The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-04-14
OPTIMISM is BROAD
HENRY CLEWS EXPRESSES CONFI-
DENCE IN THE CONDITION
OF SHARE TRADING
WESTERN CLIQUE IS BUSY
Conservative Forces Holding AlOOf-
Winter Wheat Outlook Is Not
Good, but Indications Are
Excellent for "a Fair Crop.
Special to The Globe.

NEW YORK, April 13.-As intimated
in our advtces last week, the stock mar
ket has exhibited greater activity and
strength. Each day witnessed a steadily
broadening market, and the facility with
which first one stock was advanced and
then another showed a high degree of
manipulation, which excited more or less
diGtrust in the stability Of the present
movement Manipulation was, of course,
the chief factor in the sharp advances ;
though no extended movement in the
market is ever successful without Sumu-
liant Of some sort, and much depends
upon the circumstances on which the
manipulation is based, as well as upon
those who assume the lead. Wall street
is just now being treated to some new
experiences in leadership.
Western Clique Is Busy.
A bold and wealthy clique of Western
capitalists have stepped into the specu-
lative arena and created more or less
sensation by the methods which they
adopted to create activity. These gentle
men have amassed large fortunes
through the great industrial combinations
which they helped promote during the
last three years. Having large sums Of
money at their disposal. and controlling
lerding institutions that add to their
resources, their power in the market can
not be ignored. Everything depends, how
ever upon the sort of leaders they prove
to be. Thus far they are comparatively
untried; the public does not implicitly fol-
confidence Of Eastern operators, that is
naturally commanded by tried generals.
Wall street would gladly welcome these
gentlemen into the company Of leaders if
they show steadiness and sincerity Of
purpose; and no doubt if in addition to
these qualities they display skill and
staying power, they may enlist an i'm
portant following. Z It Is possible even,
that the big capitalists would give them
moral if not actual support; but until
these parties have proved their fitness as
leaders their statements and operations
will doubtless be criticised and the con-
sentative forces in the street are more
likely to hold alCof for the time being.
The UndertOne Is Strong.
Aside from these considerations the
market shows a decidedly better under
tone. Peace prospects in South Africa
are an important relief in London that
will surely be reflected here. Money has
ruled firm and bank reserves are low.
tut currency will soon return from the
interior and easier rates and rising re-
serves may be anticipated until the crop
demands begin in July. There is plenty
of money in the West and considering
the large increase in the domestic pro-
ductiOn of gold the shipment OF a few
millions to Europe should cause no real
concern.
There is fair reason to hope that In
spite Of occasional signs of reaction we
shall have another year of prosperity.
Consumption OF all kinds of manufacture
ed products is still going on at an I'M
precedented scale, and high prices do not
yet seem to have checked demand Rail
road earnings continue to show liberal
gains over the phenomenal returns of last
year; and if the harvest of 1902 should
prove to be an averag e one general bust
ness is likely to continue on a liberal
scale. While the winter wheat crop re-
port shows a considerable decline in con-
dition compared with December, the in,
dications are still for a good-sized crop.
wall Street Affected First.
Very likely the first real setback viii
come in Wall street, which will be the
first to feel the effects of OVERRIDING, and
the first to anticipate any reaction. 1t is
perfectly true, however, to say that Wall
street does not feel any apprehensiOns on
/ that score; on the contrary. there is a
feeling Of reasonable optimism in the
street which is quite likely to be re-
Elected in higher range of prices. AS
we have said before, good investments
are exceedingly scarce AMI there is plenty
of money TOT invest; 50 that while prices
are high it is impossible to say they can
rot go higher under favOra Bile conditions
| The market has had fully six months OF
rest. during which the weak spots have
| been pretty well eliminated: and legal I'M
certainies affecting the merger deals are
not likely to receive much attention for
some time to come. With good crops
! there would be little wanting just now
to give us a better market other than
confident leadership. Whether that will
be forthcoming or not remains to be
SEEN Henry Clews.