The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-04-24
STOCKS LESS ACTIVE
AFFAIRS IN WALL STREET SEEM
TO BED DRIFTING TO A
BREATHING SPELL
RAILWAY LIST IS STRONGER,

Profting by the Absence OF Acute
Excitement in the Speculative In
dustrfals - Money Market Has
Settled Into q Condition of Great
err Ease-StiRer Rates Would Re-
suit in Influx of Interior Currency
NEW YORK, April 23.-Henry Clews'
weekly letter. reviewing the stock mar
ket. says: During the past week Wall
street has shown some abatement in
speculative operations. Such a high state
of excitement as has prevailed for nearly
four months past, almost without inter-
mission. Of the tension Of exceptionally
high prices, cannot be prolonged indefl-
nitely. It must encounter reactions, If
not sharp breaks; and, at the present
moment, affairs seem to be drifting to-
wards breathing spell.
The capitalization of new Industrial
organizations since Jan. l has undoubt-
edly been quite large, and the distribu-
ton of such a mass Of securities re-
quires some time. and it is not surprising
If there be some postponement Of further
ton has made some considerable prog
ress. It Is not to be supposed, however.
that the entire gross amount of these Is
sues Is placed directly on the market.
A large portion Is taken by the stock
holders in the concerns going into the
combinations, in exchange for their prop
critics, and that stock Is likely to be
held mainly as more or less perma-
nent investment by its recipients, and
therefore to that extent at least can have
no important effect upon the security
market Another considerable portion
Of the issues will be held in the treasury
Of the new organizations to provide re-
serve resource The stock to be placed
on the market, in probably most In
stances, represents principally the re-
quirements of the combinations for work.
ing capital, and, judging from appear
ances, those requirements are wisely be-
ing provided for upon a liberal scale, so
as to provide the concerns with large
ready money resource and make them the
less dependent upon borrowing facilities.
From these facts 1t will be seen that
the probability of the market being dan
gerously flooded with the issues Of the
new combines may easily have been over
estimated through hasty differences from
the largeness of the aggregate OF the new
creations. People are apt to draw dispro-
portionate conclusions from great totals,
and it may therefore be prudent to arrest
the pace at which this movement has
been running for the last four months.
That course would mitigate the halt
which has been apparent in some quar-
ters 1t would also invest the future Of
the money market with more assurance,
and any further creations Of these Issues
would find their path easier, while the
consolidation movement would become
less an element of disturbance than 1t
has been.
I take it that the present abatement Of
activity in the Industrial and traction
stocks is due to those engaged In these
new interests having concluded that the
policy of moderate movement rather
than of hasty rushing" is most condu-
Give to the cultivation Of confidence In
this important reorganization of indus
trial capital. The movement has come
in obedience.to series of natural causes,
and, If it is protected against the faint
of capitalization, these issues must
have their place and standing In the
stock market, the same as they have In
London and continental exchanges. But
violent movements, no matter how intrin-
sically legitimate, create distrust and
prejudice when they are pushed with
energy and speed for which the public
are unprepared.
In the absence of acute excitement In
the industrials somewhat more attention
has been given to the railroad list, and
an improved feeling has prevailed in that
branch of operations. But, while the
market has been fairly well sustained. it
has not been particularly animated. The
reports of damage to the wheat crop
have given courage to the bear side and
lessened the ardor Of their opponents
There Is a disposition on the part Of the
aggressive operators to await definite in
formation as to the winter wheat At
present the reports regarding 1t are more
or less conflicting. There is no question,
however, that it will prove bad enough;
still, 1t must be considered that there
will be very large amount of wheat
carried over from the last crop, and the
increase of acreage will give an ample
supply for export, home consumption and
seeding. Besides there remains still the
open question as to spring wheat The
spring crop generally expands as the
winter contracts, and that Of last year
reached 295, 900 bushels, or 100, 900
bushels more than the output Of 1887.
The money market has settled into a
condition of greater ease, which appears
likely to continue until the fall months.
The treasury has so arranged Its with
drawals from the depository banks in
connection with the payment to Spain so
as to cause the minimum Of disturbance.
The withdrawal of 100000 a week is q
comparatively light affair when 1t is con-
sidered that the governments excess OF
payments over receipts will cause the re-
turn of part of the money to the banks
The money markets Of the interior are
generally easy, and stiff rates here would
be apt to bring currency this way all the
more rapidly.
Foreign exchange Is sustained by the
increase in the imports with the influence
of the remittance of $4,000. 900 to Spain.
Compared with March, 1898, the imports
of last month show an increase of $11, 231,-
OFT. On the export side there is de-
crease Of IS, 156527 from last year, and an
increase Of 81, 181, 722 compared with 1897.
The March excess Of exports over i'm
ports is s31, $40, 1859, compared with ISL, 05S,-
313 in 1898 and $40, sO3 in 1897. For the
first quarter Of the year the imports and
exports compare as follows:
1892 1885, 1897
Exports 1913, 1473e s315 1854 52s s2e1, O55, 21e
Imports . 191, 291 ,423 1855, 64,546 1856, 942. S39
exports s122, 60. 1913 $3.50 4es.sn s74,112. s77
Thus the surplus Of exports over i'm