St. Paul daily globe., 1893-06-26
THE WEST IS RIGHT.
Panicky Tendencies Find No
Material to Feed on in
This Section.
More Favorable Indications
Inspire New Courage and
Confidence.
Money Moving Into Proper
Channels by Improved
Methods.
st. Paul Interests Firm on an
Encouraging Lack Of
CollapSes.

Ouc Ol Tie mOSt favorable signs In
the financial and business situation is
the recent sharp change in the rates of
exchange between Chicago and New
York, from the discounts to the slight
premium which now prevails. This
favorable indication in western bank
Ing affairs may not entirely suit New
York bankers, but while the New York
bank statement yesterday showed de-
creases throughout, the conclusion is
that money is moving more into its
proper channels. that the average pay
ments OF Eastern loans are being made
without the stress of the recent past,
ana that the government gold balance
Is being Increased through legitimate
methods. While questionable concerns
have suffered, the confidence of con-
Seryative banking and legitimate busi-
ness increases with every sunrise.
The men of st. Paul have valiantly
and very successfully met the issue.
Their real stability won. The situation
here up to last evening has been care
FULLY considered, not without slight
solictude on the part of some, and the
conditions, especially in the ST. Paul
banks. continue very satisfactory. In
general business circles the failures
thus far this year have been, in every
way. less than the average of several
years past, and no failure of conse-
Quence has occurred since the beginning
of the past furry. All are
Hopefully Confident
of the future. The progress toward the
repeal of the improbable silver legisla-
tion. the freer circulation of money in
the West. the near payment of 100000
of July first interest and dividends by
the solid concerns of the country, the
radical change from exports of gold to
imports Of gold from Europe, are all
factors toward more favorable situa-
ton elsewhere, as well as in st. Paul.
The exports OF grain, even though the
prices are low, are helping to turn the
balance of trade and the wants of Eu-
rope promise to increase the demands
for our cereals-a fact which is of par
ticular interest to the Northwest.
In speaking of st. Paul matters yes
terday V. NJ. Gilman, of Smith, Parker
& Gilman, who collect interest on a
great deal of money loaned here, said:
Interest on all our mortgage loans has
been paid promptly this season up 10
date. Some of our July l interest has
already been paid, st. Paul people hav-
ing paid beforehand. 1t looks as though
this situation will continue. and the
general situation in the country war
rants the general return of confidence.
A great deal of money is in hand here
Thorough confidence would make
money circulate more freely all over
no Mr.
mended Mr.. Eckels, the government
bank examiner, for his COURSE in regard
to the banks.
The sound condition of the banks of
this city has attracted attention in all
financial circles. The money market
here is practically unchanged. The
offerings of exchange during the week
were comparatively light, SO no material
change OF discount ION, eXchange) be-
tween banks is reportable, as compared
with the quotations of week ago. 1t
amounts to shipping rates between here
and Chicago.
Realty Values Solid.
d. j. Hennessy, who is largely inter
ested in real estate here, says: 81 con-
slider that realty values here are more
Substantial-less infiated-than in any
other city of its size in the Union. I
think the opportunities for profitable
investments are as good now as ever
they were. Property properly selected
here will, in my opinion. soon double.
and in some cases quntuple in value.
This is largely due to the very conserva-
tive manner in which the city has
grown. Yet here are many fine build
ings that compare we'll with those of
any city. The manufacturing interests
have grown tremendously during the
year, and are just about to make
remarkable addition to the population.
The present crop prospects of the
Northwest have never been excelled at
a corresponding season of the year, and
many valuable resources are developing
and contributing TO the welfare of st. |
Paul. But, more than all, consider |
that the city is not overgrown. 1t is
just right for continuance of substan- |
tial conditions"
Among the merchants there is noth- |
ing to add to their previous satisfactory |
views. They are not merely hopeful |
they are confident especially because of |
the reports they are receiving concern |
ing the growing crops and the move
ment OF cereals.