The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-09-04

NEW YORK, Sept 3.-Henry Clews'
weekly stock letter says: Conditions on
the stock exchange show little change
from our last advices. Some hesitation
was produced by the unsettling effect of
the Transvaal difficulties upon the Lon
don market; but as the best opinion in
cllnes to the belief that there will be-
no war and that President Kruger will
ultimately make concess 'ons, no serious
injury to confidence followed. This
market is of course sensitive to foreign
! aHalrs and must always remain so in
these days of close commercial and
financial tnterdependence; vet were war
TO happen between England and the
IransVaal 1t would find this country far
better able to take care of its finances
than usual; and no one anticipates that
any food of American securities could
De returned to US, for the simple reason
lnat the available supply over there has
peen SO greatly reduced by shipments to
the United States during the last two
or three years. Any important declines
In London would bring out eaeer b,v,n.
on this side of the Atlantic.
eoiieid l tone OF the local market
continues good Confidence In a broad
er and more active market during the
autumn is almost universal. This of
course, IS based upon the extraordinarn
wave OF prosperity which extends over
the whole country, and which "a vet
SHOWS no signs of having spent ira
force The iron and kindred industries
are making wonderful record: orr
foil,
HaW materials, such as pig iron. con-
per and tin, show advances from 1owa.+
prices OF from so to 100 per cent. Fin
lsheo products, of course, show no
such rise; but In many instances nrica
is a secondary condition with BUYERS: de-
nvery being the main want: So FAR
| hlgh prices do not seem to have checked
business, and there has been a remark.
apie absence of speculative buvine. La
ter on these conditions must check pur-
chases and defer repairs, improvements
ana new enterprises until values recede
10 normal basis; but this stage of af.
fairs has not yet been reached Iyntil
II approaches we are not likely to Wit
ness any important recession in +ha
stock market
Rallroad earnings continue making sat
1sfactory gains, giving rise to all sorts
OF hopes regarding increased dividends
Some of these are likely to meet with
disappointment; for present conditions
mean increased costs in operating that
will materially modify unreasonable ex.
pectations. A little skepticism regarding
dividend rumors will do no harm. Some
OF the best railroad stocks are held at
prices that offer slight chances for
further profits. AS already intimated In
these adv1ces, however, there are num-
Der OF low-priced issues of reorganized
properties which had been more or less
neglected and which must show large
appreciation as they approach from a
non-d1Vldend to dividend-paying ba-
sis
The market is likely to have the sup
port of big operators for some weeks to
come; and as these return from summer
resorts dealings will be resumed with
greater activity Comparatively little
attention Is being paid TO crop reports
1t is certain, however, that we shall have
sufficient wheat and corn for home and
foreign wants; and that our farmers will
obtain reasonably good prices for their
crops. Prosperity Is shining upon the
fields of the West as well as upon the
mills of the East.
This Saturdays bank statement is not
likely to be a good one, nor is there
likely to be any increase in the bank re-
serves during the month Of September.
for the reason that 1t is the principal
crop moving month Of the year, and
money, therefore, is more liable to BE-
drawn from this center than returned
to it from the various sections of the
country What will make the bank
statement worse than otherwise Is the
payment which was made to the govern
ment by the City bank for the purchase
of the custom house, the amount being
So, 900. The small surplus reserve of
the banks at this season of the year,
when the natural current Is against this
money center, is of course a reason
for conservatism, and should be whole
some check against excessive buying on
borrowed money, and this is calculated
| to dwarf the business of the street"
| for the next two or three weeks at
| least. 1 therefore advocate quick in-and-
| out transactions, as temporary higher
rates for money may be used at any
time to force lower prices.