St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-11-25
CRAWFORD LIVINGSTON,S PRE-.
DICTION ABOUT THE NEW
GAS INTERESTS.
HE CAME HOME YESTERDAY,
AND TALKS INTERESTINGLY OK
WALL STREET AND THE
EAST.
HE DISCUSSES CITY LIGHTING,
Present Company Can Supply 1t
as CheapIy as Any Other
Company.

Crawford Livingston returned
from New York yesterday morning.
He said last night that he had en-
joyed his trip, although he had been
very busy most of the time Asked
about the conditions on Wall street,
Mr. Livingston replied:
The street is undoubtedly bear
ish. Operators do not anticipate
any panicky symptoms, but they
cannot see how securities can in,
crease in value so long as the gem
eral business interests of the coun-
try continue unsatisfactory, and so
long as extensive gold shipments are
more than probable. The volume Of
trade in many commercial lines is
very large, it's true, but sales are
being made on such a small margin
that the comparative profit is small
and discouraging. Then, too, I'm
Informed by one of the leading
houses on the street that the for
eign demand for gold will necessi-
tate shipments of that metal abroad
from the next three months. You
see, the gold shipments and the gen.
eral lack of confidence among bust
ness men are both, as l take it, the
result of defects in our currency sys-
tenn. The credit of a nation, like
that Of an individual, is limited,
Even the credit of the United States,
great though it may be, is not with
out limit. The schemes for the
free coinage of silver are objectiona-
BILE on that account. If the country
undertakes to redeem even 1,000, ,000,S
600 silver dollars, it would know
what was ahead and might pre-
pare for it. But the redemption, ac-
cording to the silver men, is to be
unlimited. 1t is just so with our
greenbacks. If $500, 600, 900 in bonds
were issued, the country could re-
deem that amount lin gold and the
matter would be ended. If the green
backs could be once redeemed in
gold, like bonds, and the transac-
ton could be completed, the nation
might undertake easily to float a
vast amount of greenbacks But at
present the process of redemption is
like
AN ENDLESS CHAIN.
"One man presents $1,OO0,O0O in cur
rency and gets his gold for it. The
currency IS not destroyed, but is i'm
mediately issued again. Another man
present the same s1,OOO,O0O of currency
and gets another s1,OOO,0OO of gold.
Thus the drain of gold is perpetual.
This condition causes the export of
gold and the prevailing lack of con-
fidence. Confidence is not be restored,
in my opinion, until this defect in the
currency is remedied.
"a minor cause of the bearish SEN
timent in New York is the fear that
the extravagant English speculation
in South African shares will, before
long, result in a London panic of great
er or less extent. Such panic, how
ever, could scarcely cause the same
international ruin that followed the
collapse in South American shares at
the time of the Barring failure.
The present London craze about the
kaffirS,' as they call the African
shares, illustrates the peculiarities of
the English speculaor. When once
started he is a much wilder speculator
than the American. Here every man
is his own attorney, his own adviser
about business matters. In England,
and even in Canada, a nobleman or
man of wealth, if asked to invest, will
take the advice of his attorney or man
of business. The people at large over
there also have little judgment of
their own. Providing a duke, or prom
inent man of any sort, is director Of
a company, the ordinary EnglishIuan
is quite willing to trust his money TO
that company. In America, not even
Gen. Grants name, were he alive,
would float a worthless stock.
mo, 1 can't say there is any strong
feeling among the Eastern business
men in favor of Mr.. Cleveland for q
third term. 1t has become. you know,
a sort of unwritten law that no presi-
dent should serve more than two terms.
At the same time. there is no doubt
that most business men there would
rather see Mr.. Cleveland agan in
augurated than to have for their next
president a representative of the free
silver interests. For that reason many
favor the
NOMINATION OF MR.. WHITNEY,
a man Of tried ability, clean. pure
man in every respect, a delightful man
personally, and one whose attitude on
the financial question is entirely sound.
Mr.. Whitney seems to find more pleas
ure in business than in politics, but 1
think that if he would accept the nom
ination. it would certainly be offered
to him. Besides Mr. Whitney there are
the other familiar candidates on both
sides, but heard of no one upon whom
public sentiment seeGsl N re Se2.er-
ing.
"The effect Of the sale of the st.
Paul Gas company has been beneficial
to it's stock, which has risen four or
five points. ] think the company Will
do what is right by this community,
and certainly the investment of new
capital in our midst should he en-
couraged as much as possible, and sot
discouraged. | am as sure as one carr
be that the present company will be
able to supply electric light for the
city streets as cheaply as any other
company can possiblyklo it. The only
question before the present owners is
which sort of light the citizens Of S.
Paul desire. The company's contract
for supplying gas expires next April.
It has no contract for the arc lights,
and never had one. It has, in order to
oblige the citizens, been furnishing arc
lights from day to day in accordance
with temporary agreements with the
council. This is something in the way
of an agreement, so uncertain, so un-
profitable, that not another company
in the United States, 1 venture 10 say,
would undertake it, for, at any time,
the city might, on few days notice.
discontinue the use of every arc light
on the streets. If, however, The coun-