The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-11-25
STOCKS ARE ACTIVE.
MARKET SOMETHING OF AN ENG
=. MA, BUT CONDITIONS ARE GEN.
ERALLY SATISFACTORY
ENORMOUS DEMAND FOR IRON
United States Producing More That
England and Germany Conn
bined, but Stocks
Are Low.

In his weekly review of the conditions
in Wall street Henry Clews says:
: The first part of the week the stock
ma, ket was somewhat of an enigma;
strong in spots where backed by power
fui manipulation. and inclined to sag
where support was not forthcoming, but
| tow ards the end of the week increased
activity and considerable strength were
! Infused into the entire market, producing
, advanced prices generally. The stocks
which showed we}l-explafned strength
i were the coalers; these advancing on the
undoubted p.ofitableness of the coal
trade under present conditions. OF these
there was good inside buying and a visible
Increase of outside interests; out in 9TH
er directions the market was largely pro-
fessicnal and the public displays a very
commemorate de gree of caution In making
dts purchases, At present the market
/ is being advanced upon two main factors;
great general prosperity and high con-
centration of holdings. There are other
/ elements in the situation, but these are
| the most important. No one gaillsays
/ the satisfactory conditions of general
business which are evident on every side.
Confidence is general, consumption is go
ing on at an unprecedented pace, and
new enterprise is active. We are now
producing almost as much pig iron as
England and Germany combined. AMI
yet have less than two weeks supply
OF the article on hand. The demand for
there are enough orders in sight to keep
our mills, new and old, fully employed
for months to come. Our railroads are
still taxed to their utmost with freight,
and in some cases business is actually
suffering from a congestion of traffic
which the roads cannot properly handle.
In the Northwest development is gong
on at a rapid pace: and the only important
drawb back is in last summers drought
district. Both cotton and corn have been
seriously injured IN certain sections; and.
while fortunate offsets have sometimes
appeared, still these losses must have
deterrent effect. The loss of the corn
crop will be left more seriously after
January / than now, not so severely
perhaps in the loss of corn shipments
as in the movement of live stock New
ertneless the business situation, as a
whole, is sound and satisfactory, and
it's effect upon the, stock market is to
restrain conspicuous bear tactics Stock
exchange prices are already very high,
which materially lessons the chance of
an excessive further advance. Had
prices been allowed to react to q more
natural basis, IN response TO the United
States steel strike the corn crop disaster
and the assassination of President Nc
Kinley we should have now an excellent
situation for legitimate activity and ad-
vancing prices, but the powerful and per.
sistent manner in which the market was
sustained against those adverse factors
made outside buyers hesitate.
Gold exports had surprisingly small ef-
feet. This was because We are in ex-
cellent position for sparing the precious
metal. On Nov. the stock OF monetary
gold in the country was about I,I01,
augmented by home production and re-
ceipts On the Pacific coast; SO the exit
of few millions to Europe need cause
no concern, especially as it will afford
relief in Europe where most needed.
Very unpleasant developments would
have occurred in Europe but for the as
sistance the United States has offered,
not so much by gold exports as by pay
ing good prices for our own securities,
the proceeds of which helped tide over
difficulties in Berlin and elsewhere.
A fresh element in the market is the
position of the new $401. 100000 Northern
Securities company. This project seems
destined to meet with active opposition
from some of the fifteen states through
which the component companies run.
While it appears to have escaped legal
objections. it is considered by some au-
thorlties as opposed to the intent of the
law, and is sure to awaken hostility in
parts of the West, where huge combina-
tons are not so readily accepted or I'M
derstood as here. The plan also contains
elements of weakness in it's financial
structure, which must come to the sur
lace when earning power meets the test
of trade reaction. AS to it's effect upon
other roads not included in the system,
and whether it will provide some sort of
counter movement elsewhere, only the
Il
come the status of this mass of securi-
ties will be matter of uncertainty in the
general market.
As to the market in general we adj
wise conservative action. Prosperity
seems to have been amply discounted on
the stock exchange, though there will
be no excuse for bear operations until
signs of trade reaction become pro-
nounced. The situation is such that we
may see higher prices before the close of
the year. after which January invest
n1ent demands will have to be considereA
Stocks, as We have already said are
highly concentrated. and various big
deals are unquestionably on foot which
Will afford the basis of very powerful
manipulation: such, for instance, as
seen in the Vanderbilt and other issues
this week Prices NAV touch stfll higher
but artificial levels; hence the necessity
OF caution. Opportunities for good trad
ing seem likely to be more plentiful but
operations for the long pull will have
to be undertaken with much prudence.