The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-04-08

NEW YORK, April Especial )-Henry
Clews, in his weekly financial review,
says:
The past has been glsty week in the
stock market. 1t is not easy to trace
whence the clustering currents came or
whittier they have gone; it is however
of some interest to find a change of
movement, though far from certain what
the next wild phases may be. The trans
actions have risen again to volume
close upon the lai gest reached during re-
CT ut unprecedented activity but the
r'ovement has been largely one of skill
manipulation The elimination CT
the movement in Chicago, Burlington &
\. uHluy seems to have been accepted by
imEoi tant operators as a signal for
liquidation in the Changers, and the
chqGes have thrown overheard immense
blocks of stocks in the group, but with
/, IS effect upon prices than might have
b. en- expected. The market has been
crowded with buying orders from the in
terror ranging close upon current prices,
and thus very large transfers were easily
made from the metropolitan bulls to the
proVincial-a transition which may later
have an important Bearing upon the, drift
of the campaign at an early stage
These sellers of the Grangers however.
have been heavy buyers of United States
Steel. On Monday and Tuesday, about
100000 shares of the common and pre-
fesred stocks We're marketed without
much effect on their value The sales of
the Changers restrained the upward force
of the concentrated demand for the
Steel shares, and thus an immense block
OF stock was procured without materi-
ally advancing it's p ice. An operation Of
this character was not an improbable
squirt. The leaders in the great deal were
to be expected to close their operations
as early as feasible, including the under
writer's; and the financing would natur-
ally be arranged as to give the large
spectators an opportunity for coming in
at the close Of the act and finally shift
ing as much as possible of the stock upon
the public. The opportunity is perhaps
rot an uninviting one for a speculative
dash. The preferred stock pays per
cent, and assurances are given out from
hlgh quarte,s that, at least for the next
two years, the common stock has a
fair prospect of paying 5 per cent; and
yet the one stock is selling at 81 and the
other at about so; which, compared with
the present prices of the railroad list.
is considerably below the current aver
age values of speculative secul tiles 1t is
not unlikely to be a factor of some weight
with the speculative operator that this
remain, under the Shield of the influential
rnanciers who havel organized the trust
and are watching it with a protecting
eye during it's flotation
Moreover, these securities have not vet
been subjected to speculative manipuIa-
ton. Under these circumstances. it does
not seem unlikely taatCthe large opera
tors who are getting ,eut3of their railroad
oSOSAAHo X
traordlnary campaign by trying their
hand on this new corporation In that
case, the market may possibly receive
another bull impulse before it passes
through course of liquidation that will
in the nature of things follow in due
time. Apart from that possibility, the
situation is not one to encourage a ma
ter1a1 rise above the present level which
tional prosperity
Wall Street has never before witnessed
Such clashing of impetuous realizing
and wholesale buying as has swayed the
crowds of spectators during the past
week. In spite of the immense sales
some of the largest advances realized
on any day in the. boom took effect upon
Wednesday. Stories OF new amalgama-
HIuidations and Delaware & Hudson
advanced IL points and G. B. & @. scor-
ed a rise of Is points within "a hours
while Rock Island rose IL points Some
Of the, realizing was done in the way
of parting with other stocks to buy those
thus advancing.
The market is drifting into a stage of
in by6one days. Operators are apt to lose
their heads in the sanguine excitement
off, their operations. There is no pos
sibility of keeping track of the rapid
changes in the distribution Of stocks, and
when men lose their knowledge of the
forces on the field they lose their conf
dence; confusion sets in; then the situa-
ton ripens into nervousness; mistakes
in tactics are made; and the confusion
may precipitate heavy forced liquidation
when it is little expected We are verg-
ing on position which is associated with
a high degree of risk and throughout
the week there has been evidence that