St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-03-11
SIGNS OF THE HOUR
Henry Clews Says the Spring
Outlook Is a Bright
One.
A BIG REVIVAL ALL AROUND.
Prolonged Period of Unrest
Is Clearly Traeeable to
Washington.
A BIG REVIVAL ALL AROUND.
QUESTIONS OF CURRENCY
Will Now Be Considered by
the People at the Elec-
tiOnS.
Special to the Globe.

Wall street have taken on more
cheerful aspect. The dissolution of
congress has removed the political
restraints that have held both in
vestment and speculative operations
in check for the last three months,
and it is felt that there is now a clear
outlook for many months ahead,
without the possibility of any legis-
lative freaks calculated to obstruct
the even flow of business. This
change has the more effect because
it is perceived that the same cause
is infusing more hopeful tone into
mercantile and Industrial circles and
is suggesting the probability of a
healthier trade this spring than has
been experienced for the last four
seasons. Men have become so wearied
of the last two years of worry, sus-
pense, apprehension and actual loss
that they are not disposed to pro-
long their pessimism, but rather to
indulge in more optimistic views, If
it be only for the luxury of change
from the blues to hope: and they
reason that, even If their hopes
should be disappointed, they will be
in no worse case than if they had
continued to nurse their fears, and
would at least have the advantage
of a happier frame of feeling At the
same time, as matter of cool bust
ness calculation, the street has
reached a very decided conviction
that better business conditions lie
very close ahead. They see the
country full of wants, with stocks
Of goods depleted to the lowest point,
with prices of goods lower than at
any time for twenty-five years, with
all sorts Of enterprise deferred and
the process of matchmaking held in
suspense, and they can discover no
sufficient reason why this state of
stagnancy should be much longer
maintained. They argue that there
is no lack of capital and no OBJ
stacle to credit to warrant a con-
tinuance of the last two years paral-
ysis of trade, and that the fears in
cidental to the deranged condition
of the public finances have now
effect upon business confidence. Wall
street is thus coming at last to inhale
the ozone of hope, and we may soon
witness the exhilarating effects of
this healthier atmosphere.
Very much of this Improvement Is
due to the successful working of the
plans of the loan syndicate. The
treasury situation is no longer mat
ter OF mention; it's dangers are re-
garded as permanently removed; and
the whole brood Of apprehensions con-
nected with the "endleSs chain" of de-
rangementS is felt to be q matter of
the past.
The mystification growing out of
large London sales of stocks on our
market for nearly two weeks past has
been explained in way to remove the
doubts, felt in some quarters, that the
syndicate might encounter obstacles
In the execution of their programme
1t now appears that those sales, In
stead of being an expression of English
distrust or meaning that little value
was placed upon the syndicate's inter-
vention, were not sales at all by Eng
lish holders of our securities, but by
the London agents of New York "bear"
operators. This discovery removed
the mtsgivings about the effect of the
syndicate operations, and has in
creased confidence that the great bank
ers will conduct their operations to a
safe issue without any disturbance to
the interests centering at the Stock
Exchange. In the meantime the bust
ness of the railroads begins to show
n 6nOran re inn
especially the lines doing a Southern
and Southwestern traffic. The unex-
pectedly favorable character of the
Pennsylvania roads report has also
produced a favorable impression.
The market is, at the moment, sub
ject to unusually lively attacks from
the bears" the significance of which
1t is not difficult to divine. 1t certainly
cannot be due to any change in the
situation really favoring a bearish
policy. On the contrary, the factors
affecting values are distinctly turning
in favor; of the opposite side. The feel
ing is better ard the facts are better;
and it needs no special keenness of
sight to perceive that the tide has
changed in favor of a recovery of
prices. And in that fact is to be found
an explanation of the aggressiveness
of the "bears." They are in largely
oversold position; they read the hand
writing on the wall, and are making
great show of selling, both in New
York and London, in order to con-
ceal their buying to cover short" con-
tracts. Times have been when they
would have been made to pay heavily
for their temerity. But, in these con-
servative days, they may escape scot
free.
With the adjournment of congress
the turn for the better is inevitable,
and each day hereafter should demon
strate that fact. The unsettled condi-
ton of the business interests of this
country for a. prolonged period past Is
clearly traceable to Washington Now
that congress has adjourned, that per-
nicious and prostra ting influence no
longer exists. Our troubles, therefore.
are all now behind US, and have been
thoroughly discounted. We have good
reason to look forward to the prospect
OF good crops and a general improve
ment in business affairs. The princi-
pal argument which the bears have
used effectively as a weapon has been
the low price of cotton. If / mistake
not, it will not be long before these
same people will admit the falsity of
their position. as I think 1t Will he soon
demonstrated that the low price of cot
ton VIII be the basis for an impetus
IN the manufacture OF goods for export
that will be surprise to the country.
international bimetallism is also likely
to loom UP as a factor IL favor Of