The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-08-20
REVIEW o. WALL STREET
MENT IN THE LAST WEEKS
TRADING
PROSPECTS OF BRISK FALL
"A Number of Causes Contributed ia
the Strength and Activity
of the Last Few
Days.

NEW YORK, Aug. 1S-(Special. y
Henry Clews in his weekly financial re-
view says:
our foreign trade continues to show
eminently satisfactory tendencies. In
July our exports of merchandise amount
ed to $100, 413,5Oi. probably the largest July
exports on record. They were IS. 500 900
larger than last year and s27, 900, 900 larger
than in July, 1898. Our imports in July
were also large, s6S, 536 253, indicating
free consumption of foreign iuxuries and
raw materials. The excess of exports over
imports during the month amounted to
SIG, SIT 900. compared with $34,S24,00G the
Same time 4ast year. This steady con-
tinuance of large trade balances is some
thing phenomenal, and could not have
been anticipated even two or three years
ago. Nevertheless, it Is one more mani
festation of the wonderful development Of
the United States. Steam, electricity and
machinery have so perfected our means
of communication and production that
we are in q pre-eminent position for COM
peting in the worlds markets. More ana
more We manufacture, first for ourselves
and taen for others. the products we have
been accustomed to buy from abroad;
eur exports of manufactures having al,
ready become an imI ortant factor in the
total shipments and largely accounting
fer the pr, sent favorable trade ralance.
AS this feature Of our deYelopment--the
export of manufactured profucts-is Ike,
ly to continue it seems reasonable to ex-
peet that we shall be able to maintain
our new position as a creditor nation for
CnO1n to tt.
Europe certainly cannot decrease her
purchases Of American food products to
any considerable extent; and there being
little prospect of our again importing
many of the articles we have displaced,
we seem to have entered a period of con-
tinued favorable trade balances. Lower
prices here would only stimulate exports
and check imports, so there Is little
chance of business depression changing
the current. This great alienation in
our relations with Europe has been quiet
ly proceeding for months and years; 1t is
not new; it is only when some striking
transaction occurs such as the placing of
$2S, 900 of British government bonds in
this market, that the change Is really ap-
preciated. That transaction was the
natural sequence of conditions which
have blen in force for two or three
years, and which as they seem destined
to continue will work still greater
changes in our financial machinery.
They will gradually strengthen that
| ascendancy of New York in the money
| markets of the world which has been
ambitiously looked forward to.
In spite of midsummer dullness the
market has displayed unusual strength.
! This was due chiefly to strong inside sup
| port, easy money, improvement in the
| Chinese situation, good railroad earn
ings, satisfactory crop reports in general,
| improving trade prospects and increas,
| ing public confidence. With the return OF
absentees from their vacations, the pros
poets are for Fl more active and stronger
market. Considerable discrimination,
however, will be necessary in the pur-
chase of stocks, much more than a year
ago. A few OF the best class of indus
trials, especially the iron and steel issues,
may afford fair chance of profit; but
the more conservative operators will Sc
lect the securities of railroads which are
making good records IN earnings; and
speculative interest is likely to be chiefly
conferred Upon the new dividend-rayers.
The market has thus far ignored the
large gold shipments, for the reason that
we have plenty of gold to spare for
Europe's needs. More may follow, but
there Is no prospect yet Of the movement
causing disturbance here.
Before many weeks the supplies from
South Africa, which have been shut Oft
since last October, Will begin to find
their way to London; and so modify the
drain upon the United States. When
crop demands and trade activity reach
their climax, money rates will probably
harden, especially as bank reserves are
not particularly strong; and any sharp
advance In the International stocks might