The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-08-10
REACTION SETS IN
INVESTORS SHOW LESS DIsTRUST
OF AMERICAN STOCKS AND
SECURITIES.
THE CESSATION OF ALARM
AFFECTS NOT ONLY THE WALL
STREET OPERATORS BUT LON
DON CAPITALISTS.
HENRY CLEws, WEEKLY REVIEW
StagnatiOn In Wall Street the Le-
Ultimate Result of the Outing
Season.

NEW YORK, Aug. 10.-In his week
ly review of the financial conditions
In Wall street Henry CIews says:
The condition of affairs in Wall street re-
mains more or less stagnant. Public i'm
provements have reached stage of develop
ment which scarcely admits of anything tut
large abstention from operations The ttn-
ventlon phase Of the political excitement has
passed It's elimination. The issues are made
up ana the candidates are chosen. The first
listic platforms and nominees has had
its more acute effects, in which those
factors have been discounted at their
worst. The time for surprises is
therefore about past and attention is
now fixed upon the developments Of the
ante-election canvass and the proba5iliti eff
the November vote. This IS not exactly G
stage for alarms, but for observation and de-
liberation; and most people are disposed to
postpone operations for the present at least
SO far as respects investments, holders
have already submitted to heavy losses uII-
der the recent decline in prices. 1t is quite
likely that they may regard the present
shrnkage as commensurate with any ad-
verse circumstances that have happened or
are reasonably likely to happen; AID for that
reason, In the absence of rev threatening
factors, there seems to be a fair probability
that, as a rule, investors will hold on 10
their stocks with some tenacily from now
until November, when important Matters
now in suspense will become accomplished
certainties. In the meantime, Wall street is
disposed 10 a TSdcLlOu ITOm Us jlOOu VI CCu-
tinuous excitement. The growing stagnancy
affords an opportunity for operators 10 take
recreation; and the arena of financial and
political discussion is transferred from the
stock exchange to the corridors of TIE rural
hostelries. All this is conducive to quiet
A few timid holders of securities are still
selling in moderate amounts, which easily
affects prices unfavorably; but the cessation
Of alarms is likely to bring forward others
who see in such realiZings a favorable Glance
for buying back stock which they had scld
at considerably higher prices.
AS to the influences outside OF politics, they
have passed into distinctly more favorable
condition The London market for our Sc
curities has been much stead1er under the
rights that have affected our market than
might have been expected-showiEg that Tor
eign investors find reasons for confidence
which have been less appreciated at home.
The transfers of gold to the treasury by the
banks, and the wise arrangements of the
gold have placed the treasury in position
of safety against drains Of gold, for some
time to come; and although these amelio-
rations are TO some extent temporary, yet
they ward of causes of disturbance for q
period long enough to admit of return Of
calm and Of making arrangements that will
protect the future. The suspension of gold
exports thus effected will also have the re-
suit of checking the tendency towards
strinsency in time loans, and will enable the
banks the more freely to accommodate the
movement Another wholesome factor is the
halt IN the Southern railroad war, with the
probability that the Intervention Of the court
may result in a satisfactory settlement of the
destructive hostilities between the companies
concerned.