The Saint Paul globe., 1905-02-27
SPECULATIVE ARDOR
STEADILY INCREASES
CIews Looks for Continued
Rise In Stock
Market
Snecial to The Clohe

Special to The Globe
NEW YORK, Feb. 26.-In spite of rec
ord breaking prices and the absence OF
many influential operators the upward
movement in the stock market continues
speculative ardor seems to be steadily in
creasing,, and though many properties are
apparently above what conditions really
warrant there is nothing in sight at the
moment to counteract the upward ten
9ency; hence the general disposition just
now appears to be to let values continue
on their upward course until conditions
are more ripe to force a fall.
., AS stated in previous advices, condi-
latlye manipulation. Loanable funds are
pientlful; the prevalent spirit is optimis-
nc general business is active, sound and
prontaole; our railroads are ENJOYING ex-
ceptional prosperity. and so. too, are
most branches of industry and aerfcul-
ture. 1t Is perfectly true that these in
counted for the present and that il might
De prudent for the big operators not to
resist the present advance, say until the
enormous recent bond issues had been
thoroughly distributed or until something
was known of the prospects of the next
harvest Wall street is not in a waiting
MOOD. and with such an unusual pre-
ponderance OF stimulating conditions IL
would cause no surprise IL the market
continued to broaden and advance still
1urther. Thus far the public have taken
much less than their usual mart in the
moyement; but are expected by the big
holders TO begin to show an increased in.
eSIeSe as soon as values have about
Look for Settlement
A conspicuous feature of the market
was the strength of the Harriman-HilI
securities. This was attributed to q he
nst tnat settlement of the differences
Snectng these properties would shortly
oe reached, regardless of the forthcomir1e
supreme court decision. Another inter-
pre.ation was that the increased pros
perity of Union Pacific would warrant an
increase of dividend from 10 3 per cent
Reading also occupied the position of one
OF tne leaders. because of Increased diyi-
Genu . rumors based upon the large de-
mand and high prices now obtained for
anthracite coal. Other stocks showed
more or less strength owing to merger
ana dividend rumors of greater or less
expectations be deferred or prove un-
founded the effect upon the market would
pe anything but pleasant. At present
however, II is known that important ne
gotiatons are under way, and dividend
prospects We're never better. The won
ger ger is that the speculative investors have
hoe,, hoe peen more active than they have
oeen lately. and their inertia is only ex-
plained by the fact that the public profit
ing py past experience, were indisposed
20 20 take on q load at high prices which
dispose Of. '4''eD -
The foreign situation is still matter of
,pcaI ,p importance. 1t is much to be hoped
mat the peace rumors coming from abroad
are true. unquestionably there is some
foundation for these reports for Lamar is
prooapiy neither inclined to prolong the
war nor insist upon harsh or unreason-
able terms. Russia, on the other hand. is
In a deplorable dilemma Should she sllc-
ceed IN preventing or postponing the
threatened revolution she couId ca asiiv nro
long the war, for though crippled she Is
not Vanquished; and her resources are by
no means exhausted. But should the revo-
,utio1 ,au1 grow IN force the car may be COM
tnat ne can and to bring home his SOL
diers TO suppress insurrection That would
oe fortunate for Japan, also for China
ana all the Far East; but the humiliating
consequences TO Russia make thinking men
stand aghast. Will the car grant some
measure OF political freedom to his sub
lects or not? Even if so inclined. he would
Iace task of the greatest MAGNITUDE
that or providing a government suitable
ana satisfying the numerous races of diff
Ierlng views and conditions forming the
empire which have hitherto been crushed
by brute force. In any event. Russia seems
oestined for long period OF deep unrest
out of which she may emerge a free ma
tion. Events are moving rapidly in that
part or the globe and foreshadow great
changes. Ere long the open door may pre-
van IN huSsla; China and practically all
OF the Far East. When this vast area and
population, with all it's magnificent re-
sources, are opened to the beneficent fnflu-
ences OF commerce the United States will
dreamed of.
Rate-Fixing Legislation
The certainty that there will be no rate
hxlng legislation this session of congress
served to strengthen the market although
wan street never seriously entertained
tne luea that government control of pri-
vate property would ever be carried to
the- extent proposed The most serious
aspect however. of this fixing idea is
the manifestation of hostile spirit to
capital; not in time OF adversely and dis
content, but during the high tide of pros
perity. The haste with which the house,
N 1Trff
measure as the rate-fixing bill. Without
even serious discussion, depending upon
the senate to prevent enactment showed
d state OF public opinion not very as
surfing. After a Campaign of education
however, the house may become less rad
ical on the rate question:; yet there is a
should not pass without attention. Deep
rooted in the public mind there is a grow
Ing prejudice against concentrated wealth
ana corporation abuses. Much of this
Pre1udlce is perfectly sane and sound
having Its foundation in a wholesome dis
ike OF the great monopolies and trusts
winch dominate many of our chief indus
tries Dy methods and abuses that threaten
to corrupt our politics and to DESTROY our
time-honored ideas of individualism An
increasing part of this same prejudice is
however, unsound and dangerous and un-
less some means be found OF checking the
abuses OF power which concentrated wealth
confers the stability of the republic would
be seriously endangered These are ones
tions which are forcing themselves to the
front, and their solution will be found in
the direction of intelligent government
reguiauon; not government control nor
government ownership, which would
quickly throw us into the Dead sea of So
ciaiism- Such a state will fortunately
never be tolerated by people so free and
progressive as our own. Whatever our
troubles may be. we will never Russianize
American industry to correct them.
Henry Clews.