St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-04-20
FIND SPRING WEATHER HAS
AWAKENED BUSINESS MEN IN
ALL STATES.
IMPROVING IN WALL STREET.
CLEvELAND,s COURSE IN THREAT
ENED CRISES ALLAYs AP-
PREHENSION.
NO GOLD TO GO TO RUSSIA.
Henry Clews Scouts the Authenticity
of RumOr-Exports Increas-
ing

Special to the Globe.
NEW YORK, April 19-In his weekly re-
view of the financial situation in Wall street.
Henry Clews says:
In Wall street affairs the past week has
shown some improvement of feeling Some
OF the factors noted in my advices of last
week as having an unfavorable aspect have
since changed for the better. The impression
is gaining ground that President Cleveland
Is not likely to precipitate alarm by hasty
the effect Of mitigating an apprehension that
had become quite acute since the resolu-
uons on that question recently adopted by
congress. In business affairs, also, there has
been some recovery of tone The fine spring
weather has given an impetus to the demand
Tor seasonable merchandise, and the effect
upon the distributing trades has been quite
marked. A better feeling prevails in the
textile trades and the disposition shown by
the mill owners to restrict production and
Ieuuce wages suggests prospect that this
important group OF industries may soon find
the way towards a better regulation of their
interests. In the iron trade, Also impor-
tant progress has been made towards remedy
ing the generalization in prices through
forming combinations in different branches of
the business for the purpose of preventing
excessive competition and placing production
upon paying basis. The official spring crop
reports have had, on the whole, a favorable
result The present condition of the wheat
crop mas the effect of strengthening the price
the 'nat cereal; and yet 1t does not prevent
out better than present probabilities suggest.
In any event, the rise in wheat has. at the
moment, an exhilarating effect upon what
ever is dependent upon the farming interest.
upon the whole, the general outlook is con-
strued as presenting a more hopeful aspect.
ana as indicating turning of the tide in
FAVOR OF some recovery in business
The export movement in gold does not an
pear 70 warrant any uneasiness. There is
undoubtedly light supply of bills and some
But, as there has been a loss on some Of the
shipments, 1t Is to be presumed that the out
go is not entirely in the regular wav of
sesiiements. 1t is rumored that these spe-
claI shipments are destined for Russia or to
compensate European banks for gold de-
POSTS Withdrawn from them by the Bank
Oh Russ1a; and 1t is also intimated that the
t,nperlal pank is preparing for the resump-
tlon OF specie payments. We take it. how
ever, that the idea of resumption is merely
O. loose inference from the supposition or the
IaetIas the case may be-that the gold thus
leaving New York is intended for ST PETERS
Durg. The rumor is discredited by the fact
NAV fnaa we nave little or no information from
that Rns nGa IRON any continental centers,
OF casn payments. One of the leading Lon
uon nnancial papers few days ago denied
nmr,o .ne 6ank OF Russia entertains any such
puipose. moreover, 1t would not be an easy
mater Tor that bank to accomplish env
s sucn Ieat as is attributed to it. The alliance
se.iS the bank and the state is yery
serious drawback upon the credit of the
Oank. me bank is one of Russia's engines
OF o., war; which fact does not helm its cradit
ne poi5,ca5 policies of the state are so
an ; onlcaIly disturbing and dangerous as to
Involve constant risk to the hank. and 4b,,
II comes to pass that, although the bank 10
n eoHd II, na many respects well managed and it's
soia reserve is held at a comparetivaIv b;ab
ratio to its circulation vet the curroI. nig s
ilum on gold at st. Petersburg Is 50 nov
D Uen moreover, if there were any serious
premium would quickly show tbo 49, la a.
Such change; whereas the premium re- %
iIsnnsh stationary Still it is perhaps NOT
curing gold; for 1t has been nurs;,in~ pho
curse lot some time past and has recentI,.
accumulated considerable sum. b,,t a. :;
he in i nonf nheiy that such a course would
t pe IN contemplation of warlike possibilities
taan mat 1t is intended for the resTnntior
VI sol1 payments There is No nnaetio,
b bor RUSSIA favoring the gold basis: and as
uuring late years, an opportunity has 49,, 10y
ti LOT strengthening her Financial net
fiscal m Taaenns occaeon both for political and
TO account. Whilst, therefore II iss ~ ~ urn
t piopapie that some of our gold NAV be 81, 90
lug lug 70 russia. yet there is Virtually no 80
would rean ppse 81 thae 1t is for purpose that
he 49, oqulle so large an amount as would
UG meeoeo 1or the adoption of gold payments
eoia is oi ~ is 70 be remembered that if
nose + gong Soaag out for this extraneous bur
Pose ~ uoes not the less, on that accnnn+
pecome contribution towards the settio'
1uuent OF our adverse foreign balance re
inc tbn Is to be regarded as SO far reduc-
Ing tne amount of gold that would baHo -
oe snlpped In the ordinary courSe ot 70
nachanges. IN other words Russia has me te
nay f US ,or whatever gold she may be TAX
sum of foreien anu mat claim settles an equal
er yor .nese special exports of gold. whetbs
diroi III Hossia or other destination. NAV he
dismissed as harmless bugbear iAay Dc
matter really much more imnor+on4
oeaTlng on the gold movement 10 III DIS
portant cnange that has appeared in tbe ~ IL,
I Ia.t tne foreign exchanges For each Of the
last three months there has been an ,nnroe ene
IN our exports of merchandise and q dno lease
IN the imports. The returns for Marcb e aas
oence continuation of this tendencv ~
njpIi ~ showing gain over last year of ten
miiiions and the imports a decline of tnran
5nlinons The imports of 1895 were extranr-
binary; nrst, because pending tariff Ieeisio+;o,
naa cneck 3eo, importations and exhausted
STOCKS IN 1884; and, next, because the red,o
ton OF duties naturally had for its firs+ &C.,
tne summation OF imports and the oyersl1n-
plying OF the markets throughout LAST v.ar
me import movement has thus been exposed
10 sudden check; and 1t would not be sur
prls1ng II this years receipts of foreign goods
should fall some sixty to seventy millions
short OF those of 1896. The condition of over
supply due to this cause as well as to an
overproduction of most kinds of domestic
manufactures, has promoted a decline in
prices which Is encouraging our export trade.
ana the Improvement in European trade is
fostering hrmness In foreign prices which
makes it the easier to find outside markets in
which we may dispose of our surplus stocks.
This tendency not only helps to produce a
wholesome adjustment between our imports
ana exports, but is also bringing about a
gradual relief from the congestion of mer
chandise stocks, which is the main cause of
the present partial depression of business at
the chief commercial center There is there
fore, rational ground of assurance that.
however unsatisfactory may be the present
aspect of some Of the commercial markets.
yet affairs are working gradually towards a
reimbursement hoo
and more active condition of affairs In some
Of the leading Industries manufacturers are
reducing their running hours or stopping
their works. Another source of relief must
soon be sought in the reduction of wages.
which were very injudiciously and needlessly
advanced year ago: and these expedients
will contribute towards bringing about health
Ter conditions of business.