The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-09-03
|REVEN OF WALL STREET
HENRY CLEwS SAYS EVENTS ARE
UNFAv0RABLE TO A BULL
CAMPAIGN
ELECTION CLOUD ovERHANGs
The Uncertainty of the Outcome
Seems to BE the One Thing at
Present Holding the Spec
ulatIve Public.

NEW YORK, Sept. 2.-(special.)-Hen-
ry Clews in his weekly financial review
says:
Clews in his weekly financial review says:
Current events are not favorable to the
success of any pronounced bull campaign
at this time. While what seem considered
basic conditions are generally satisfac-
tory and might be depended upon IL
ordinary times to develop an active and
stronger market; yet, in view of the
numerous uncertainties regarding domeS-
tic politics, the Chinese imbrogio and the
money mai ket, it would be folly to at
tempt any organized upward movement
Until the outlook in these respects is
somewhat improved. Added to these fac
tors is the evident unWiilingneSS of the
public to buy stocks at the present level
in the absence of some very decided
stimulus. Such a stimulus might have
been forthcoming had the big operators
taken hold and exercised their lifting
powers; but evidently, for such reasons
as just suggested, they have elected to
postpone activities of that sors until a
sort naturally encouraged the trading
element to take the short side of the
market; and sales on this account, as
we'll as for a few very weary bulls have
been the only relief in an exceedingly
monotonous and uninteresting market
Secretary Gage has quite OPPORTUNITY
warned the country of the real danger
as 1t now stands, is perfectly safe when
interpreted by those whose faith is
pledged to the gold standard; if however,
administered by its enemies or those
pledged to silver, it could not be depended
upon to maintain the gold standard 1t is
still possible, it those in authority were
SO inclined, for this government to pay
It's expenses and redeem its obliga tons
IN silver dollars as well as gold dollars
Gold payments would, of course cease
at once If such a change of policy were
attempted That q peril of such gravity
is possible from a simple change of adj
mlniStration should be sufficient warning
to the sound money interests to rouse
themselves into vigorous activity; the
Danger from apathy in that quarter
being almost equal TO the danger from the
strength of the silver party four years
ago. without discussing politics, as such.
1t Is perfectly proper to warn the people
that if these possibilities should even be
turned into probabilities at the next cleo
ton, the present era of prosperity would
pc suddenly ended, and the whole country
would be thrown into a state of business
oppression more violent than that feared
four years ago, because the shock would
not have been softened by several years
OF anticipation. SilVeriSm should be
crushed for good next November and
nothing but apathy will prevent. The
danger OF overconfidence, however, is a
very serious one
The situation of affairs in China seems
to have passed in considerable degrae
from the military to the diplomatic stage
If Ii Hung Changes credentials as an IN
termediary in peace negotiations be sat
lsfactorily attested, the matter of settle
ment should not be over difficult, that is.
In regard to this country's claims, espec
lally IN view OF the consistent attitude of
cur government throughout the rebellion
Our policy has been continually firm but
friendly, and has been SO ably admins
tered as to leave us without the vestige
Of an ENHANCEMENT There have natu-
rally been rumors of discussions among
| the allies in China but the latest phas,
of development in the diplomatic situa-
ton should go far toward clearing the
way for an early retirement of the troops
from China
Money market conditions favor firmer
rates. Bank reserves in New York are
low, and as soon as the usual fail le-
mands set in lenders will undoubtedly be
able to get more satisfactory rates The
interior banks, however, are well supplied
with funds, and as the refunding opera
t1ons of the government have largely in
creased the supply Of funds, there is no
reason to anticipate stringeney. Specula-
ton will undoubtedly be more active a
few weeks hence and this will help swell
the loan account Apart from the uncer-
tainties mentioned the outlook for the
market is favorable. Railroad earnings
are excellent. Trade is less active and
less profitable than a year ago, but is set
ting down to more normal conditions
In the iron trade the process of read
justment seems almost complete and new
orders are coming in freely at the re-
duced prices, insuring a continued de-
mand for both products and labor The
textile trades are slow in regaining their
balance, but progress is being made and
the outlook is not discouraging Nobudy
expects repetition of the boom of 1899,
and the indications are that we are enter
inn ariO &c -
stable activity. Should the market go
lower, as is quite possible good stocks
will be a purchase when the uncertainti IS
of the election, the Chinese question and
foreign money markets have been safely
passed.