The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-04-16
MANIPULATED BY Bulls
STOCK MARKET IN HANDS OF
THOSE WHO WANT TO PUSH
PRICES UP
CONDITIONS FAVOR ADVANCE
Henry CIews Does Not Think Pres
tdentiaI Campaign VIII Produce
Any Such Depression
as In 1896.

NEW YORK, April 14-(Special)-
Henry CIews, in his weekly financial re-
view, says:
prices have shown reactionary symp-
toms during the past week, owing more
10 sensible disposition to take proIits
than to any pronounced change IN the
general situation. The approach OF the
Easter holidays somewhat tended to re-
strict transactions, especially on London
account, where the possibility of unfa-
vorable news from the Transvaal during
a four days suspension OF business nat
urally checked speculative operations.
The condition of the stock market
continues favorable and 1t is noticeable
that efforts for the rise are much more
successful than those for the fall. AT
the moment the market is largely under
the influence of professional man1pula-
tors, and the majority of these, it is
have both bought and sold rather more
freely than of late; and the readiness
with which stocks offered are absorbed
by strong buyers is evidence OF healthy
conditions. While there are elements in
the situation that will bear watching,
such as the presidential campaign and
the future of the money market, 1t would
be folly to suppose that these factors
will produce anything like the disturb
ances of four years ago. Conditions are
in very striking contrast with 1896. since
then the country has been securely placed
upon the gold standard; and as was said
the other day at the chamber of COM
merce reception to the victorious leader
of the sound money campaign, Mr.. H. H.
Hanna, no serious effort to debase the
national currency will ever be made
again. From a state of depression and
fear the country has risen to one of
prosperity and confidence; and, however
disturbing the election may be, it can
not have the disastrous effects of the
first McKinley-Bryan campaign. Should
these two gentlemen again be the cham
pions for presidential honors, as seems
probable, the contest can be regarded
with comparative equanimity, because
neither the vital issues nor the condi-
tons of the coming campaign bear any
resemblance to those of four years ago.
Even the silvery tongue of Mr.. Bryan
cannot revive the issue on which he was
fought and defeated in 1896.
THE political campaign, however, is
too distant to have any immediate effect
on the securities market. A more i'm
portant factor at this time is the money
market. Home conditions are favorable
to continued ease for some time to come.
The April settlements are over and all
reports indicate an abundance of loan
able funds at the interior. The supply
OF currency is considerably larger than
year ago, and is being steadily increas-
ed under the operations Of the new cur
rency law. The chief danger to the mon
ey market, and one that should not be
overlooked, is the possibility of incon-
Venientiy large sums being locked up in
the United States treasury through the
operation of the internal revenue law
imposed by the war with Spain. Secre-
tary Gage has estimated a surplus of
S7O,0O0G00 for the fiscal year ending June
30, 1900 and $50. 100000 for the fiscal year
ending 1901 1t is needless to point out
the injury not merely to Wall street, but
to what is vastly more important the leg
Inmate business interests of the coun-
try If funds are allowed to longest in
the treasury in this fashion. 1t might
be possible for the secretary to deposit a
large portion of these accommodations in
the depository banks; but, considering
the present state of public prejudice this
method would doubtless expose the adj
ministration to the silly charge of IA
Vorltism to the banks, and raise an issue
that is best avoided. There is but one
true course and that is for congress at
this session to repeal the superfuous and
most irritating features of the internal
revenue law; so as to keep a closer bal
ance between receipts and expenditures
a large surplus may be considered a sign
of good management in private business;
but in public business it is bad manage
ment and dangerous temptation to all
sorts of 'extravagant and vicious legisla-
ton. Our congressman should be obliged
to reduce the revenue before the present
session closes; otherwise they must ac-
cept- the responsibility for bringing the
present tide of business activity to an
untimely halt.
1.-The course of the railroad share mar
ket amply confirms the advice given in