The sun. [volume] (New York [N.Y.]) 1833-1916, 1891-11-22
Paris. Berlin. and st. Petersburg. The watch


now we'll established that the attacks upor
Russian credit. which ut one time threatened
decentralization ut. Paris, to say nothing Of &
| worse condition Of affairs in Russia, have
ceased. Tho public is not advised as to whai
| has taken place beneath the surface to BRING
about n cessation OF those hostilties on the
part OF tho most powerful banking element In
the world. II Is possible. however. that those
who were conducting the campaign finally re.
allied what the ultimate effects Of their policy
would be.
with tho pressure against Russian socuri-
| tics.nna credit removed. the Continental mar
ke,S have shown disposition to recover,
| though It is understood that tho great bulk Of
tho pu releases that have brought about higher
prices were made to cover short sHles How
ever that may I've. the effect upon sentiment
has been beneficial for. according to all ac-
counts, greater calmness prevails abroad than
has existed for a long time; while at this CEN
tre long continued hopefulness has begun to
develop into confidence.
The important news from St Petersburg.
first printed In this country In The SUNS cable
dispatches about two weeks ago. was OFF,
cially confirmed to-day by tho issue Of an I'm
pcrial ukase prohibiting exports Of wheat and
wheat producta from Russia after Monday
next. Information foreshadowing this action
by the Russian Government has been 40 posi-
tive and came from such excellent sources that
those who have been cognzant OF tho last
named have been surprisd that Wall street has
been persstently reluctant to believe what Is
now an accomplished. established fact. twill
be remembered TINT oil our markets re-
spondcd promptly and materially to thu pre-
vious similar action OF tho Xii ssian Government
prohibiting exports Of rye This second ukase
means Il great deul more to this country, with
its enormous surplus OF food supplies. than
the first one meant. The effect Of the two IL to
cut on from Western Europe a source Of sup
plies nnon which it has heretofore placed great
dependence This curtailmcnt can he mudo
good In large way from only one quarter.
the United states. and fortunately the ability
il here to meet the transferred demand for
cereals and their products. Europcan OBJ
servers Of commercial affairs. and to nm cxtcnt
foreign dealers in securities. have appreciut ed
this situation for long time. and hare been
outspokcn in expressing thcir ..tmctcs CT
the future value OF American r.,iHly .ecuri-
ties.
Tho circumstances referred t, hav. o bear
ing not only upon railway securities. .oti,?on
certain industrial enterprises rs well. For
many years past Germany has be~n one OF the
largest. If not the largest. producer OF splits.
and its distilers have enjoyed handsome
Government bounty. Their operations are
now seriously curtailed by reason OF the lack
Of material to work upon. and in consequence
heavy demands will have to I've made upon this
country for spirits distilled from grain. This
accounts for the recent steady improvement in
the mark ct for Distiling and Cattle Feeding
stock. and for the sharp advance in the price
to-day when the news Of Russia's prohibition
Of wheat exports was officially confirmed.
The money markets. both at home and
abroad. are shaping themselves In accordance
with conditions which have been repeatedly
noted in this column duting the last few
months. Although the crop movement bids
fair to be the heaviest this country has ever
witnessed and has been well under way for
somo time. not tho slightest symptom Of
stringency Is discernib!e ut any important
business centre. There is continuous good
demand for capital but confidence has been
restored to an extent that produces a supply
equal to the demand. and at rates that are not
exorbitnn. or course. the condition of tho
Treasury and the addition OF about $5.OOO.OOO
per month to the circulation are factors in tho
situation but they would not count for much
II II feeling Of distrIst such as the country
has recently been familiar with prevailed
Foreign money markets are as easy as our
own. but for di t!crent rea sons. Protracted lIui
dation In securities and a diminution Of indus
OF our new tariff laws. have caused accumula-
tons Of capital ut all Of the chief financial CEN
tres OF Europe. This Is one reason why Europ,
has been able to send back within the last two
months fully one-third OF the gold 1t took from
us last spring. yet without experiencing any
disturbance. 1t Is impossible that Eu-
rope should he prosperous under exist
ing conditions. At the same time. the
surplus income Of an important por-
ton OF its population Is certain to seek invest
ment and there seems to be no doubt in the
minds of those who mould public opinion
abroad that the most inviting field for invest
ment ut present is tho United States
According to various cables that have come
to hand the next important development in
Europe will be the conclusion Of negotiations
between Russia and tho Bank OF France for
the purchase by the first from the last named
OF an enormous amount Of silver. 1t IL a sin
gular and noteworthy coincidence that while
all OF the poorer nations OF Europe.
unable TO obtain sufficient gold for the
needs OF their Governments and people.
are perforce adopting more liberal policy to-
ward silver. the United States. concerning tho
OF which there is not the slightest
question. has voluntarily taken q radical step
in the same direction. And upon this point it
may DO noted that while Secretary Foster ut
rather dashed the hope OF the advocates OF
FREQ coinage. hc was equally positive in as
sertins that no rctrograhe step regarding sill
Yer can DO taken at this time In spite OF his
that ito spoke for the Administra-
tion the public IL certain to accept his utter
ances as authoritative His speech means. II
anything. that having committed itself to the
present compromise measure regarding sill
YER. tho Administration proposes to stand by
its action.
To-days market was fairly active and strong
The only exceptions to the hast condition wore
the coal stocks. Sugar Refining. and Richmond
Terminal. Tao trouble with the coal stocks
Is gradually becoming paront In the large sup
plies Of anthracite which are being heaped up
ut tidewater. incidentally 1t may be remarked
that on Monday tho Philadelphia and Reading
Railroad Company will begin to move tho coal
mined by Messrs. Coke brothers Il Co.. here
tofore handled by the Lehigh VALLEY
Railroad Company. and 1t will soon DO deter.
,i,,aI hath tba S,o. 70. Of hat t,,at