The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-01-19
PRICES REFUSE TO
BE TOSSED HIGH
IN The AIR
Bull Speculation
Discouraged by the Lead
ers at This Time-On the
Whole, Henry Clews
Thinks the Immediate
Outlook Is Not Diseour-
aging.
Special to The Globe.

Special to The Globe.
NEW YORK, Jan. II. - The stock
market Is pursuing a somewhat un-
certain course. A decidedly better un-
dertone prevails owing to improved
monetary conditions; but all attempts
70 create any general upward agrees
Slve speculative movement meet with
only limited success. The real powers
In the market seem averse to encour-
/ aging any violent bull speculation at
present. They seem equally averse to
permitting a decline Of any conse-
quence, but perfectly willing to per-
NIT f1uctuatfng market In which val
ues VIII gradually find their natural
level This firm but conservative con-
troll OF the market by powerful inter-
ests Is the striking feature, and in
some respects 1t appears to be a nat
ural outgrowth of the policy Of con-
centrat1on which has been going on
for the past few years. Whatever may
be said of the vast combinations re-
Gently created, so long as maintained
eney certainly possess immense
steadying powers and are a, positive
check upon violent fluctuations, though
incapable of preventing ordinary ups
! and downs.
AS to the monetary prospects, the
indications are for lower rates than
| prevailed during the last three months
OF 1902 Until the crop demands as
sert themselves there appear to be
no shoals ahead save the April settle
ments and the July disbursements.
For the next nine months there should
be fairly clear sailing, If speculation
is kept within reasonable limits. New
erthelesS, the supply Of Ioanable funds
is not likely to prove overabundant
| The demand for capital from new en-
terprises is enormous, and the in
elasticity of our currency system tends
| to encourage firm rates.
In other respects the stock market
situation is improving. Railroad earn
| ings continue to show gratifying gains,
| traffic is still phenomenally heavy,
and, in spite of the great additions to
rolling stock, the railroads remain I'M
able to properly handle the enormous
| amount of freight pressing upon them.
| Nor Is any let-up in sight. All this
means that the industrial activities of
| the country are unchecked. Consump-
| ton is going along at high water
| mark, stimulated, of course, by the
active employment of labor at good
wages. Production also, as rule, is
| being carried on up to the fullest limit.
| In fact, the whole country Is steamfng
at high pressure with Industrial de-
| veIopment, the only sources of COM
| plant being the declining profits of
| business and the late overexpansion In
| the financial markets. From the lat
| ter trouble we are now fortunately re-
| covering.
| Antitrust and tariff agitation are
I not favorable to the stock market. Re
| cent events connected with the coal
| crisis are also calculated to create po-
| htcal disturbances. These are infiu-
ences on which the Investor, and es-
| pecially the Speculator, must keep a
| close watch. 1t must be confessed,
| also, that many stocks seem excess
J. in
| vestnents while money continues at
/ its present level If money remains
/ dear these high-priced stocks will
| have to yield, unless better dividends
7 are in sight. On the other hand, there
| are plenty of stocks which have not
had an advance corresponding to their
| improved condition. BY careful dis
| elimination such stocks can be picked
| UP at a profit, for we are likely to
| have an irregular market Offering good
| opportunities for quick turns.
/ : Henry CleWs.