St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-02-24
GOOD ERA IN SIGHT
HENRY CLEwS SEES PROSPECT OF
REST FROM CONTINUED DIS
TRUST.
THERE is PLENTY OF MONEY.
BOND LOAN HAS EASED THE MAR
KET TO AN UNEXPECTED
EXTENT.
SILVER VOTE IN THE HOUSE
Has Also Aided Much in Restoring
Confidence Among COnserva-
tive Investors.
THERE is PLENTY OF MONEY
SILVER VOTE IN THE HOUSE

NEW YORK, Feb 23.-In his week
ly review of the financial situation in
Wall street, Henry Clews says.
The aspect of financial affairs continues to
steadily improve. In the intrinsic conditions
of trade, and in the earnings of corporations,
there is no great change; although the tend
encies are favorable and the feeling is growing
more and more hopeful. 1t is conceded that
there is now clear prospect of years COM
parative rest from distrust; and that at least
affords safe basis for all operations not ex-
tending far into the future. IN respect, how
ever to certain special conditions, which have
long disturbed confidence in our finances on
both sides OF the Atlantic, there is q change
so marked and important as to lay the basis
for distinct revival in Wall street interests.
The treasury loan has ceased TO excite ap
prehension of the disturbance in the money
market. Instead of 90 per cent of the bonds
being taken up, as contemplated in the official
plan of installments, subscribers have already
taken about S75, 600 600. These payments have
caused no disturbance in the money market;
nor have they involved any noticeable real
lZing upon other investments in order to pro-
vide the means for payment; they have simply
amounted to transferring this amount of idle
capital into a permanent form OF Investment.
So far as the operation has been done without
disturbance to bank deposits, or 70 CONNER
cial and speculative loans 1t has been dis
tinct gain to confidence in the future of the
money market. Time loans on collaterals are,
therefore, now easily obtainable: and the
banks are more disposed to discount at about
the legal rate. To this extent, one important
obstacle to stock exchange operations is re-
moved
The loan in itself is a most important con-
tribution to confidence. 1t is a striking exhi
bttion of the financial power and resource of
the country, and of its ability to raise large
amounts of money at short notice 1t is also
most assuring expression of public confidence
in the maintenance of the financial integrity
of the government. 1t shows that our people
have entire confidence that the present en-
barraSsments OF the treasury are but transient
and do not imperil its ability TO maintain gold
payments. Moreover, the large amount of
money offered to the government is evidence
that should the treasury need to borrow fur
ther amounts for this purpose there can be no
doubt of its ability to get whatever gold it
/ may need. 1t is easy to overestimate the value
of these assurances. They raise the credit of
the country at large to a higher plane and
place the foundations of finance beyond the
reach of the sappng influences of distrust.
The silver vote of the house of representa-
tives Is another most important gain In favor
of public confidence. 1t amounts to an en-
phatic national declaration in favor of the sure
maintenance of the gold basis. The strength
of the majority against free coinage was much
larger than had been expected; and, to that
extent, 1t evinces a rapid wane in the pro-
| silver sentiment OF the West and the South,
and valuable advance towards better con-
| ceptions respecting sound money among the
people at large. This vote is especially timely
as affording q guide to the platform makers
| of the coming political conventions. The blow
administered to the, political silverltes is so
effective that 1t can hardly fail to have an i'm
| portant bearing upon party policies. 1t has
! had a disheartening effect upon an influential
| class of politicians who have favored silver,
but who may now be expected to consider the
changing of their political mornings. More
over, many of the men in politics who have
| favored silver have done so on condition that
free coinage shall be made international. Any
participation in such a policy by England
Farnee. Germany, Austria-dungary or Russia
has now become an ascertained mpossibility
| and that fact obliterates the last hope on which
the rational and moderate friends of bimetal-
lism have reposed. The blow administered in
| the house derives double effect from its coin
! cidence with this attitude of foreign govern
ments, and assures the decreasing influence OF
free coinage as an element in politics. This
sentiment is another assurance that we are on
the way towards wholesome monetary re-
| form, which will soon remove the clouds that
have overhung the financial horizon. These
! new currents are, ar present, but in their be-
ginnings. and have little effect on the course
| of affairs; but they must soon attract the at
! tention of observers and become a new ele-
ment in the influences regulating transac.
! tons and values.
We look for steadily strengthening market
| for securities, and for conservative reviya
| in all branches of finance