The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-12-09
MARKET is SPOT
POWERS IN CONTROL OF WALL
STREET UNABLE TO PRE-
VENT WEAK SPELLS
SITUATION IS REMARKABLE
stocks Being Slowly Scattered and
Large Sums of Money Invested
Helps Tighten Big Bond-
holders Burden.

Stocks Being Slowly Scattered and
Large Sums of Money Invested
Helps Lighter Big Bond-
holders Burden.
In his weekly review of the conditions
in Wall street. Henry Clews says:
The Wall street situation is practically
unchanged. On. one side We see stocks
powerfully concentrated in few hands
and an attempt made to raise values to
still higher level by means of various
deals, by encou aging easy money and
by other articles best known to skillful
manipulators. Continued prosperity and
large railroad earnings have afforded
strong basis for such movement, and at
the moment there are no signs OF pro-
nounced weakness, except the unSat1s-
factory developments in Amalgamated
Copper, which have undoubtedly impeded
the efforts for a renewed bull campaign.
The large interests are unqueStionably
committed to the long side of the mar
ket; they have stocks to sell which the
public are slow to buy unless they see
more certainty of profit than has been
offered. Simple prosperity, some think,
has been amply discounted, and reliance
is now often placed upon the effects of
deals which promise to increase the divi-
dend capacities Of certain securities. AS
result the market is strong only in
spots, and weak spells are not infre-
quent. Had the market been allowed to
settle down last summer to a lower level
in natural response to the unfavorable
incidents which then occurred, we should
have had a recovery and activity during
the last two months which has been
notably absent. The public has wisely
keep aloof from extensive commitments
On the long side, ccnining its activities
to quick trading; and this is likely to be
the safe course for some time to come,
Or until natural influences once more as
Sert their sway.
The situation in some respects is very
remarkable. Never before were stocks SO
highly concentrated; and the steadying
power resulting from this process is high
~ significant. Apparently the powers in
control are able to hold the market inn
pregnable against all ordinary assaults;
and While this situation lasts Judgment
must be directed accordingly. At the
same time stocks are being slowly scat
tered, and the large sums of money seek
ing investment may enable the market
leaders to successfully tighten their bur-
den if prosperity continues sufficiently
long; as some are bold enough to be-
lieve it will. But the business situation
is spotty. Great activity is apparent in
the iron trade where the physical revolu-
ton in railroad standards is causing an
abnormal demand for iron. There is also
great prosperity in the coal trade, and
an active demand at profitable prices for
many articles of food and clothing. Price
for these are the highest in ten years,
and people are spending vastly more On
luXur1es and commodities appealing to
aesthetic tastes than usual Economy is
the exception and extravaganza the rule,
and how long this will continue no one
knows. There are signs of reaction which
only the blind will not see, and they de-
mand caution. We will soon begin to
visibly see the effect of the corn crop
failure and the consequent loss of freight
to lines traversing the corn belt AS
result prices of cattle have risen abb
normally. Another blow is the shrinkage
In the cotton crop, which must adversely
affect important sections of the South
High prices and scarcity are not con-
duclVe to continuous prosperity in spite
OF deluslon to the contrary which some
people entertain. Still another unfayor-
able feature has been the declines in our
exports, which, though perhaps not per-
manent, Indicate cessation of the ex-
cesslve trade balances which have been
fruitful source of self-congratuIation.
Our exports of copper declined about SIG.
100000 during the first ten months of 1901.
and our exports of iron manufactures
showed loss of S24,00O,o00 in the same
Ferlod, Such factors as these cannot be
ignored. they ere signs of our being at
or near the top, and common prudence
dictates caution in transactions entering
into the future.
Inose who anticipated Strenuous
message from President Roosevelt were
disappointed. The presidents first mes
sage was calm and conservative docu-
ment, entirely free of radical or dema
goslcaI features. While his treatment OF
disputed questions could not be expected
to please everybody, all agreed that his
recommendations We're strictly within the
limits of safety. The financial comnuni
ty was chiefly interested on his utter
ances regarding trusts. These he treated
IN frank, Judicial and temperate spirit:
ana his ideas upon publicity, needless to
say, met with universal approval If
such legislation as he suggests We're now
IN force Wall street would be free today
from one OF its worst uncertainties, and
Amalgamated Copper would not be the
scapegeat of the market. Many of the
trust evils would be self-corrective IN
der reasonable publicity The president
apparently left the currency question tc
MS able secretary, Mf. Gage, who treats
this important problem with unusual
force and elearnesS in his annual report
There is no domestic question of create.
Importance for congress to wrestle with
than this one. The country needs sci
ent1hc and automatic currency system in
keeping with modern progress. The
change can best be made under pros
pereus conditions. When reaction sets in
ana credit contracts, prejudice and igno-
rance will be more difficult to overcome
than now. Mr.. Cages remarks on the
currency should be thoughtfully read by
every well-wisher of his country.
Ihe PRESIDENTS message is pronounce
ment upon the great affairs of the day
winch Will meet with instant and hearty
approval both at home and abroad. IT'S
eminent conservatism must 6isnel anv
apprehension of radical recommendations
that may perhaps have existed among a
rev. The presidents attitude towards tbe
vast business interests of the country 10
an earnest of sound judgment and thor
ough understanding. The interests of
labor and capital have alike and eaus1lv
been considered. The policy of publicitv
In regard to the affairs of so-called
trusts is a very salutary recommenda
tlon which must carry with it the opinion
or all fair-mfnded men. Tariff modifca
ton is very wisely confined principally
to the lines of reciprocity, in fact the
entire message may be said to be a guar
antee OF stability and harmony in gov
eminent and foreign affairs, and hence
promise OF continued prosperity. The
executive and legislative branches of the
government, 1t is quite clear from the
message, are to act in harmony, not dis