The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-05-27

Importance of which cannot yet be meas
ured. Also, 1t is evident that the hatch-
ing of these deals IS accomplished
through the unwilling cooperation CT
both investors and spectators, by
methods that are misleading and pe'h-
Gus to both.
1t becomes more and more apparent
that the deals already consummatcd, or
in process OF contamination, have pro-
ducod 10 little financial disturbance;
and opinion is much divided as to wh6th-
cr these plans VIII be further eXtondC d
ana what may be their permanent eff
feCts upon railroad and investment in-
terests. Thus the boom and its attend
ant deals have introduced an entirely
new set of conditions into the nation
principal Held OF investment; ana t re-
mains TO &c seen what is TO lie the out
come Of the change, before spsculat on
Is likely to take on an active phase
again. 1t appears to De more due to these
new uncertainties than to any GistruSt
il the working condition Of the railroads
that the transactions on the stock eX-
change have within two weeks. shrunk
some 60 per cent from their previous
dimensions. How far this contraction Of
operations may run remains to tie seen.
In some quarters men of influence have
very decided views on the current in
trinSic value OF railroad stocks, and q
large amount OF capital would be forth
coming ior permanent investment in rail
dads should prices continue TO decline.
But that resource of buying might cas-
" prefer to wait ii the speculative hold
ed for sale, There are conceivable r a.
sons enough why many who have been
largely successful in their past spccula-
items should postpone bulliSh operations
until the fall months. After such an
exciting campaign they might wei r l.
lSh repoSe and the recreation which their
profits have enabled them to well afford.
The unsettled feeling which Still remains
might Ee d!Ssipatcd by 4 good harvest, a
prosperous trade and the settlement of
the contests between the parties to the
( M aTn
aftermath Of an OVerdone run of SDecu-
lation might lie cleared away. 1t would
however be premature to at present
cherish positive opinions as to whether
We shall witness a general revival of
speculation and a rise III prices, Or find
q steady decline OF activity and post
ponemSSnt q speculative plans until the
more hopeful conditions that may be
reasonably expected TO appear in Sep
TENDER.
Values on the stock exchange have
shown considerable firmncSS and the
advance continued without Interruption
until another sharp squeeze in Northern
Pacific reminded the street that this
danger point still hangs over the market
capable of making trouble when least ex-
pected. Aside from this factor, how
ever, the tuatjon is generally salts
factory. Speculation has been reduced
within safer limits, and the decline in
stock exchange transactions causes no
concern TO those who prefer steady
upDulIdlng OF values to a SkyrOcket adj
vance anu corresponding drop after
wards. RMS dllninution in transactions
was chiefly due to elimination of a reck-
less speculative element, which has be-
come dangerous feature in the mar
ket. This party was so badly punished
at the time Of the Northern Pacific manic
that they are not likely to be u factor
again for some time TO come. Money
is easy and promises TO remain so; rail-
ROAD earn ,nSs and industrial earnings
are large; crop prospects arc sat;sfac-
tory In s:'.Le Of a backward season; gen
eTaI business is fairly active, and the
whole country is still in She enjoyment
OF prosperity The only disturbances at
present Is the prospect Of labor troubles :
put so long as a fair and reasonable
Spirit prevails on both sides no serious
trouble is expected there. As the sum