St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-04-15
NATIONAL FREE COINAGE
He Says Would Force Our
Stock Of Gold Out Of the
Country.
STOCKS QUIET BUT STEADY.
All Commercial Symptoms
Continue to Be Very En-
couraging.
SneciaI to the Globe.

Special to the Globe.
NEW YORK, April 14.-"Quiet but
steady" fairly represents the condl-
ton of business at the stock ex-
change for the past week. We have
now had but. two weeks of partial
recreation from the revival of specu-
lative interest which was so con-
spicuous during the latter half of
March. The abatement of that spe-
cial activity does not appear to
have any special or discouraging
significance. The movement was
confined to limited group of stocks
which circumstances had simultan-
eously favored, and there is evidence
that the rise was sound, so far as it
went, in the fact that the advance
in most of those securities is still
we'll maintained, Notwithstanding
that the speculative interest in them
has subsidized, and that the realizing
has been considerable. The squirt in
these Specialties has thus far left
behind it no discouraging symptoms
but rather evidence that the market
is becoming more sensitive to i'm
pfoVements in the intrinsic condition
OF securities, and is gaining in stay
ing qualities. So far as respects the
securities of the leading railroads.
While interest is increasing in those
that are in process of financial re-
construction, yet the mass of West
ern roads are dealt in sparingly. AS
the crop movements areS at this
season of the year, at their lowest
ebb, the earnings
EXCITE LITTLE INTEREST
and show no stimulating gains on
last year. The Vanderbilt proper
ties, however, have given a good tone
to the market, their backing having
come from both home and abroad,
and the London buying of them has
taken out the stiffness from the for
eign exchange market, which has
materially helped to strengthen con-
fidence. 1t is as yet too early to
expect any show of better earnings
the improving condition of business
in the country at large. AS the re-
turn of prosperity progresses, how
ever the effect must find expression
in the business of the railroads,
and it is reasonable to expect that,
with the prevailing increase in gen
eral confidence, when that stage is
reached there will be a general re-
covery in values. The expectation
of that phase is imparting confidence
to the market, but is not an element
strong enough to induce any active
buying. Each week brings us near
er to the time when crop forecasts
can be made with some definiteness,
and should the prospect remain as
encouraging as it now is, this must
become a 'bull' element of some
Importance. In the meantime all
the commercial symptoms continue
to be encouraging. The upward
tendency in the prices of merchan-
disc becomes more marked, which
means not only
A SUSTAINED INCREASE
in the. demand for goods, but also
a growth of confidence among the
trading community. We have wit
messed this week a pronounced adj
vance in petroleum, cotton and beef.
Coal has also been marked up, and
also silver, thus showing the ten
dency of products to seek a higher
valuation. 1t is an evidence that
the country is waking up from it's
long-eXisting condition of pessimism
and that the brighter side is becom-
ing visible to those engaged in bust
ness undertakings. The outlook
for the crops generally has mate
rally improved of late. What this
country particularly wants this year,
however, is a good yield of corn,
and not excessive ones in either
wheat or cotton. The two latter
crops can be too large to be of bene-
fit, while the former cannot be, as it
is a product that never deteriorates
with age, and makes the most solid
and healthy food for both man and
beast. In it we have little competi-
ton with other nations, and no fear
of any. 1t is therefore entitled to be
considered the king of crops in this
country and has dethroned cotton.
which used to be SO considered.
thlnk 1t unfortunate that the portion
OF the income tax law which was sus-
tanned should have been by tie
satisfaction on the part of the tax
payers. It leaves
A GRAVE DOUBT
in the minds of most people as to the
constitutionality of the law. If half
of the supreme bench judges share
in that doubt, why should it not be
general with the taxpayers? I, there
fore, doubt whether anyone will be
willing to pay large amount of
money as an income tax under the
circumstances, excepting it is done
under protest to admit of it being
again recovered as a result of a fu-
ture reversed decision. This attitude
would not have been taken by any
body If the decision had been given
by a good-sized majority vote. In that
PSopio "ouio nave pdlQ the tax
ungrudgingly, but now in paying it
they certainly will feel otherwise. 1t
is also unfortunate that a number of
the men with the largest incomes in
the country through inheritance of
real estate, men who have never done
a days work, are exempt from pay
ing any tax on their great incomes,
while men who make their incomes
by their own daily labor efforts, with
great attending risk and anxiety, are
compelled to pay a tax on the in.
comes Ga1.iH.cd 1911