The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-05-01

tures-The Future of the Market
for Securities.
NEW YORK. April 3O-(Spec al -Hen-
ny CIews in his weekly stock letter
says: At the close of the month Wall
street affairs show little change from the
general features prevailing throughout
April. The partial crisis produced by the
marked break in certain speculative in
dustrials at the opening of the month
proves to have been broader in its re-
suits than was at first supposed. 1t has
caused considerable unloading in the gen.
eral list; and so far 1t has been a test Of
the intrinsic strength of the market The
trial, however, can hardly be said to have
been unsatisfactory in its results. 1t
may have wiped out some of the earlier
profits from high prices, and to that ex-
tent ii has restricted the buying capacity
of the smaller class of operators; and
this factor may largely account for the
considerable shrinkage apparent in the
volume of transactions. But the salts
factory feature is THAI this month Of
test should have developed so little evil
dence of intrinsic weakness. The bears
have done their best to break confidence
in prices, but their success has been very
partial and holders have shown their abil-
ity to protect their holdings.
This strength is the moro noteworthy
because the earnings of the railroads
have had some disadvantage in compar-
lson with the extraordinarily large re-
ceipts at the same date of last year.
In making such comparisons, however
II must not be overlooked that the earn
ings must include a much larger proper
ton of the high class freight than a year
ago. The unprecedented activity in our
industries has caused an increased move
~, l. Il,
which cannot but tell favorably on the
net earnings. The remarkable business
activity must also have materially in
creased the passenger traffic, which is
one of the most profitable branches of
railroad operations. 1t is therefore,
likely that, when the net earnings of the
first three or four months of the year
cone to be exhibited, they may show
larger profits than have been counted
upon.
The prospects of the grain crops are
watched with much interest. but remain
an uncertain problem. The wheat crop
has undoubtedly suffered severely from
winter-killing, but exactly to what extent
1t is still too early to estimate In the
spring wheat sections the weather condi-
tons are for the most part favorable:
out no estimate can yet be ventured as
TO its acreage. The current price Of
wheat and the possibilities of a large
1aIllng-on in the supply from the winter
crop are undoubtedly favorable to an in
crease in the spring sowing, but at the
moment this is conjectural. This uncer-
talnty as to the wheat crop is the chief
element adverse to the stock market: but
operators do not seem to have yet made
up their mind to accept the worst nrob-
abilities of the outcome. The money
market Is no longer an obstacle to Spec
uiauVe business. Money on call is in
good supply at moderate rates, and there
is no expectation of a change for the
next few months. Taking the situation
IN wan street as whole, 1t is to be re-
garded as hopeful one. There is moth
ing IN sight calculated to suggest mis-
giVlngs. Speculative accounts are ner-
maps quite generally in a condition con
serVatlVe enough to make the bears
cautious; and the unusual business nros-
perity is viewed as suggesting an m
ward rather than a reactionary course OF
prices. o"- &c VI
one very important element, however.
lmpends over the market, which az vet
has received no serious attention re-
Ter TO the further consequences Of tha
war IN the direction of trade expansion
rms Is very large and vital question
AT hrst II attracts comparatively little
y open attention. To the masses of our
people 1t Is something foreign to their
Nperlence To some, including a few
Hesmen OF prominence, 1t seems an
IranIaOIe intrusion upon the past
h OF our government. To all it is
Sedly question with MANY sidac
calling for information But 1t is
~-.NVertheIess matter in which all class
es feel a deep interest-an interest So
ueep that men prefer to do some think
ing and investigating before thew reach
an aIllrmatlVe conclusion. For this rea-
son the question may be regarded as be-
ing JUST now In its silent and brooding
stage. It may be safely assumed, how
ever, that q policy aiming only Incident
ally at the acquisition of territory and
directly and permanently at a great ex
panslon OF our foreign trade, and. at the
same time, at future better protection
OF our external interests must anpeaI
very effectively to the national sense of
seH-interest and to the patriotic pride
OF our people. With the large patriotic
mass OF the American public this new
development cannot fail to receive an
encouraging reception; and that favor
able prepossession can only gain in
strength In proportion as this pronosed
commercial expansion comes to he nm
derstood in its full length and breadth
Public opinion has yet to give a fair
nearing to the minority opposed to the
change. The class who follow party
pohcles through thick and thin are wait
ing TO see where the question will stand
In political platforms; and more stilI ara
reserV1ng their conclusions until con-
Bresslonal discussion has thrown its I'M
certain light upon the question. Rut
whilst pending this formative stage of
opinion the subject may appear to he
surrounded with some uncertainty. men
who understand the influences that eo
1arthest in the shaping of popular senti-
T11n IL
appeals directly to the passion for ma
honal greatness and prosperity will
finally bring large majority of our peo-
pie to the support of the policy of com
mercial and Industrial expansion. In
proportion as the public moves towards
this conclusion, the men of finance will
come t. gradually anticipate the an
proach Of an era of national expansion
with which nothing in our history can
compare; and, as that prospect becomes
clearer, confidence will increase and
American investments will become more
valuable. The spectacle of national
greatness then presented will infuse new
confidence in New world enterprise
and nothing can prevent our marching
on toward an era of national greatness
unparalleled in the history of mankind
This prospect may come within sight OF
realization earlier than many slow-mov.
ing observers are anticipating. We are
within comparatively few months of the
time when our future policy in these
matters must be determined by the &C.
ton of the administration and of con-
gress. There are men who would give q
fortune for the provision that would en-.
able them to forecast the final shaping
of this great issue; and, with little more
clearness in the prospect, they will be-
gin to take anticipatory ventures on the
probabilities of this situation For this
however, we must wait; but it will be-
wise to keep a sharp outlook upon thi:
factor in the march of events
TuE cTnnX REAnHTmo