The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-02-11
REVIEW O WALL STREET.
PRESENT FIRMNESS AT HIGH
RANGE ABNORMAL AND
LARGELY FICTIONAL
EUROPEANS LOSING INTEREST
Matter of Some Consequence to Flu
ture of the Market-CIiques
Still Remain San
guine.

NEW YORK, Feb. Especial wall
street still eXcltes surprise by the con-
tnuance of its extraordinary speculative
Doom. The market is almost unprece
cented in the persistency of its activity
and tirmness. Its elasticity is entirely
IN an upward direction, and naturally
NOBODY cares to take profits so long
as prices keep advancing Last week
the daily transactions in stocks fell from
maximum of 100000 shares to a. mini
mum OF 100000 shares, and yet with
cut any corresponding fall in prices: in
the past week the daily sales ha We
bounded back to 100000 shares, but with
no such rise in values as might be eX-
pected from such an increase in buying
The movement is wholly abnormal There
is no explaining 1t by the ordinary rules
OF speculation; 1t is plainly under the
direction of special influences of abso-
utely controlling force, which nobody
has the courage to oppose, whilst holders
generally are ready to follow to any
lengths
The explanation is in the fact that
financial giants are in the field, per
forming unexpected feats of consolida-
ton among leading corporations What
mas already been accomplished, or is In
process of achievement, aggregates sew
eral hundred millions of capita. Those
operations may be considered as having
already had much of their stimulating
effect on the general market but no re-
dictionary tendency Is distinctly appar-
ent. There remains the question wheth-
er other similar deals may not be wait
ing their turn. Each day brings its ru-
NOR of other schemes; and it is not I'M
likely that there may be some basis of
truth In the reports. There are plenty
OF railroads which present as good a
case for cooperative alliances as those
Tx a1,
another form of consolidation; and what
is now being accomplished Will naturally
have a tendency to force comp citing lines
or routes to adopt similar arrangements
Railroad capitalists appear to quite gem
orally favor the principe of these re-
adjustments, as the most effective meth
Oh of controlling railroad competition yet
introduced; and there appears to be some
considerable probability that we may
prove to be in the beginnings of a move
ment that VIII ere long revoutionize
the relations between the units of our
entire railroad system. With what
speed the change may be expected to
travel is, however, a matter too I'M
certain to speculate upon. Whatever may
be the impression produced by the i'm
poTtant deals now in process, such trans
actions require much reconsideration
and negotiation, for which time has to
be allowed. While, therefore, there may
be certain arrangements pending which
will develop further deals before the
present excitement abates, yet it is
doubtful whether these operations can
be carried much farther at present with
cut inducing an excitement that would
break up in violent reaction on the stock
market.
1t is not to be concealed that the
present firmness of the market at a very
high range of prices is abnormal and
largely fictional. But for the operations
of our strongest financiers in these eX-
hilarating deals, the market probably
would be now careering ba-k towards a
normal level of values; and when it is
seen that the giants have completed their
plans and Withdrawn their support, the
speculative value of Stocks will be esti-
mated from quite different point of
View. In prospect of a certain degr-e
of reaction at probably no very distant
date it may be well to compare pi esent
prices, for twenty represent alive stocks
promiscuously selected, with market
values midway between the highest and
lowest of 1900 (omitting fractions) as
follows: