The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-01-27
MARKET IS WEARY
BULLS HAVE SCORED BUT FEW
CONSPICUOUS VICTORIES IN
RECENT DAYS
BEARS ARE ACTING coYLY
Stock Speculation at Present Is an
Intensely Interesting Game, and
Delicate Market VIII Com
tinue the Condition.
Henry clews' review of market pros

Henry Clews' review of market pros
poets for the present is as follows:
The stock market exhibits quiet and
somewhat weary disposition. Beyond oc-
CaSional Spurts i'll a few specialtieS the
bulls scored no conspicuous victories and
the bears seem unable, to AdiScoyer any
encouragement fer bold, aggressive &C
tiCn. The result is a Stand4off; transac-
lions are limited to between 100000 and
100000 shares per day, and trading is en-
tireIy of a professional character; the
big banking interests and outsiders both
being interested but inactive spectators.
Apparently the market is drifting into q
position of temporary deadlock. the out
come of which it is extremely difficult to
fathom. The large interests are I'M
Coubtedly compelled by self-interest to
only partially succeeded in disposing of
the immense quantities of securities
which they necessarily accumulated in
CARRYING out various concentration
stances oblige them to act as a unit in
checking the declines when produced by
bear attacks.
Is an Interesting Game.
The game is an intensely interesting one,
and carries with it consequences of the
have skill and resources combined with
strength never before seen in the United
States, and perhaps never in the mar
kets of Europe. On the other side, we
perceptible yet perfectly irresistible
workings of natural law, which are draw
ing US closer and closer to reaction. Those
having the skill and the power probably
recognize the futility of opposing the nat
Urel swing of the pendulum better than
anyone else; but they have a burden to
carry, and 1t is within their power to
delay such reaction until that burden
is at least partially shifted upon the
shoulders of others.
This power Of delay is a factor that
must be Feckoned with; especially as
circumstances at present seem especially
favorable to and neceSSitate it's exertion
Concentration of control in railroad and
Industrial affairs affords an opportunity
Of resisting declines which will certainly
be used, perhaps wisely to allow gradual
descent, perhaps unwisely to resist all
reaction, in which case the subsequent
fall will be violent in proportion to the
| extent of the opposition, to natural forces.
Market Is Delicate.
There is no doubt but that the deli
| cacy of the situation iss fully appreciated
by those who dominate the market. Most
of the strong bear leaders have been tenn
| porarily enlisted on the bull side which
| explains the unusual inactivity of these
| wide awake gentlemen in their favorite
channels. Another noticeable feature is
| the strengthening of financial ties by the
| large interests through closer connections
with powerful banks, trust and insurance
| companies. There are those who see
0ISIIS VI rivalry VI sharper DIVISION De-
| tween the powers in the t.'street;" but
there is little danger in this respect for
| divide as they may for supremacy, little
II any prospect of struggle exists be-
tween them, the consequences of friction
| being so destructive and far-reaching as
| to be carefully avoided by both sides
/ The Northern Pacific experience of last
spring is not yet forgotten, and while
| these rival interests may not always
! pull together, Self-interest will effectualIy
| prevent their seriously antagenizifg each
other, and through the spread of the
community of interests idea they are
more likely to cooperate than oppose
| each other
Railroad Earnings Decreasing.
It is significant that railroad earnings,
| while excellent, are not showing as large
increases as year ago, and that de-
| creasess are becoming more frequent. Ex-
| pcfIs are DECLINING. andoeommeditys prices
tendency. 1t seems quite ltkelv--that
lower prices for both stock and commod-
tiles would stimulate general activity.
for the present high level certainly re-
! strlcts transactions The technical po-
| Sftlon OF the stock market however js
| Just now entirely adverse to a serious
| dechne The big paen3. are .persistentIy
sustaining values; money is plentiful ana
easy and the enlargement of the short
| interest IS an element of strength The
eAceIent demand for bonds from invest
ors Is GOOD feature, and az previously
minated in these advices, the conditions
/ are so favorable for the floating of new
| issues that the creation of considera HE
| new capital on this basis, seems probable.
| AS the general situation Continues so1Ind
! we may look for a good trading marlxaf
inducing US to repeat our former advice
! OF selling on sharp rallies and brvfng
| only good stocks on the declines for
| quick and moderate profits