The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-04-07

and it's control of the rate situation is
now being illustrated. 1t has more TO
do with the present high values OF rail-
road shares than any other single in
| fiuence; and so it is easy to understand
the sensitiveness of the market to any
legislative attacks that would alter these
conditions.
Roosevelt Causes Anxiety.
There is no doubt much concern in
railroad circles over the aggressive and
antagOnistic attitude of the administra-
ton towards railroad interests and the
outcome of recently begun proceedings
will be watched with intense interest.
The public want stability of rates above
all else; they also want reasonable rates,
and if legislation is confined to these
two limitations no danger is anticipated.
| But the public also want competition In
rates; something entirely Incompatible
with stability and equality of rates. Be
| tween these conflicting demands the leg
islature must stand and decide which is
best for all concerned; not forgetting
that the many thousands of stockhold-
erS and those dependent upon them have
rights as well as eXcitable, easy-talklng
shippers who disregard every interest
but their own.
Industrial Reports UnfavOrabIc'
The most questionable point in the
stock market is among the individuals.
/ During the last few months We have
| had a succession of unfavorable reports
from these concerns SHOWHlS u6CtS1SCu
earnings, mismanagement and general
| failure of the FOseate promises IN early
| prOspectuSes. Under such conditions the
| loads of overcapitalzatiOn begin to have
| their effect, and not few concerns
| which it Is unnecessary to mention,
| have already undergone marked decAneS
| in their quotations. The future OF TINS
branch of the market is not promising
| The day of reckoning, liquidation ana re-
| organization must come. At present IL
is delayed by the large demand Oh al
kinds of manufactured products; IN
| short, by the general activity OF pusl-
! ness AS soon, however, as this begins
10 subside. prices decline and increased
! EXPENSES cut into earnings, then we may
look for results which, everyone hopes
| may be postponed as long as possible
The danger is not near, put II is IedA
and should not be lost sight OF.
In the money market there IS little
change. There is no scarcity OF tun6S
for good borrowers, but rates are STEADY
and likely to remain SO un I1. t Et7rdrlo
serves begin to grow. Whether Europe
will draw freely upon us for gold or not
remains to be seen. British ana Russldh
leans are in prospect, and these Woul1
nc doubt cause some disturbance III 4 ne
International money markets An TINS
connection it is well to remember thar
our imports are steadily rising ana eA-
norts declining, rendering 1mpoSSlpIe
the remarkable trade balances Wh Ioa1
were such a stimulating feature in 1901
and 1900.
Good Spring Trade in Prospect.
General businegs continues in good con-
dition High wages are promoting active
consumption in all lines of manufactured
soods; and, as distributors througnou{
| the country appear to be carrying sIIlilI
clocks. the prospect is for a good sprtuS
| trade. At the same time the rapidly
| Increased cost of living is beginning 70
! check consumption, and may soon eX-
| press itself in more cautious nuylllS II.
/ .oVf-af
| stool industries continue IN theT state
! of phenomenal activity; though new
| competition is making itself felt. and
while many of the mills hold oTdcf5 tnat
will keen them busy for months sun
prices at first hands are not 50 STEADY
as month or two ago. The textile
| trades seem well employed; orders IL
sight are plentiful. hence the Willingness
| of both cotton and wooden manufactur-
| ers to grant their employees advances m
wages Any curtailment, however, IN the
! demand for staple cotton goods with cot
| ton at it's present high lever would Sc
rio1IsIv inconvenience cotton mdnutactur-
! ers: and the wooden mills are nor en-
! loving the same degree of prosperity that
| they did wear ago. Very soon me crop
outlook will be a factor; and the lndl-
cations are that high prices will en-
| courage larger acreage for corn ana
cotton. if not for wheat also. BoCntiful
| barvests would certainly insure US an
| other year Of prosperity.
Apprehension over Gold.
The apprehension of gold shipments
still hangs over the market. But there
IS s-i no fear ar of the money situation being
disturbed thereby. as any, gold ship
ments will be doubly offset by the return
| of funds from interior points TO TINS
center from this time forth until we get
back all the money sent from here for
! crop-moving purposes last fall, and this
| will remain here until the next crop
movement, which will be about the mid
! die of next August. Meanwhile money
viii gradually grow easier and rates low
| er, and the stock market cannot fail to
| be stimulated by plethoric money. as 1t
! will furnish facilities to operators to car
| ry stocks on easy terms throughout the
summer months I look for more .activ-
! ity in the stock market and higher
| range of prices generally in the fmme-
! date future Henry Clews