St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-08-13
BETTER FEELING ALL ROUND
Gold Shipments Have Prac-
tically Ceased to Be q
Market Factor.
ADVICE OF HENRY CLEWs.
He Recommends the Buying
OF Railway Securities for
Higher Prices.
Special tothe Globe.

NEW YORK, Aug. 12.-The move
ments of the market for the week lust
ending undoubtedly indicate an i'm
proVement in the situation. For some
time past it has been fiuctuating alter
nately under the influence of hope and
fear; but now its undertone is gradually
broadening and strengthening. and
there Is marked tendency to discount
a generally clarified financial atmos-
pnere. 1t looks as though we have seen
the worst OF everything, and that the
pendulum is at last going to swing the
other way. Outside of the all-important
tarlH question, the corn crop has again
Deeh the greatest factor in the market
for the past few days. The .bears''
nave been actively engaged in pounding
the grangers. basing their action on the
prospect of reduced dividends Oh these
securities, as result of the prospective
corn shortage. Their efforts to bring
out long stock, however, have not been
particularly successful, and they find it
difficult to cover their contracts without
bidding up the market. The damage is
almost exclusively confined to three
stateS-loWa, Nebraska and Kansas
and In those states it almost proximates
calamity, and is probably
Not Exaggerated;
put In the other states the crop will be a
fair average to large one, owing to the
increased acreage due to the low price
OF wheat last year and the comparatiye-
ly good price for corn. The croD in
those states will largely offset the short
age caused by drouth probably more
than now expected. The estimated
yield is at present only matter of pri.
vate estimates. which vary all the Wav
from l.400, 100000 to 1,60O,O OO0 bush
els with the chances from all tine data
received that the latter will be-about
what this years crop of corn will
amount to. There is good and grow
ing demand for the low-priced nom
dividend stocks and the cheap bonds.
Ine feeling is that a great many of
these securities have been in such dis
1aVor for long time past that thev
nave been unduly depressed, and that
when an Improvement becomes general
securities OF this class are going to re-
spond quickly. Gold shipments have
practically ceased to be factor in the
market, as only small amounts of the
precious metal have been shipped dur
ing the week, and the ease in exchange
does not indicate renewal OF ship
ments In the near future. Washington
adviceS
Regarding the Tariff
continue very conflicting and tend
toward keeping stocks feyerish. and
while there is so much uncertainty
among our Legislators the same feeling
must naturally exist in Wall street cir.
cles. The feeling that some definite
decision, one way or the other, will soon
De arrived at is gaining ground, how
ever, and this feeling Is doing a good
deal toward Fastening the return of
confidence. The stock Of manufacture d
goods in the United States is lower than
1t has been for great many years, and
there will soon be actual necessity for
at least partial resumption of buslne IS
on the part of manufacturers. A
speedy settlement OF the tariff debate
Will give them basis on which to start
In, and that Is all that Is needed. The
entire stock market has fully discounted d
all adverse factors, and will now
commence to consider and be gov
erned by what is to come and not what
has passed. The present conditions Will
be lost sight of and give way to those
That may be expected to prevail six
months hence and thereafter. By that
time do not hesitate to say that the
railroad earnings will have returned to
their normal condition. and general
activity in commercial channels will be
restored. The thing to do now, there.
fore, is to discount general improve
ment in the future. l recommend buy
ing stocks now for higher prices. The
sharp advance during the last few days
in Louisville 81 Nashville aud Western
Union properties, which are not directly
affected by either the crop or tariff
news, furnishes a sample of what we
can expect with a removal of existing
unfavorable influences
HENRY CLEWS.