St. Paul daily globe., 1896-04-27
PROSPECTS OF EARLY ADJOURN
MENT OF CONGRESS FELT IN
WALL STREET..
ABATEMENT OF JINGoIsM
PERCEPTIBLE IN CONNECTION
WITH THE ADVANCE IN
STOCKS.
GOLD EXPORTS MUCH SMALLER.
Balance of Trade Much More Favor.
able-Railway Earnings Dis
appointing.

NEW YORK, April 2s.-In his weekly re-
view Of the financial situation in Wall street
Henry Clews says;
There has been a decided change for the
better In the stock market, both in temper
and conditions, and we confidently anticipate
Its further continuance.
The advent of more seasonable weather has
Deen an important factor. Spring invariably
cheers the spirits, and lets loose pent-up ac-
tlVitles IN all lines Of enterprise and It is
never more welcome and invigorating than
a1ter a prolonged and depressing winter,
such as we have just passed through. Coun-
try roads are being opened; seed time is at
hand; building operations are pushed with
greater V1sor; navigation will shortly be
resumed; IN short the spring trade, which
is always the busiest period of the year,
VIII soon be under full swing. 1t is quite
natural, therefore, that the depression re-
sulting from the untoward events of the
winter OF 1856 should give way to more
hoPefui feelings among the general public,
first reflect itself on the stock market.
Wall street always anticipates the future.
adoi; ana Just now It Is engaged in the laudable
OF affairs and administering timely re-
buke to the chronic grumblers as we'll as
ing.
= At the same time the present rise in STOCKS
has something more substantial behind it
than mere sentiment The early adjourn
ment of congress and the abatement of
Jingoism will have very important effect
In restoring confidence at home as well as
abroad. While the Venezuelan and Cuban
questions still contain germs of danger, there
Is much assurance in the fact that they have
now been taken out of the infammatory
Held of party politics, and will in all prob
ability be quietly and satisfactorily settled
oy the trained and prudent hand of diplom-
acy. Another factor of encouragement is
the aggressive attitude Of the sound money
party. There is great need Of every believer
in sound money doing his utmost to insure
sound money plank in both Of the forth
coming national conventions. In no other
way can universal disaster be averted; and
the growing realization of this fact gives
some aid to reviving hope. AS we we'll know
the threatened breakdown of our currency
system and the outbreak of jingoism have
together caused the withdrawal Of hundreds
oof millions Of capital from the United States.
Just as soon as the country puts itself right
again on these questions just so soon will
the current turn in this direction, and for
eign capital will seek American investments
with greater Willingness than before. British
consols at Ia are very emphatic testimony
of the abundance of cheap capital. Quite
probably speculation and other influences
have carried consols above their normal
value; yet, making allowances for all such
influences, 1t is evident that immense sums
of money are held in Europe for safe and
more profitable investments. It is our own
fault that these funds are not coming this
way, and that we are not sharing the pros
perity now experienced in Great Britain.
Gold exports are much smaller than ex-
pected and the outward movement usual at
this season seems likely to be small The
reasons simply are that the trade balance
is running much more favorably than a
year ago; for exports are increasing and i'm
ports diminishing while our indebtedness
abroad has already been reduced to min
imum. Should the present efforts of the in
ternattonal bankers towards creating a bet
ter feeling respecting American securities
| prove successful, that too, will have a fa-
vorable bearing on the exchange market
provided London buys our stocks and bonds
with more freedom as now seems the dis
position. The treasury reserve is already
very high; so that the prospects of smaller
gold exports than last year relegates all
doubts on that score to the distant future
Railroad affairs generally in more Aat-
isfactory shape. Reorganization matters are
making satisfactory progress, and favorable
developments in this. direction are not i'm
probable. Railroad earnings in March were
somewhat Disappointing; but some improve
ment may be looked for even II trade shows
only partial revival; and as the corn crop
is finally beginning to move, that must in
eyftably increase future earnings. The easier
rates for money and better market for COM
mercial paper are also indications of the
general improvement upon which the present
rise In stocks is based.