The Saint Paul globe., 1900-06-11
Mn IIELUENE IS FELT
CHINESE TROUBLE NHE LATEST
FACTOR IN THE WALL
STREET MARKET
d ~.
HOME CONSt1H1HNs s!7 Idle
= Ssr -
-
Little Hope for Bull Movement at
Thin Time, Although Business
Conditions Are Admittedly
Sound just Now.
HOME C6S S,Se11nInNs - STABLE

NEW YORK, June 9.-(Special.) )-The
stock market just now is under the IN
fuence of a variety of conflicting circum~
stances, some stimulating and some de-
pressing. A new factor has been injected
into the situation which cannot be ig-
nored, and that is the outbreak in China,
with all it's disturbing possibilities. Chi
ncse hatred of foreign devils,'' the lack
Of a strong central government in Ch-na,
the desire of Russia to take exclusive ad-
vantage Of that weakness, the ambition
of Japan for revenge upon Russia, ana
the Jealousy of the other great powers
REGARDING the future of China render the
situation highly complex and dangerous
No one can forecast the result Of such op~
posing forces. China Seems like huge
jellyfsh, Incapable of resistance Ct CO
herence Her 2ply safety lies in appeal
jn@ TO those powers which s--N- nQl ee' 1 !.
Titory but commercial development ar-,.
stable Independent government for China
But who can make such an appeal Ii
the empress dowager is controlled by the
strong prO-Russian sympathies with Whlcn
she is generally credited? American In
terests in the future of China are far
greater than is popularity supposed 1or
there is no section of the world which
offers markets for American goods and
fields for American enterprise so promis-
cotton manufacturers are fully alive TO
the potentialitics of the China market and
the administration at Washington should
be encouraged in taking a strong position
in regard to American interests
in that part of the world
We do not want an inch Of Chinese ter
r4tory, but we do demand the same oppor-
tunities for trading and enterprise that
any other nation possesses. We cannot
70 # nnIipfa=s
and, fortunately our newly acquired
stronghold in the Philippines gives US an
important vantage point in future nego-
tiatiOns.
Should any serious disturbance arise on
this account the European money mar
kets may be adversely affected, and this
would temporarily depress our local mar
ket. 1t is unlikely, however, that such
events would cause any permanent de-
preston. Should war occur, it is not prob
able that this country would take any
very serious part; and it is worth remem-
bering that within the last few years
three important wars have come and gone
with much less effect upon the security
markets than expected. Our market is
now freed from the uncertainty of the
Transvaal war, and this is a favorable
factor.
The home situation, though not with
factory Trade is settling down to more
normal proportions, and the process of
readjustment causes complaint in some
quarters. But business conditions as a
whole are sound, and, when prices reach
a reasonable level and production is car
Tied on with some regard to demand, we
may expect a resumption of satisfactory
cOnditiOns-nOt a repetition of last year s
boom" which would be calamity ir
Ill T. ,r,f4 80
likely that speculative conditions will be
more or less deferred until after the cleo
tions, the effect of which, however, upon
legitimate trade is much less than gen
orally supposed An important factor also
Is the crop situation. Continued S~outh
I'm portions of the Northwest seems to
have caused considerable damage to
wheat, but it is altogether too soon to
formulate any opinions on the crop as a
whole; there is room for compensation III
one district for damage in another, Or
for larger yield in one crop to offset the
shortage in another. So no very serious
attention need be paid to sensational dam
age reports yet. Railroad earnings con-
tinue very satisfactory, making handsome
gains over the high returns of a year
ago. The industrials have been neglect
ed, and speculation in these has foru
nately been so restricted that they do not
The public has been persistently warned
against dealing in these by commission
houses and bankers who conscientiously
protected their customers interests. and
the latter have benefited, as we'll as the
community at large
At the moment we hardly look for a
buOyant bull market, foreign and presi-
dental uncertainties checking public buy
ing for the rise Stocks, however, are
held with conspicuous firmness, and at
tempts to depress the market meet with
little success, except to enlarge the short
interest. The strongest bull factor at
present is easy money and prospects Of
It's continuance. Bank reserves are ris-
ing, gold supplies are increasing, the de-
mand for accommodation IS less than q
year ago, and Secretary Gage has slIllful-
ly managed to avert the probability of
the treasury absorbing funds to an incon-
venient degree during the autumn. Good
stocks will afford a profit when, bought
on sharp reactions. but a general bull
market is not likely just now; neither Is
any pronounced weakness probable. There
IS a good deal of bear sentiment In some
quarters arising from the reaction in iron
and steel in addition to the other uncer-
tainties, and this induces a state Of ap-
athy not easily overcome. The market
however, is ready to respond to any Ia
Yorable developments.