upon conditions OF fact which really
AFFECT the earning capacity Of properties; a
fact of which the present insensibillty OF
stocks TO the large earnings OF the railroads
Is striking evidence. Two great facts are