The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-09-25
is WAITING ON WAR
rock MARKET UNCERTAIN, PEND
IEG THE OUTCOME OF THE
AFRICAN CRISIS
CLEWs ADVISES MODERATION

Sooner or Later Trade Balances
VIII start Gold From London to
the United States, but Such a
Movement Is Not IL Probability OF
the Near Future No Room at
Present.
NEW YORK, Sept 2t-Henry Clews'
weekly stock letter says: In my advices
of last week, l suggested that there were
factors in the Wall street situation not
very assuring and which called for eau
tiol and prudence in buying. The subse-
uuent course of affairs has justified those
forecasts. The fall in the surplus re-
serves Of the banks to the verge of the
legal limit and the more threatening po-
sition of the ArglO-B Oer question have
affected adversely both the home and
London markets. with the result of heavy
realizings and sales on Monday aggre-
eating upwards of 1000 0C0 shares result
ing in generally heavy declines in prices.
The distrust was encouraged by extensive
selling and large declines upon certain
speculative specialties which have long
been a weak spot in the market and have
encouraged timidity among conservative
buyers
Mondays break was followed on Tues
day by a sense of relief. The drop in
prices, added to the continuous decline OF
last week, had made many stocks appear
fairly cheap; the pardon of Dreyfus was
construed as a hopeful relief from the
Of h. A
question seemed at the moment somewhat
less warlike; London was therefore more
hopeful; and the local money market
showed some abatement of its stringency.
Under these circumstances, the stock
market recovered tone; Mondays break
was construed as a elimination of the
adverse Influences, and between large
purchases to cover Shorts" and free buy
ms by strong operators on long account,
the days business summed up $50 900
shares, with advances upon 10 listed
stocks ranging from 1 TO points and av-
eraging H2@3 while the declines were
merely nominal Wednesdays experience
dealt roughly with the hopes excited bv
Tuesdays recovery.
With no change in general conditions. if
soon became apparent that the buying of
TUESDAY was more for transient turns
than from expectations of the upward re-
action proving permanent. The sang,,ino
buyers Of day previous became urgent
sellers, and $4,000 shares changed hands
at prices little better than those of Mon
DAY. On thursday, there was a renewal
OF buying and general though moder-
ate, recovery in prices This record of
the weeks business SHOWS a brisk and
eager speculative spirit, a Willingness to
polh ouy ana sell around the reduced
prices or last Monday and Wednesday.
out also clean appreciation of the i'm
portance of the Uncertainties that hasn+
the market. 1t appears to be very gem
orally understood that it would be reck-
less to disregard possibilities in the mon
ey market and in foreign politics which
LOT some weeks ahead NAV keep bust
ness in suspense. We are vet in the
woods in respect to the bank situation.
probably the outflow Of currency TO the
interior has reached its climax: hut AL
though it may be expected to diminish
from this time forward, Yet the beginning
or the retuX movement can hardly be
expected before the middle or end of Oc-
tober; and, with the bank reserves in
their present depleted condition, 1t is not
easy To see how the still remaining de-
mand for money in the country banks is
spasms and squeeZes. Nor can we expect
to be delivered at an early day from the
uncertainties that center around London.
The African affair has entered the tedious
phase of diplomacy with it's daily chan
ginG promises and disappointments, which
are always demoralizing to speculation.
There is little probability Of the final
stage in the quarrel being reached until
England has a sufficient military force in
Africa to warrant her declaring her ulti-
m2tum; nor is Kruger likely to commit
the folly of striking until he must. The
significance of all this is that there are
still (and may be for the next few weeks
uncertainties of sufficient magnitude tC
perpetuate the past suspense and pos
sibly to preciptate adverse reactions.
Something rust depend Oh the course
of the foreign exchanges, but it is diff
cult TO form & satisfactory estimate OF
the real position of that factor. The
course of our foreign trade is still drift
ing towards q balance that must sooner
or later start a flow Of gold to this coun-
try. But London watches the drift with
much pTec&ution, as we'll she may with
q probable foreign war hanging over heI
head That &c liter may be expected to dc