The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-02-10

SDeGEG1 10 inc O1Obes
NEW YORK, Feb 9-Another walk
has passed but with increased clique ac-
tivity, hence more fluctuations. The
market displayed a fair undertone of
strength but trading has been mostly of
a professional character and the outside
public still evince timidity in taking hold.
The reasons are not difficult to reach
Such outsiders as secured their profits
during the late boom are not easily
tempted to re-enter the market at the
Present level; they are either waiting
for lower prices, or have lost their inter-
est in the stock market and are seeking
other opportunities for investment. The
other class Of outsiders, those who did
not turn their profits into cash, are either
waiting for a chance to do so, or are
unable to TeinVest until losses have been
made good. Fortunately the latter class
are a small minority; liquidation has
been pretty complete and the public is
not a factor of Importance in the mar
ket at this time. Technically, therefore,
the stock market is in an exceedingly
strong position. Few stocks are in weak
hands, and the floating supply being
highly concentrated. it is impossible to
force selling by artificial means, and
trading on the short side is not a favor
ito pastime just now for those having G.
serious regard for their financial health.
The result is a speculative deadlock,
new conditions being necessary to give
are of course affected by various plans
and deals now in course of progress.
These have very vital influence in
hiding the market. inaSmuch as those
acquainted with what is going on are
often unwilling TO part with stocks until
The outcome of such negotiation is fore
seen. The public being in the dark is
equally unwilling as buyer, especially
in its present conservative mood. The
street continues to be mystified by
various concentration rumors, which
seem likely to continue for some time to
come. The decision in the Northern Sc
cuT1tieS case is also awaited with much
interest, its success or failure having an
important bearing on other projects.
Among those who mold the bulk of the
floating supply of stocks, the opinion is
decidedly bullish and in such quarters
very positive predictions of higher prices
are current. In other circles, however,
a decidedly conservative tone exists
With many the old argument that prices
are already as high as conditions justify
IS still potent one. 1t is worthy of
note that bank clearings and railroad
earnings, though very satisfactory, are
showing steadily falling increases. The
iron trade is just now the only business
exhibiting any phenomenal activity; and
the demand Tor iron being special and
abnormal, that industry cannot at this
time be deemed a fair trade barometer
The grain movement at interior points is
running nearly 81 per cent below last
year. and cotton receipts have begun to
decrease also.
Short crops Of corn and cotton are at
last beginning to show their effect not
only upon railroad traffic, but also upon
the foreign market: the consequent scar
city of commercial bills being the chief
incentive for shipping over 100000 Ct
gold this week. A much more careful
feeling is noticed in mercantile circles,
where high prices on merchandise are
beginning to show their effect in leSSe1ed
sales and diminished consumption There
is no occasion to believe that the end
of good times is at hand; but here and
there signs of having touched high-Water
mark are multiplying, and it is becoming
clear that activity can only be continued
by bringing prices down to a more reason
able level. We are approaching the dull
trade season, and during the next six
months much viii depend upon the cr6p
outlook. Farmers are prosperous as a
class; they have spent freely and The
same is true in the mineral industries,
which are yearly becoming more inpor-
tant factors in our national prosperity.
The general situation, however, is salts
factory. If the country seems disposed
to take a period for rest and reflection
after it's recent activities, that may be
regarded with satisfaction General con-
ditiOns are sound; credit IS not overstrain-
ed, and there is vastly more prudence in
regard to new and untried enterprises
than was the case a year ago. Some
rather severe lessons have been learned
with advantage during that interval. AS a
result the present undertore of the stock
market is distinctly stronger, and there
is more confidence in the future. Easy
money is a powerful aid to nanipula-
ton. and model9te rates seem likely until
preparations for April settlements are n
order. Further shipments Of gold may be
expected and the reduction in the Bank
of England rate suggests that London is
confident of shifting amy European de-
nland for gold upon New York. The eor-
egn situation shows distinct improve
ment London being mora hopeful in con
sequence of progress in South Africa an
Berlin showing a partial revival resulting
from the safe LaSsing of serious midas
trial crisis A favorable feature IN fTonlS
au91fs IS the prospective aoo-1tioh OF the
internal revenue war taxes, which caused
congestion of funds in the treasury W ere
becoming a serious menace to the money
market ana were the darkest cloud over
hanging the business situation Thi:
danger it is hoped VIII soon he removed