The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-11-27

for Better Prtces-OnIy a Traders
Market at Present, With Little
Significance in Fluctuations
NEW YORK, Nov. 26.-Henry Clews'
weekly stock letter says: Stocks fluctu-
ated within moderate limits during the
past week, and the only event of i'm
portance was Secretary Cages offer to
| buy bonds for relief of the money market.
| Some surprise has been expressed at the
comparatively small offerings of bonds
amounting to about $40, 600 up to the
| date of writing. 1t should be remem-
| bered, however, that government bonds
are often held for other reasons than
| profit and by individuals or institutions
that are not influenced by temporary
fluctuations In the money market. The
offer, too, came after the worst of the
| pinch was over: easier conditions were in
| prospect, and the urgent demands for
| money generally came from overloaded
| holders of industrial securities who have
no government bonds to sell and who
would have been obliged to pay stiff rates
under any circumstances There is a
notable absence of complaint from COM
| mercial borrowers, who have no difficulty
| in finding all reasonable accommodations
at good rates, which they willingly pay
Fairly high rates for money are likely to
! continue for reasons now generally I'M
| derstO0d Funds will return slowly from
| the West; January disbursements will
| soon have to be prepared for, and as yet
! there arc no signs of abatement in the
great industrial and commercial activity
| now in progress. The difficulties Of the
situation were materially aggravated by
! the behind-date methods of the United
| States treasury, from which no great re-
lief can be expected until the country eli
acts comprehensive elastic currency
system, such as adopted by other en-
lightened nations. Meanwhile, the action
Of Secretary Gage in offering to buy
bones VIII meet the general approval of
III fairly disposed people. Political criti-
cism for such was TO be expected, and
those who profited by abnormal interest
rates would, of course, complain; but, as
the secretary's purpose was plainly to do
nothing beyond counteract the injurious
effect of treasury operations, to simply
put relief within reach if necessary, his
action was both wise and timely. Had
he refused such relief, and a crisis en-
sued, he certainly would have incurred
the severest criticism for inaction from
fault.
The market is now looking forward to a
new set of influences. Congress opens
Dec. i, Monday week hence. Usually
this is a period of uncertainty and
anxiety. There is likely to be much less
of the latter than usual, as both branches
of the Legislature will be much occupied
with questions relating to our new denim
ions, which are apt to be less disturbing
to Industrial and financial affairs than do
mestic legislation. The sound money
cause is likely to make considerable prog
ress in the coming session, public senti-
ment now being emphatic enough in de-
handing that the country be established
upon the gold basis beyond ell question.
The sound money party has lost q strong
friend in the late Vice President Hobart,
who will not only be remembered as
hiGh-mindcd gentleman and statesman,
but for his timely support of honest
money Turing the presidential campaign
of 1886. President Mckinley is expected
to come out clearly Tor esta blishment of
the gold standard in his annual message.
and the only other question having an i'm
portant bearing upon business will be the
trust problem. In regard to the latter
there is good ground for hoping that no
rash legislation will be attempted. The
industrial commission, whose opinion will
largely Influence congress, is a body com
pCSeQ Oh dDle Out conservative men, vary
ing in their opinions, but unlikely as a
body to rush into hasty conclusions about
conditions which are only partially COM
pretended, and v bich have not been fully
tested Icy experience. That legislative re-
straint of some kind upon the power of
trusts * desirable is not to be denied; but
wholesale repression would as seriously
inju1e labor as capital Fortunately pros.
perity prevails everywhere, and congress
need not be forced into injurious ex-
trcmes, such as might be expected if in
dustrial stagnation and discomfort were
prevalent.
Aside from the money situation the
conditions affecting the stock market are
generally in favor of better prices Earn
ings of both railroads and industrals are
excellent; especially the latter. In fact
the earnings of the iron and steel com
binations are phenomenal, with the pros
pect of continuing so for months to come
The year 1900 is practically certain to see
higher range of values. A few uncer-
tainties cloud the financial horizon, but
they are of temporary character; and,
accidents excepted, we look for q general
advance as soon as-the speculative lead
ers find circumstances favorable to some
concerted action. At. present we have
only a traders market, and the daily
fluctuations have little significance