St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-08-06
THE BEARS ARE POWERLEss.
They Cannot Break Down Any
Large Blocks Of Wall
Street Stocks.
THE CORN CROP DAMAGE.
While the Injury Has Been
Heavy the Crop Will Be
Large Enough.
Special to the Globe.

NEW YORK, Aug. 5.-One more week
of delays. difficulties ana disappoint-
ments. This briefly summarizes the
course of affairs since our last advces.
The tariff continued to unsettle BUSH
ness; serious damage befelI our corn
crop; gold went abroad at an unex-
pected rate, and the treasury reserve
again touched the lowest point oil rec
ord. None OF these contingencies were
anticipated week ago. They came as
additional burdens upon an already
complicated and depressed condition Of
affairs; and yet the stock market stub
bornly refused to reflect these condi-
lions. This unusual resistance oil values
to unfavorable developments is one Of
the most striking features of the situa-
ton; and not very easy of explanation.
1t is quite evident, however, that there
is little, if any, artificial support; and
it is equally apparent that the "bears"
are unable to dislodge any important
amounts of stocks. The only plausible
explanation is that decided change of
feeling has taken place, which thus far
manifests itself, not in action, but in
patiently waiting for better things and
resisting depressing influences. Despair
has given way to hope, and,if confidence
has not been fully restored. fear has
certainly almost
Completely ID isappeared.
With such change in sentiment it Is
only a question Of conditions and judg-
ment as to when sentiment stimulates
action and action displays itself in gem
eral revival Already the reviving tend
encies are at work, and they need moth
ing but opportunity to assert them
selves. The first and best Opportunity
will be the settlement of the tariff Ques-
ton, which now seems close at hand.
1t is pretty certain that the senate bill
will shortly become law, with few I'M
important amendments. AS soon as this
is done commerce will revive, imports
will rapidly increase and idle industries
will share in the general relief from
suspense. Amongst our leading bank
ers there is already much more hope
full feeling than few weeks ago, and in
some lines of business trade has within
the last two weeks experienced quite
| revival: nothing extraordinary, but still
! recovery enough to Indicate q turn in
! the tide. Commercial paper is in better
supply, and the lenders are much less
critical as to collateral than recently;
all of which are favorable symptoms.
The conditions of trade in England,
France and Germany have improved
/ materially during the last six months,
| and this fact, together with the better
! feeling over there which will follow the
| passage of
Our Tariff Bill,
| will do much to counteract the dsfavor
| into which, American securities have
lately fallen.
As for the damage to our corn crop,
| that has unQuestiOnabiy been sci. Gus;
but it should De remembered that the
| loss Will fall chiefly upon two or three
| of the central Western states, which
have ample resources Of other kinds; so
that the injury will not be so severely
felt as if the damage had been in purely
agricultural states. Then. taking the
reports at their worst, aud they Ger,
talnly have been exaggerated, 1t still
seem probable that we shall have as
large crop as last year 600, 900, 900
bu); SO, without considering any possible
improvement in the balance of the crop,
The very low price OF wheat aud the
competition we are meeting with from
other producers are discouragiug; but,
this, too, has its offsets, for it will uu-
doubtedly widen the cOnSumptive uses
OF wheat, and has already forced a lower
cost OF production.
The Low Condition
of the treasury reserve eXcites no
alarm, because Its disabilities are re-
garded as temporary. The resumption
of imports and the fall currency move
ment are, together, depended upon to
strengthen the treasury; beyond which
Is the declaration of Mir. Cleveland to
preserve the credit Of the country, also
the public spirit of the associated banks
in any severe crisis. Gold exports are
viewed with less apprehension than
usual, because they are due not TO re-
turn of our securities so much as to
settlement Of balances and maturing
loans, which, in the absence of COM
mercial bills, had 10 be met with gold.
Later on gold is likely TO flow this way.
In conclusion, We again assert our be-
lief
In Better Times.
Reviving tendencies are multiplying
every week, anu oaly require fair OBJ
portunity to assert themselves. Sudden
recovery is neither likely nor desirable;
Dut the turn has set i'll, and firm be-
lief III Improvement Will do much TO
promote Ii. The latest railroad returns
show marked decrease i'll the losses,
and few show increases; something to
which We have been complete strangers
fof over year. HENRY CLEWS,
Prison Quarantine Raised.
JOLIET. H., Aug. 1.-The quarantine