The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-04-27
CLEWS ANTICIPATES
GRADUAL RISE
IN PRICES
Wall Street Receivers From
Fit of Dependency and
Spirit of Conservativeness
Is One of the Most Satisfac-
tory Features in Situation.
Special to The Globe.

Special to The Globe
NEW YORK, April 25.-Wall street
has recovered from the fit of despOnd
ency that reached its climax on an
nouncement of the Northern Securities
decision. Since then values have eX-
perienced a very fair recovery, and
opinion seems to be more evenly bal
anced than for some time past There
are many promising elements in the
future, imparting a spirit of hopeful
ness which might readily give rise to
undesirable speculative activity were
it not for the very conservative policy
adopted by those who control the stock
market and money market movements.
This spirit of conservatism s, disap-
pointing as it may be to overzealous
operators, is one of the most salts
factory features in the situation. I'm
der present monetary conditions, and
with the known large supply of secur-
tiles awaiting buyers, and rapid and
extended rise might easily invite dis
astrous consequences; and, until a
larger share of the capital temporarily
locked up in fixed forms has been re-
leased, there will be no room for an
excessive bull market. At the same
time there is no reason for doubling
that gradual rise in prices accom-
panied by moderate reactions is posi-
bic, and if kept within reasonable
bounds will bring the stock market into
stronger and more satisfactory condi-
ton.
Crop prospects will be watched with
keener interest than for several years.
simply because of the lessened ability
OF the stock market to stand reverses.
1t is altogether too early to form any
crop opinions except as to winter wheat
ana mere the assurance of a bumper
crop is practically certain. This is i'm
portant and decidedly encouraging. The
season for other crops is somewhat
backward, but weather conditions have
Deen good and most sections have been
favored with an ample degree of moist
ure which should afford an excellent
start. All reports from the agricultural
districts are satisfactory; the farmers
have had a series of prosperous years
and business dependent thereon is good
and promises well for another season.
"A great deal of land speculation is fol-
lowing this prosperity, which thus far
has not reached dangerous proportions.
but nevertheless requires watching
The industrial situation Is somewhat
confused by continued labor agitation
and increasing costs of production in
lace of the impossibility of securing
better prices for finished products. This
is especially true In the cotton goods
trade, where profits have been so
threatened by increased costs of cotton
and labor that manufacturers almost
prefer shutdown to continuance on
present lines, for buyers are noticeably
stubborn in refusing to pay advanced
prices In the great steel and iron
trades there has also been some Weld
ing IN prices, although as yet no abate-
ment of demand is in sight; in fact. if
is known that large mass of orders
are held back awaiting some recession
In values. Merchants generally are
sanSulne in their expectations and are
looking forward to a large distribution
OF merchandise next fall, though there
is a note of conservatism In their re-
port Which was not visible last wear
or the year before.
The monetary outlook is somewhat
better, and with the return of funds
from the interior, bank reserves should
rise unless too rapid demands are made
upon the loan account for speculative
or other purposes. The weekly returns
may show unexpected fluctuations aft
any time owing to progress or closing
OF important deals, but new operations
Oh importance are not likely to be I'M
dertaken for some time to come. There
lnIluN OF currency from the interior
VIII be as large as usual. Recent bank
returns show that Western banks are
holding less cash than last year. and
this is true of local banks also, in spite
OF the fact of the latter making great
er inducements than usual to attract
deposits in the form of interest nav
ments. New York banks have to face
well known demands; and, as little out
side assistance can be had, close sail
ing will be necessary; in short. the
present outlook is for a close money
market three months hence when crop
demands begin. Fortunately our ex-
ports are large and promise to so CON
tlnue. Our credit abroad has also been
strengthened by recent events, and by
moderation we should emerge from the
summer and fall season in satisfactory
shape. Such conditions favor a good
Trading market. Between now and the