The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-03-18
REVIEW. G WALL STREET
LITTLE CHANGE IN THE ASPECTS
OF THE MARKET DURING
THE WEEK
MONEY MAY CUT A FIGURE
Sensitive Season Usually Appears in
Connection With the April Set
tIements-Safety Valves at
Berlin and London.

NEW YORK, March 16-(Spccfal,)-
Henry Clews in his weekly financial re-
view, says:
The past week has shown little change
in the general aspects of the Wall street
markets. There has been slight decline
in the volume of transactions on the
stock exchange, though the sales have
been more than double those of Il year
ago; and the tone of business remains
buoyant and on the whole has favored
the Dull side, while the bears are still
cautiously reposing in the shade, cen
SciouS that their opportunity has not yet
arrived The unsettled feeling incident
to the great deals has subsidized without
leaving behind visible ripple of after
effects, and showing none OF the reaction
that has been expected to succeed such
extraordinary stimulations. The unex
pected steadiness may be, in some meas
ure. attributed to the fact or the belief
that the influential promoters of the
deals are still behind the scenes support
ing the general market in order to
smooth the later adjustments connected
with their immense operations.
There Is class of operators (rather
numerods) who seem almost uncon-
scious of the extent tc which Wall street
conditions have recently tecome abnor-
NAL. 1t hardly strikes them as a some
what startling fact that, within the first
ten weeks of the current year. the sales
of stocks at the exchange have amounted
to SIS, 500 900 shares compared with %, 4a0,-
eco shares for the same weeks of 1860;
reached 1892 GOO, against S106,S 900 a
wear ago. This enormous expansion of
transactions has occurred on a scale OF
prices 30 to So points above the previous
normal of vl.ucS. 50 steady mas the
market become on this Immensely ad-
vanced scale of prices. that many unin-
ItIated operators take all this as a mat
ter of course, assume that the imitation
has come to stay, cling to their holdings
and employ their profits for additional
purchases at still rising prices. L do not
say that this SofginS process may not be
carried to still greater lengths without
preCiltitating immediate disaster; for
there is no saying into what excuses the
present Sanguine spirit among unframed
OF profits to the credit Of this class of
operators must afford them a considera-
bic fund for their protection.
We are nearing point at which the
in anticipation of the disturbance of
loans incident to the April. settlements.
How far this may affect the stock mar
ket remains to be seen. True, the re-
for this season of the year; but the
stock market has now become such an
overwhelming factor in finance that it's
demands command more respect than
they have heretofore received. The
broadening of our relations with the Flu
ropean money markets also has an i'm
portant bearing upon domestic finance.
1t has become a fixed factor that we
Systematically keep a considerable
amount of loose funds in temporary en-
ployment at London or Berlin, and
very slight change in the rate OF in
terest brings immediate relief of do
nestle wants from our balances resting
in these foreign markets. These new
relations condlce very directly to
steadier movement in the home money
market and make it easier for the banks
to satisfy the wants of the stock ex-
change. If. therefore, the April settle
ments should be attended with any dis
turbance in the stock market, it may be
attributed rather to the intrinsic weak
ness of that market than to any in
elasticity in the money market.