The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-08-28

correspondents, with a consequent deple-
ton of the reserves, we find the surplus
of reserves steadily rising. Those most
closely intimate with the facts of the
banking situation have the least misgiv-
ing about any possibility of any approach
to real stringency during the remaining
six weeks during which the domestic ex-
changes are apt to rule against New
York There is every reason to believe
that the local banks hold both the for
eign and the home exchanges well in
their hands, and that while they will
raise no obstacle to good rates for money.
yet they will steer the market clear of
positive stringency.
Under these circumstances and in view
of the still increasing earnings of the
railroads, it seems highly probable that
the market for securities will hencefor-
ward be borne along by strong bull cur
rents, and that the effects of that ten
dency may soon begin to appear.
The past week witnessed several sharp
attacks upon-v values Results were any
thing but encouraging to the bear side
of the market. Two or three of the active
shares were singled out and more or less
Incubation induced by the circulation of
doubts and sensational predictions of low
er prices. Such shallow tricks, however.
were soon exposed and there was no real
interruption to the favorable conditions
and news which are now influencing val
ues. NO change was made III the Bank
OF England rate Of discount, the reserve
standing at about the same point as a
year ago. London has apparently been a
more active buyer Of American railroad
shares, the market there showing con-
siderable excitement at times, but thus
far there has been no CORRESPONDING in
crease in the supply of security bills in
the foreign exchange market; so it Is
uncertain whether the buying in London
was on foreign or American account
european financial markets were some
what unsettled by the Transyaal and
Dreyfus affairs, but apart from these in
huences there is nothing unfavorabIe 10
this market in the foreign situation. AS
we have said previously, Berlin is a noint
that will bear watching, but there are no
serious signs of danger there yet In
view
prosperous conditions continue through
out the land, and the wave adj
vances rather than recedes. with
bright prospects ahead larger
NUMBER OF Workingmen are en-
ployed today on terms satisfactory TO
themselves and their employers than ever
before in the national history. Discon-
tent is nowhere justifably to be found
1t Is true grievances creep out occasion
ally here and there, but they are NOT of
1airly caught up to the supply in everv-
thlng' There is little selling ahead. The
business of the country is ON a legitimate
pasls and devoid of boom, which is the
pest evidence of its substantial and Last
ing character. Now that the crons are
. assured and the money scare has passed
/ over, the impetus to push business ahead
can De relied upon for the balance of this
year at least, thereby making it the hes4
record year ever experienced in business
circles. 40 BUSINESS
me present high range of prices will
h naturally induce a good deal of realizing
hereafter on all the advances. .esreciaIlI,
OF the stocks that are under maniII1Ia,
tlon. This of course will produce fire.
quent reactions in the entire marl[et
, nuch fluctuations, however, will tend ia
Keep the activity up, which is a good foa-
ture rather than otherwise. For the com
ing week l advise quick turns to catch
the fluctuations which will aggregate
good results for nimble traders.