The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-01-19
Bull Speculation
Discouraged by the Lead
ers at This Time-On the
Whole, Henry Clews
Thinks the Immediate
Outlook Is Not Discour-
aging.
Special to The Globe.


NEW YORK, Jan. II. - The stock
market Is pursuing u somewhat UNI
certain course. A decidedly better IN
dertone prevails owing to improved
monetary conditions; but all attempts
TO 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-
init f1uctuattng market in which val
ues will 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 it appears to be a nat
ural outgrowth of the policy of con-
centration 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
they 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
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-
terpr1seS 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 steaming
at high pressure with Industrial de-
veEopment, the only sources of conn
plant being the declining profits of
business and the late overexpansion in
the financial markets. From the lat
Ter IIOupIe we are now fortunately re-
covering.
Antitrust and tariff agitation are
! not favorable to the stock market. Re
cent events connected with the coal
crisis are also calculated to create po-
htica1 disturbances. These are fnf1u-
ences on which the Investor, and es-
pecially the Spectator, must keep a
close watch. 1t must be confessed,
also, that many stocks seem excess
lively high and not very attractive in
vestments while money continues at
| its present level If money remains
dear these high priced stocks will
have to yield, unless better dividends
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 CIQwS