The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-10-23
STOCK Tide Turns
TENDENCY OF THE WALL STREET
WEEK HAS BEEN TOWARDS
BETTER THINGS
ULTIMATELY HIGHER MARKET

Accepted Among Traders as n Fore
gone Conclusion - Activity Ex-
ceeding All Precedent In Manu-
featuring Circles, Says Henry
CIews. in the Weekly Review of
the Stock Market.
NEW YORK, Oct. 22.-Henry Clews'
weekly letter says: The Wall street hori-
zon looks somewhat brighter. Extensive
covering of short" contracts and reader
buying by the larger operators indicate a
change of tone, and on the whole the ten
dency of the week has been towards
bull" asecndancy. There has been no
notable increase In the volume of trans
actions, and as yet the gain is chiefly
seen in increased snap and confidence;
which is perhaps all that could be cx-
pected in the first moments of escape
from a protracted depression. This re-
coVery is largely due to the improved
aspects of the local money market. The
drain of currency to the interior Is abat-
Ing. and the near prospect of the ref1ux
OF money to this center is trusted to
bring about an early revival in specula-
tive securities.
An ultimately active and much higher
market is almost universally accepted as
a foregone conclusion, and for manifest
reasons. Upon a wide range of stocks
prices are low as compared with such an
extraordinary activity in trade as now
exists throughout the country All &C
counts from the West represent the pros
perlty among the farmers as SURPRISING
everything in past experience The man.
. ufacturlng centers also present an act "
lty exceeding all precedent. Everywhere.
industrial plants appear to be running to
their full capacity, and in many cases
day and night. Labor was never so fully
employed, and never as a rule. received
such high wages; the effect of which
must appear in large increase of gen
eral consumption among the workina
masses.
The recent increase in the foreign de-
mand for our manufactures-now amount
Ing to 1888, 100000 per year. against
Sl5S,0OOOOO six years ago-appears to be
losing none of it's remarkable progress. in
spite OF the enlarged home consumption
Inc mercantile classes are being benefit
ed by a continuous rise in the value of
thelr STOCKS Of goods, and their profits
are IN welcome contrast to the unsatis-
factory results of the last five years of
depression AL this reflects the release If
enterprise from the restraints of the de-
preston consequent upon the silver craza
and the over-production of the last five
OF SIX years. 1t means that, for that pc
rlod' the demand of the country in every
uepaflment OF consumption has been re-
strained to the last point of endurance.
ana that now, with common consent. the
people are In the act of concentrating for
thelr past curtailments in supplying their
wants. 1t also means that, during this
contraction of consumption, some nine
millions of new population has come into
existence, with its large additions to the
wants OF the national consumption IT is
doubtful whether, even among the keen
observers of Wall street, there is anv
adequate conception of what this change
OF conditions implies as to the magnitude
OF the demands now pressing upon the
MARKERS and the industries Of the coun-
try. true, 1t is nothing new to have a
period of trade depression followed nv q
run OF prosperous activity; but we have
never before witnessed a situation In
which this kind of revival has existed
upon a scale of such magnitude as we
now witness. We are now only in the ha
glnnings of this rea action; and for that
reason, II may, be expected that the move
Hleht Will run on for a eew;iderable period
petore 1t reaches the point Of OVERRIDING
during the interval the excitement at
tending such a condition of things can
hardly fall to develop bull speculations In
every direction, but especially in Wall
street. The profits of business will nat1I-
rally drift to where speculation has its
- chef market; and the stocks of prosper
Gus industries and the securities of rail-
roads reporting unprecedented earnings
VIII AFFORD material enough for a boom on
the stock exchange sooner or later SIR
passing anything recorded.
This is the picture of the future of b,si
ness and Of its early effects upon tie
speculative interests as it presents itse'f
10 the Wall street Imagination: and the
expectation must be conceded to be back
ed by no small degree of probability. BUT
while all this is very generally regard d
as likely to be realized at no very distant
stage in the future, the DISPOSITION 10
make speculative purchases is les pro
nounced than might have been exr ented
from the strength of the inducements
presented Within the last two or three
H'ollnS there has been a good deal of
disappointed arGor. Operators have found
that, before buying stocks, it is very
prudent to say to the money LEI dersE
with your permfssion;" and having suf
Tered the penalty of negIectine that con-
oItlon precedent, they are disposed to
make sure that "Earkis is willin' " b.,
fore they take In large lines of stocks
Under all the circumstances. if seems
reasonable to expect that, when a steady
money market has become assured he
yond question. there will be a rush for
buylng stocks which will cause q uilicl1
and sharp advance in prices
so far as respects domestic movements.
the money market is working towards an
easier condition, and bankers Western
correspondents report that their money.
wants have been for the most part salts
fled, while others report a probable early
turn of exchange in favor of New York
so far as respects foreign factors affect
ing this market, the prospect is uncertain
enough to keep the local banks still eau
uous In respect to time loans London
appears bent upon holding it's control Of
the yellow metal we'll in hand; and, with
exchange here so near the gold EXPORT
ing point, 1t might be no difficult ma ter
for the Bank of England to get a few
millions from US. Such an effect, how
ever, would come through manipulation
rather than as the natural outcome of In
ternatfOnal balances. The trade balance
is now even more In our favor than it
was year ago. For the three months
July, August and September, the exports
of merchandise, gold and silver combined
were 1O7 millions In excess of the like i'm
ports, while for the same quarter Of 1895
the surplus of exports was only " mil
lions This fact does rot imply that We
are exposed to any early shipment of
gold; 1t rather Indicates the opposite
But it is not easy to say what is imposst-
Bile under the exigencies of a great ma
tional bang