St. Paul daily globe., 1895-05-13
FINANCIAL SKIES BECOME MUCH
BRIGHTER, SAYS HENRY
CLEWS.
THE PEACE IN THE ORIENT
AGREAT FACTOR IN CAUSING DE-
MAND ABROAD FOR THE
YANKEES.
ONLY ONE DISTURBING FEATURE
Feeling
Feeling of Distrust Aroused by
Persistent Agitation of the
Silver Question.

NEW YORK, May r. Henry
Clews, in his financial review, says:
In our last advices we recorded a
buying market, following slight fall
in prices consequent upon open sales
to realize speculative profits. During
the first half of the past week there
was again considerable realizing, with
some yielding in prices. London, how
ever, proved firmer than New York,
and large purchases were made for
that market, with the effect of check
ing the downward tendency and caus-
ing some reaction in prices. The I'M
settled condition of the relations be-
tween Japan on the one side and
Russia, Germany and France on the
other produced here certain distrust
in the stability of the foreign market,
and favored the disposition to realize
here lest some threatening diplomatic
turn should precipitate return of
securities to New York. The announce
| ment on Tuesday, however, that salts
tween Japan and China and between
Japan and Russia Immediately started
up the European demand and hence
London was buying while New York
holders were selling-a course with
which both parties seem to have been
| satisfied. Probably, however, the for
| eigners were the wiser of the two, for
| tor tn
have fully weighed the Importance of
! the settlement Of the very dangerous
| ASIATIC POSSIBILITIES
| that have been escaped. With this
] cloud removed, general improve
meft in financial interests will appear
with renewed vigor, the effects of which
| will be felt in Wall street, in London
| and on the continent. The late change
| in the tone of business has not been
| confined to the United States, but has
| been shared by all the commercial
nations. There would appear, indeed,
| to be stronger reason for a recovery
in Europe than in this country, mas
much as there the depression has ex-
| listed ever since the Barings failure,
| whilst in this country it set In only two
years ago. The European liquidation
! has been protracted and severe al
4 most beyond all experience in the his
tory Of commercial relations The re-
! suit in that part of the world has
been liquidation so thorough as to
leave behind condition of extraor-
| dinary soundness of credit. There Is,
therefore, good reason for the expacta-
| ton of a universal revival of business,
and that view appears to be now
1 taking hold Of the foreign bourses. In
this condition of awakening all eyes
| are turned on the United States. There
is some holding back until it becomes
settled that the revival on this side
the Atlantic Is real, and destined to
develop into true and
LASTING PROSPERITY.
All advices from financial sources in
dicate that, when that point has been
settled, there will be an extraordinary
demand for American investments.
The importance attached to this con-
| tingency appears to be mainly due
to the fact that the United States
has become such a command ng factor
in the trade of the world, and also
| to the growth of confidence in our
1 investments, as compared with other
| sources from which new issues may
come.
This confidence has already found
| remarkable strength of expression.
| During the past week $1o,0eo,e00 of our
| corporate bonds have been placed in
| Europe. This, added to $50, ,000, 900 of
| previous negotiations, makes $76.00O.-
| 900 of securities placed abroad since
! the date of the syndicate loan nego-
! tiation; and yet the syndicate still
| holds S11, 100000 of bonds. any portion
! of which stands available for ship
| ment. If any evidence were needed
| of a sharp turn of European conf
| dence towards American investments,
| surely this should suffice. Europe no
| doubt still retains some reservations
| on account Of the continued unsettled
| state Of our phase of the
SILVER QUESTION;
| but those misgivings have nothing
| like the effect upon confidence that
they had previous to this year and to
| the consummation of the syndicate
loan with its implied assurances. And
there is good reason for this large
| abatement of distrust 1t is true that,
| within the last few months, there
| has been very conspicuous agitation
| In favor of national free coinage in
| the South and the West, which has
caused some uneasiness at the East:
| yet that excitement exists only among
| the least intelligent and least inter-
ested classes, and has had the whole
| some effect of arousing the more in
fuential citizens to action calculated
| to enlighten public opinion upon the
| true practical merits of the question.
| Already the fanatical pro-silverites
! are beginning to show an abatement
! of their furore; and a great work of
| education is in process which prom
| ises to settle the silyer question upon
! an absolutely safe foundation. For
eign observers seem to be in a better
| position for observing the drift of
| these great national agitations than
| we are on the spot. We limit our OBJ
| seryation to our respective localities,
and hence get merely sectional esti-
| mates of the situation; they see the
whole field and can better judge of
| the issue of the conflict; and from
! such impressions as they have re-
| ceived it looks as though they are
! counting upon the success of the
/ friends Of sound money. do not hesi-
tate to express my own undoubting
conviction that their expectation
WILL BE REALIZED.
We have now reached an advanced
stage OF the spring business, and in
some branches Of trade the seasons
demand is abating; but there is moth
ing to show any impairment of the
spirit of confidence and the improve
ment In business that set in at the
earlier stage. Some check to certain
branches of manufacturing has arisen
from a premature and indiscreet de-
fzt. y