The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-04-28

possible. At times there have been heavy
realizations, which served to keep the
market In healthy condition and admit
OF Iresn buy1ng.i This selling has Come
partly from insiders, but chiefly from
operators who sold to take profits There
is, nevertheless, a Skeptical element in
the street who Will sell at every good op-
Portunlty. Thess parties take the view
ready too high;s that threatening legal
questions affecting merger plans hang
over the market; that the crop situat ton
is not very promising, and that trade
cannot be far distant, etc. There is con-
siderable truth IN these objections; but
apparently they do not outweigh just.
now the forces on the other side which
have been held in check ever since the
death OF President Mckinley, and which
are now enjoying their innings.
An Element of Safety.
The fact that the bull movement has
opposition makes for safety. Through
the counterplay of contending forces ac-
tlVlty is promoted; weak spots are more
Teaully exposed, and the advances are
less hazardous when tested by oppos-
tion The fact that the market is less
cne-sided and less optimistic than a.
year ago is fortunate. 1t affords those
of different opinions an opportunity of
operating an whichever side of the mar
ket they choose. There are very clearly
two sides to the present market, and SO
credit is not overstrained better trad
ing market could not Sbe desir ed. A close
watch must be kept upon crop conditions
and rumors of the various deals connect
ed With the railroad concentration move
ment, which inevitably exert an import
ant influence upon values and have much
to do with making and guiding the poll
cieS of the big holders of railroad securi-
ties. A favorable symptom is that spec
ulation is largely confined to railroad
shares. Should it extend TO the indus
trials that would be misfortune, and
could only end disastrously to the inno<
cent outsiders who might be tempeG in.
Money Situation Healthy.
The apprehension of gold shipments
may exert some influence upon the mar
ket, but there is hardly any fear of the
money situation being seriously disturb
ed thereby as any gold shipments will
funds from interior points to this city
from this time on until we are reimburs-
ed for the money sent from here for crop
moving purposes last fall. This influx
of funds ought to make money easier
and rates lower during the summer
months-that is up to the beginning of
the next crop movement-say about the
middle of August. The stock market
cannot fail to be stimulated by easy
money, as that furnishes facilities to
operators in the carrying of their hold
lngs 1t may further be said in regard
to gold shipments that as previously
stated, now that there appears to be
substantial basis for the belief in the
ending of the South African war within
short time the resumption of the nor
NAL production of gold in that section
Will produce easier conditions in London,
and hence relieve considerably the strain
upon this country. Meanwhile, railroad
earnings are phenomenally large and
Wall street is in control of the situation
and, indeed, why should not Wall street
control the railroads, for it was through
Wall street enterprise and by the use of
Wall street capital most of them were
built?
Drought at Last Broken.
Crop reports just at the moment are
not as reassuring as they might be; but
the drought has at last been broken and
with a continuance of favorable weather
for a reasonable length of time no doubt
considerable of the loss of condition can
good markets after all. because they
make good railroad earnings, and good
railroad earnings make good dividends
and good dividends make good buyers
for railroad stocks-those who buy and
pay cash and put the property away in
their strong boxes for safekeeping
Farmers hold and own the lands that
produce these crops, and they have been
getting very rich as a result of the pros
porous conditions we have had for sew
thing radically wrong if Wall street, too,
did not occasionally have a good crop
season to make the constant and hard
working men of the street also prosper
Gus. / anticipate an active market and
sharp irregularities are likely to occur
because the situation is not as satisfac-
tory as year ago and realizatons must
follow, yet there are at present all the
elements necessary to active speculation
in which the railroads are entitled to
decided preference A good harvest will
insure another year of general prosper-
ity Henry Clews.