The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-07-16
WEEK IN WALL STREET
MARKET SEEMS UNDER THE CON-
troll JUST NOW OF DIVT-
DEND RUMORs
SHOCKS, HOWEVER, MAY COME
Henry CIews Advises Those Inter.
ested In Stocks to Temper
Enthusiasm with
Prudence.

stock market has developed considerable
strength in spots, and, as a whole, is
stronger than week ago. Two of the
most influential factors in the market
nave been the developments in the Chi
Hese situation and in the Kansas CITY
convention 1t is quite evident that the
most vital question in the next election
VIII De sound money. Other issues, such
as Imperialism, trusts, etc, will be made
to serve electioneering purposes; but, as
time wears down the minor points of dis
cussion, the free silver or sound money
cause rises in Importance. This is not
to be regretted. On the contrary. the
squarer the issue on this matter the
more surely Will American sanity ASSERT
ltseif; and the prospects Of a great sound
money victory this fall are infinitely
greater than four years ago. 1t is onlv
necessary to recall the state of apnrehen-
sion that existed in July and Aueust 1905
just before the Bryan meeting in Madi
son square garden, to realize the great
Improvement in political conditions that
mas taken place during the last four
years. Secttonalism Is dead, and the
SOUND money issue is to be welcomed for
the struggle will help to clear our finan-
claI horizon, and in all probability nave
TIC bank currency, the want of which
VIII again be felt as soon as we enter
periods OF excessive stringency or ease in
the money markets.
AHa1rs in China are still greatly conf1ls
ed. The worst that was feared seems
to have happened. Until the present dy-
nasty Is removed and China is given
a clean and capable government the fu-
lure must be problematicaI. That is now
the task before the great powers. and
IL augurs well that so little friction has
thus far developed on subject regarding
which there has been for years such
intense International jealousy. China is
now passing through the throes of a. new
birth. When these are over the world
VIII witness an opening such as never
petore experienced; that of Japan sinking
into 1nsignificance because of the enor-
nous population and resources of China.
The opening of China means moro 70
the United States than to any other ma
ton. NO people is so favorably situated
Tor supplying the wants which Western
civilization will create in China. Rail-
roads and electrical devices will come
hrst; food products will follow after; vet
these will be but a beginning Of the de-
Velopment Of greater commerce that
VIII flow out thro72h our Pacific coast
cities from our established industries In
the Eastern states and the new industries
OF the West and South. American indus
try in due time, VIII benefit from the
resurrection of China far beyond what If
yet realizes; and as for American capital.
that is likely to be as enterprising in
seeking new openings as English, German
( or russian when a stable and liberal
government is established.
F The representations to his government
of the Chinese minister at washington
nave undoubtedly contributed in no small
To inv,
tlon In some parts of the empire The
initiative taken by the United States
government in issuing declaration dis
aVoWlng state of war has been received
favorably by the other great powers and
concurred in. Complications in European
politics are thus made more remote, and
a feeling of concord has been establisher
In the common cause of restoring order
Stocks have been chiefly Influenced by
special considerations. Some of the Gran
gers have been weakened by decreased
earnings, by the large elimination of the
spring wheat crop, and also by the ex-
pected moderation Of trade activity in GER
tain sections. The downward tendency
OF the iron trade, which promises to conI
unue, has had depressing effect, not
only upon the industrials but upon some
of the railroads dependent upon that
traffic The southwestern properties
showed considerable strength, mainly ow-
ing to the prospect of big corn crop
the mainstay of important sections of the
country. The southern roads are holding
their own, in spite of short cotton crop,
because OF the general state of prosperity
prevailing in the South The Iessenad
yield of cotton in 1S99-19O0 is largely If
not wholly offset by an advance of about
50 per cent in price;- while the develop
ment or industry in the South especiaIIv
in cotton manufacturing and iron, has
done wonders in lifting that section ont
or the slough of despond The strength
or the coal stocks and some of the east
ern trunk lines suggests that fnnportant
improvements of some kind are on Their
purport, however is yet unknown, unless
1t be In line with the policy of bringing
all Of the eastern lines under the prac-
teal control of the Pennsylvania and
Vanderbilt interests
Estimates of the full wheat crop. based
upon the last government report indicate
a yield varying from 100000 900 TO SIC. 600
ooO ou. The actual crop In 1889 was 54T,-
O0O,OOO; in 1923, 675, 0O0, 900 and in 1897, go.
0VOOpo; so we are likely to have the small
est crop of the last four years The es-
Inmates of the corn crop average about
100000, 0o0 bu, which, If realized, VIII be
the second heaviest crop on record. 1t
is, however, too early to indulge In any
reliable calculations as to the corn crop.
Under favorable conditions 1t might ex
coed these figures, and with unfavorabIe
circumstances 1t would very likely fall
short. The cotton report showed an aver
age condition of only 758 compared with
an average of $40 for the past ten years.
In view Of the fact that the acreage of
cotton is the largest on record and
futures are now selling at big advance.
1t is probable that the money value of
the 1900-1901 crop will far exceed any wear
on record.
At the moment the market seems to he
under control of dividend runners and n
few strong leaders who are advancing
their favolftes. There is excellent sup
port to some securities, and prices may
easily be carried higher should no acci-
dent intervene. The power of concerted
action by the big holders should not be
moderated; yet there is more risk than
usual just now in carrying on a prolong-
ed bull movement at this juncture 1.-THE
market will be particularly exposed for
some weeks to come to shocks from
either international or domestic politics;
and any rash bull operations may be
brought to q sudden termination. There
are both good and bad features In the
situation; more of each than usual; so
that the difficulty of calculating future
movements is much greater than year
ago when the tide of prosperity was all
one way. Now there are conflicting cur
rents; and more care in avoiding treach-
erous eddies will be necessary than usual
Values lave shown a decided disposi-
ton to improve, in the face of lighf
transactions. which appear to demon
strate the inherent strength Of the gen.
eral situation. The readjustment in gem
eral business lines has lately been view
ed In a rather too pesSirnistJc xyav I1xy