St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-03-02
CONDITIONS NOT THE BEST.
Wall Street Affected by the De-
preston of London Markets.
Special to the Globe.

Special to the Globe
NEW YORK, March LIN his
weekly review of financial conditions
in Wall street, Henry Clews says:
In Wall street, affairs move on with little
change. There is a strong undertone in values,
but no marked activity in operations. The in
Vestment movement shows some revival; but 1t
is principally confined to railroad mortgages,
in which there has been some improvement
In prices. In railroad stocks, the transactions
are largely confined to professional operators,
the general conditions of business and of COM
mercial credits being apparently unfavorable
to participation by outside parties. For the
last few days influences from London have
been unsatisfactory. That market does not ap-
pear to have yet recovered from the feeling
evoked by the Venezuela scare There are
symptoms or preparations there for another
bull campaign, but with little to indicate
that it is to include Americans" unless we
are TO suppose that sales here on London &C
count are used to depress this market pre-
lminary to the sellers becoming buyers; If
so, the tactics have had little success. Prob
ably, the truer explanation of these London
sales is to be found in the persistent I'M
friendly tone Of certain influential journals,
which lose no opportunity for using our cur
rency situation to dissuade English investors
from holding our investments.
Domestic conditions affecting the market are
more or less conflicting. AS a rule, the in
terror trade appears to be in fairly healthy
condition. Buyers arrive here prepared to
take about the customary amount of goods
They find the local atmosphere, however,
chilly and discouragng, and are apt to buy
sparingly and return home to await later
chances of supplying further wants at lower
prices. The still deranged financial condi-
tons, which are more directly felt here than
elsewhere, are the main causes of the diff
ference in trade feeling at New York, as COM
pared with the interior. With some curtail-
ment of production, however, industrialists
are getting their affairs into a more whole
some condition; and symptoms indicate that
they may soon make further progress in that
direction through reductions in wages.
The stock market naturally feels the effects
of these local conditions; but at the same
time it can hardly fail to benefit, at an early
day, from influences of a different character.
1t is not to be overlooked that the great inter-
Tor, on which this center is dependent is in a
reasonably capable condition, and capable of
taking, in the long run, the surplus stocks
that at the moment lie heavy on the hands of
our local merchants. In other words, there
is sound reason for expecting that these ad-
verse circumstances will prove only tempo
rary; and that, stocks of merchandise go
into consumption, the discount market will
work into a condition of composure and con-
fdence, thereby producing better feeling in
banking circles.
The current railroad movement best ind-
Gates what Is the real state of business
through the country at large. The roads show
a remarkably uniform increase of earnings.
Or hfty-four roads reporting their earnings
for the second week of FEBRUARY, only nine
show decrease and. in all these cases but
one, the falling off is nominal. The total
earnings for the fifty-four lines amount to
S., 200, 000 compared with 81, 400 900 for the
same week of last year, the increase being at
the extraordinary rate of IS per cent Here is
evidence Of growth of trade that admits of
no question from the most lugubrious bear"
1t is plain evidence that, in the great produc-
Ing regions, where men know and care little
about the treasury question that harnesses us
so much here, business is taking on con-
fdence and productive capital finds ample en-
ployment.