The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-10-21
MIXED IN WALL ST.
SPECULATIVE SENTIMENT ON THE
STOCK EXCHANGE SEEMS A
GOOD DEAL CONFUSED
TRADE MOSTLY PROFESSIONAL
Local Monetary Conditions Due to
Improve Soon Owing to Return
OF Funds Withdrawn for
Crop Moving Purposes.

In his weekly review of the condition
~ wall street, Henry Clews says:
speculative sentiment on the stock ex-
cnange seems a good deal confused
1fere is less harmony and less pros
pefny than six or twelve months ago
yet not enough discord and not enough
trace reaction to probably cause much
ful ther recession in values for the pres.
eat as against the strong force of manip.
ulation IN the opposite direction. Con.
! ff sIpt1l m the midst of this uncer-
| talhty strong interests have taken adj
vantage OF improved prospects in the
| money markets to infuse fresh activitv
anu strength into stocks. They have
met with some success in special stocks.
sunlclent. perhaps, to stimulate further
| efforts in the same direction in othe,
properties provided no untoward circum.
stances interfere Thus far the tradins
| mas been chiefly professional the public
/ Delng wary and taking little interest in
the movements of the great operators
ine latter certainly have wonderful
| control OF the market so long as they
agree; but In the efforts to harmonic
or consolidate great railroad systems
many stocks have been overbought;
tnefe has been too great a Capitalization
OF holdings, and the problem now is how
to return these securities of unuuestion-
ed Value TO the strong boxes of invest
ors while they are held at control
ValueS 1t is an open secret that some
Oh these deals have been ''held up for
various reasons; and no doubt the lead
ing promoters would gladly see them
contaminated in order to create a mar
ket for the load of securities which thew
are now carrying. How much of the
reported friction is true and how much
| IS put out for the purpose of influencing
prices 1t is hard to determine; but it is
! certain that for some time to come the
active railroad shares will be dominated
by, these negotiations and that prices
VIII rise or fall according to the pros
poets of their completion. 1t outside
conditions are favorable it is quite like
ly that the big holders will succeed in
lifting the market to a higher level: if
| they prove unfavorable we must expect
| further liquidation. In either case we
may look for variety of rumors put
out for stock jobbing purposes
The principal outside influences to be
considered are monetary prospects and
general trade conditions. Local none
tary conditions should soon improve as
we are near the period when funds with
Drawn Tor crop moving purposes will
begin to return At the moment curren-
cy shipments are large, and in view of
other known movements one or two
more unfavorable bank statements would
cause no surprise. Bank reserves are
low, and the best has been said when
the early return of currency has been
taken into consideration. We are now
entering the gold importing season. which
with release of crop funds usually in
sureS period of easy money until
April The prospects of gold imports
just now, however, are very remote; in
TACT we seem more likely to send than
to draw gold from Europe. Germany's
financial crisis is evidently reaching an
otner critical period; England is de-
pressed by war. and France, the most
prosperous of all European nations is
g1rdlng herself to, meet consequent de-
mands upon her resources for assistance,
70 say nothing of the chill caused by
the recent break in copper in the United
States.
With the European markets in this
mood and large Russian, English and
other loans in DF0SnnPf is not
mat gold will come here in any consider
able quantities, under the most favorable
conditions; and in, case of untoward cir
cumstanceS We might be obliged even to
ship gold, for Europe would cerstainly
sell our high priced stocks to help meet
her own difficulties. Our foreign trade
continues on very satisfactory basis
september exports showing an excess
over imports amounting to S39594 900
against Soc, 1888 900 the same month last
year. 1t is worth noting that several
times during the past twelve months our
exports have not only fallen below last
year but our imports are steadily in
creasing as a result of the difference in
trade conditions here and abroad The
decreases in exports have been chiefly
in cotton, copper, breadstuffs and steel
manufactures, the outward movement Of
which could be readily increased by lower
prices, provided Europe'S buying capacity
was not further impaired. In these days
OF close international commerce the diff
ferences In prosperity and adversely be-
not long endure; they must in time ap-
proach closer level, and as this comes
about we may look for a reduction of the
excessive trade balance which has been
such a feature in our foreign commerce
during the last three years.
AS to home trade, that is in eminently
sound condition. There has been no
oVer-expanSion of credits or buying in
general business, and our merchants have
certainly not been swept off their feet
In the wave of speculation which swept
through Wall street some months ago
This was shown by the steadiness with
which the shock from President McKin-
IeyIS death was received in business cir
Giles, where no such defensive arrange
ments were possible as those carried
through by New York bankers. Of
course, the latter sustained the mer-
chant; yet it is noticeable that there was
little or no curtailment of buying after
the sad event The loss of the corn crop
and its effect upon live stock will of
course enforce economy in certain dis
trictS, but this drawback is not general
and there are other sections enjoying
unusual prosperity as a result of a good
wheat crop and great industrial activity
The worst that can be said about gen
eral trade is that profits are not so large
as IN the boom year; Still large and
satisfactory fall trade is in sight and
there is little good reason for being over
pessimiStic. The iron trade continues TO
show extraordinary prosperity. and there
are a number of industries that could
profits and yet be doing handsomely. 1t
is both unreasonable and undesirable to
expect the boom of 1900 to continue in
definitely, and moderate reactions will
tend to prolong and not shorten our pros
perity.