The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-06-18
LOOK FOR QUIET MARKET
FOR THE NEXT FEW WEEKS
STOCKS ARE NOT EXPECTED TO
SHOW ACTIVITY
sETBACKs ARE LOOKED FOR
WALL street Occupied just Now in
Discounting UnfavOrabIe Possible
ftTes-ExpOrts of Gold Attract
Little Attention.

NEW YORK, June 16.-(special.)-
Henry Cows in his weekly financial re-
view says:
Wall street, though not in a pessimistic
mood, is just now occupied in discount
ing unfaVorable possibilities While in
tuuslc conditions are sound ana prom s.
Ing, there are sutncient uncertainties 10
deIer a continuance of the upward move
ment and permit limited efforts fof the
decline. The most important CbStacIe just
now is the approach Of the presidential
campaign, .ch has much more effect
upon speculative than upon ordinary busl-
pess uanS lotions; the latter suffering lit
tie interference, as statistics amply snow,
even when political agitation is Unusually
sharp. All indications po.nt 10 very
4uiel election, considering its Importance.
A favorable feature in political affairs is
10 be found in the fact that the events
OF the last TWO years nave wiped out sec
tionaliSm. The campaign however, is
likely to develop some surprises, and in
th4 event of Republican losses in some
localities the market is exposed to S t
backs which are likely to de. er any large
buying of stocks until the result can be
more positively measured than at present.
Another important element of uncertainty
Is the situation in China, Which is so
threatening and complex as to defy all
representations. Should war deve.op cut
bf the present outbreak, as Is not at all
impossible, its effect upon the United
States will not be serious. If we are
sallGd upon to take a more decided and
more dtlINt part Utah we dTG now 10
ng, it would involve no strain upon the
resources of the United States. Our ac-
uvities would very likely be confined to
diplomacy, supported by some show of
force; but the probability Of our taking
any very active military or naval opera
tons are very remote. War, however,
might cause considerable disturbance in
the European money markets; and as
there are weak spots over there any spe-
cial strain upon the money markets would
be unwelcOme, and the consequences I'M
aNoidably felt on this side of the Allan
Tic. fortunately the United States is In
d relatively stronger financial condition
than any foreign country. England has
the TransVaal war to pay for, and has
not yet recovered from the losses in
African mining shares. Neither France
nor Germany can boast of their financial
strength; the latter country still suffer-
ing from excessive speculations in indus
trial shares. While the United States has
experienced most remarkable industrial
boom, the iron trade far surprising all
Tecords yet it has been singUlarly free
thus far from reckless speculat ton. OF
course speculation has been much more
active the last two years than usual but
il has not been marked by the excuses
that are usually the first signals of COM
ing collapse.
In the industrials, where the danger of
sucn excuses We're greatest, speculation
has been kept within bounds by the action
of the banks and the repeated warnings
OF commission houses of high standing
as well as by many influential newspa-
perS. Many of these stocks are selling
today much below the price of issue; but
The losers, as a rule, are not those who
pought at higher prices, but the original
holders, who failed to sell their over
%aJered product. 1t is fortunate indeed
that such an unWhOleSome SneclIla+iva
movement as the booming and saging of
the industrlals has failed. Heavy losses
may IalI somewhere, but so long as they
are confined to original sources they VIII
not De greatly regretted, and inasmuch
as they often represent failure to cash
paper profits little harm will be done.
Ahe industrials will have enough to do in
3neeuhg new competition, in avoiding
QVerproduction and in paying obligations
on 0Vercapitalized properties without ven
turing upon the viciSsitudes and quick
sands OF speculation. One very satisfac-
SoIy , evidence OF prosperity is the contn-
Hed large exports, amounting to Sill, 1885, 900
last May against $91, $50 900 a. year ago.
Our Imports during the same month were
tlI,555' IVY, compared with $40, 900 last
amounting to $41, 947 900, against S23, $50 600
ga 1899, and considerable portion of this
excess was due to the rapid increase in
exports OF American manufactures
UnfaVorable reports concerning the
wheat crop have caused more uneasiness
{nan JUSTIFIED, because the large increase
an acreage promises to fully offset all
damage reports thus far received rTha
condition statement of the department of
agriculture on June indicated a Weld of
600 bushels, while the total crOn of
1919 was 04l,OUO,OOU bushels, which affords
g Dig margin for damage before the Weld
1alls below last year, Trade reports in
Qlcate a sIackening of business, and in a
Jew instances railroad earnings show q
decline from top figures. This Should he
expected. Demand and prices cannot al
ways continue at the floodtide; moderate
reactions would probably put trade ON a
much more healthy basis and pave the
way LOT renewed activity next fan. Wall
street Is even now discounting such a. re-
action. Gold exports have been reneweo
upon considerable scale, but this move
ment attracted little attention. Money
rates continue easy, and the satisfactory
conoluon OF the money market is the
Ehlet sources of strength in stocks. For
the next few weeks, or until after the
Formations, we may look for a ouiet
parket, Some attempts may be made to
zorce lower level Of prices, but they are
3kely to meet with Indifferent success
{here being already a considerable short
pJereSt in the market. Stocks are firmly
aeId, and with easy money and dIsapnear.
Ance OF some Of the uncertainties noted
above there will be good opportunities for
pionLaDle purchases in the better grad
st0Gks. On the weak Spots the market
Will be purchase for quick turns,