The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-07-28


NEW YORK, July 27.-Considerable
activity has developed on the Stock
Exchange. Conspicuous manipulation
was largely responsible for the aston
fishing advances in many of the lead
ing stocks, such as Rock Island, st.
Paul, New York Central Illinois Cen
tral and L. & N, which touched new
high-recOrd prices. These spasmodic
jumps We're accompanied by reports of
various impending deals, the consum-
nation of which is likely to be facili-
tated by the favorable conditions in
duced through good crop prospects,
Many of these plans have been held
back for suitable opportunities, and all
sorts Oh rulnOrS are to be expected, but
should be received. with some reserve.
A movement based on such reports
may not be of the most substantial
character, hence abrupt reactions may
be expected TO frequently occur; more
outside buying has been in evidence
and appears reader to follow good
leadership than at any time this year.
A gradual and steady advance usu-
ally enlists considerable outside fol-
loving, but erratic movements as wit
messed on Wednesday and Thursday
are apt to injure a real bull market.
So long as these tactics are continued
we can only advise realizing on such
pronounced rallies. London sold on the
advances, much to general surprise,
as foreign buying promised to be a fea-
ture of strength. There is a stronger
undertone to the market than for sew
eral months, and judiciouS leadership
would no doubt render possible not
only continued activity but a wider
and more profitable distribution of
stocks. There are enough uncertainties
In the market, however, to induce eau
ton, although specialties promise to
be well taken care of by those who
have important negotiations under
way. Prices are likely to be large
ly influenced by these deals. and the
possible shifting of control
Gold Exports Not Alarming.
Gold exports need cause no concern.
We usually send more or less gold to
Europe at this season, and thus far,
since Jan. l, we have only shipped
about $20,000,000 from this port.
against 100000 the same time last
year. AS a matter of fact there is
little likelihood of further important
shipments. Money will probably be
scarcer and in better demand on this
side Of the Atlantic than on the 9TH
er. Our banks are well loaned up and
reserves are low, not only here but in
the interior.
The European banks are carrying ample
reserves; and at some of the foreign mar
ketS, especially in France, there is an
abundance of loanable funds. A good
deal of French money is now being loan
ed IN this market; and. while the con-
version of French renteS is likely to cause
more activity in Paris. there is no pros
pect of a disturbance in the Paris money
market or an early recall of the French
funds now IN use here. With the three
great banks of Europe holding over $40
100000 more gold than a year ago with
TransVaal supplies steadily increasing,
and with no special speculative activity
IN sight there is little reason to EXPECT
SoId shipments so long as money con-
tlnues in good demand here at profitable
rates. Large sums of foreign capital are
loaned in this market and repayment la
Ter on may compel gold exports, but
these are likely to be deferred until after
the harvest, and the outlook now is that
breadstuffS and cotton will go forward
freely enough to largely liquidate these
obligations, and so lessen our payments
IN gold. Very shortly there will be a
better supply of future grain and cotton
bills and this year the eXchGnge market
will not be called upon to suffer the $780,
be endured last year.
Business Conditions Satisfactory.
There are no signs of serious reaction,
ana. on the contrary, there are increasing
INDICATIONS that we gare to have a good
fall trade. The best element of conf
dence is the crop situation. Corn is max
ing splendid progress, and everything
now points to bumper crop of $500. O00,-
ggUo bushels. There, will also probably
De ample crops Of wheat and cotton. The
Importance Of this to the farmers. the
cattle raisers and the railroads cannot
be OVereStimated If expectations are
realized we shall not only have good bust
ness results from the West, but railroad
returns may be expected to make much
better reports than they did last wear
when they suffered from the corn dam
age In the Industrial field prospects are
not quite so brilliant.
Prices are high-often high enough to
check the free placing of orders-and
costs of production have risen materially
owing to the advances in wages and in
raw materials; so that manufac turerS
While finding q free outlet for their goods
are obliged to meet steadily diminishing
profits. Needless J. say, the aggressive
attitude Of labor added to these draw
backs renders the manufacturing out
look less rosy than one or two years ago.
This fact is amply demonstrated by the
smaller profits reported by some of the
large trusts in their latest statements
and adds force to the suggestion that
speculative operations on the long side of
the industrials are increasingly hazard
GUS The iron and steel trade continues
to be an exception, owing to the marvel
GUS demand for steel for construction
purposes and new uses generally. OF
course this steel boom must end, but APP
parently it has not yet run its course,
and many of the mills are sold six months
ahead Nothing so forcibly illustrates
American growth as our accomplishments
in steel. Verify, we are becoming a ma
ton Of steel in temper as we'll as phys
ically. Henry Clews.