The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-02-24
GOOD TONE IN STOCKS
HENRY CLEWs FINDS A GRADUAL
IMPROVEMENT IN THE WALL
STREET MARKET
PUBLIC IN OPTIMISTIC MOOD
Corn Crop Loss Has No Visible Eject
on Nations Trade Owing to
Compensation From 9th
err Quarters.

NEW YORK, Feb. 22.-Henry Clews, in
his views of Wall Street affairs, says:
The stock market is displaying slow
but gradual Improvement. In banking
circles it is admitted that prices are high,
that bank loans are geratiy EXPANDED
and that large quantities OF stocks are
held for sale; -but, it is argued, these are
record-breaking times, former standards
are ogS of date, and the country contln.
ues to enjoy an unexpected degree OF
prosperity. These were the arguments
advanced by those giving the market its
recent support; and the prevailing tenn
per of public opinion being somewhat OPP
timistic they carried more weight than
in ordinary times. Just how far they
will prove correct time alone Will de-
termine. In one respect at least the ar
gument is true. The nation is still pros
porous. The two most familiar evil
denceS of this are the overSold- cond1-
ton of the iron trade and the continued
large railroad earnings; both of which
were expected to show a declining ten
dency this year, but both are now prom
ised another successful season. The corn
crop loss is having no visible effect upon
the nations trade so excellent have been
the conversations in other quarters.
Good trade conditions, however, are not
confined to the iron and railroad indus
tries for neither could sustain the pres
ent rate of activity within themselves.
Trade and industrial expansion continues
unchecked; many new enterprises are be-
ing inaugurated, and production generally
consumption. In spite of our heavy pro-
duction of steel. importations are being
resumed on large scale, and railroads
are often unable to handle the traffic
thrust upon them because they cannot
secure new equipment fast enough to
meet their requirements. No stronger
evidence of trade activity could be found
than the extraordinary pressure of freight
upon the railroads; and unless all indi-
cations fail the outlook is for another
season of satisfactory spring trade.
Foreign Situation Improves.
In the foreign situation there is de-
cided change for the better. The London
market is gradually shaking off the
gloom and depression induced by the
Boerz war, and as the end approaches
and cost diminishes, the sense of relief
creased activity. The sudden outbreak
of speculation in Katfirs was an unde-
SiIable episode which if carried on at
the present pace will soon meet with SELL
imposed restraints. Germany continues
to recover from it's recent crisis, and the
depression in Russia and other parts of
Europe seems to have seen its worst
Tor the present at least. These are condi-
lions which should encourage a freer re-
sumption of foreign trade, and if contin-
ued they will, of course, result in larger
buying of American products. The recent
declines in American exports were large
~ due to foreign depression; and it fol-
lows that any relief there will be felt
here. In this connection it is well to
-ASOp liz VI ISIll III Al1IlO, DIS d UuySE OF
American products. China today is more
open and free than ever in the worlds
history. The Anglo-Japanese treaty in
which the United States heartily concurs,
assures that.
Progress in China.
Before very long railroads, telegra phs,
mines and factories will be developed in
China on a prodigious scale American
capital and American factories will do a
large share of the work. and it seems not
unlikely that the opportunity will come
just when most needed, when the United
states has run an era of over production
and restricted investment capacity Just
now We're are preoccupied with our own
business affairs, but this situation will
not last. Ere long we may be exceed
1bgly hungry for foreign markets
The Wall street situation proper is
rather complex. The monetary situation
demands watching Loans are greatly
expanded and bank reserves are low:
conditions not conducive to the strictest
SAFETY, with April settlements not fan.
dlStant and gold exports probable No
doubt the market leaders have these.
facts IN view, and with their inside
= knowledge of the effect of the heavy
loans made in connection with recent rbie
operations, they may be In a position
TO assume an air of confidence. Never
theleSs. the money market is unusuallv
exposed to manipulation, and any sharD
TWIST IN rates during the next few weeks
WCulc be exceedingly uncomfortable for
lightweight bulls. 1t is argued that the
big leaders are interested in Keeping the
market easy and steady; perhaps they
are out that is not assured.