The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-11-16
THE NATION rs LISTENING TO THE
TREAD OF PROSPERITY STEAD
lily APPROACHING.
CONFIDENCE IN WALL STREET.
RISE IN STOCKS THERE REPRE-
SCENTS AN INCREASE OF $780,
100000.
Striking Evidence of Better Condi-
lions in Finanee-Henry C1ews'
Review.

review of the financial situation Henry
Clews says:
AT this center financial affairs continue to
march in step with the great national re-
covery inaugurated by the election of Maj
Mckinley. As the people come to more
fully comprehend the vast breadth of the
national salvation effected by the vote of
NOV. 3. their confidence increases and their
estimate of the business future expands. AS
however, the change comes at a time when
trade is verging upon the quietest season of
the year, the stimulus is less conspicuous
than ii would have been at, say, the begin
ming of the spring or fall business: yet, new
ertheless, the effects are strikingly evident
in every direction. All the restraints of ap-
prehenston have disappeared; and the feel
ing is everywhere preponderant that the
country is destined to period OF extraor-
binary prosperity. The calmness of this
hdence is assuring. 1t is accompanied with
profound qualification; but the satisfaction
Is chastened by realization of the great
ness of the dangers the country has escaped,
and there is therefore absence of anything
like speculative excitement, and preparations
for the coming prosperity are conducted with
a moderation which expresses how much the
country has suffered and how much it has
learned during the last three years of acute
depression and peril. We had become
accustomed to the endurance of utter uncer-
tainty that situation which affords new,
broad and lasting basis of confidence in ev-
erything relating to values and prosperity
comes almost as a SURPRISE and the first
thought is not TO rush thoughtleSsly into in
hations of enterprise, but to carefully con-
legitmatey calculated upon and safely I'M
dertaken. This conjunction of conservatism
with confidence is one of the most satisfac-
tory aspects of the change Of situation in
PRODUCED by the results of the election.
Fortunately, the political situation tends to
strengthen the confidence created by the cleo
zion. The virtual cooperation Of the best
elements of the Democracy with the Repub-
licans is a hopeful augury. 1t betokens
wholesome moderation Of the old spirit of
party rancor and competition. 1t is to be
hoped TOO, that it may facilitate harmony
in congress upon questions from which mere
party rivalry should be excluded. There yet
remain some very important measures neces-
sary to the complete realization of the sound
money programme; and If the spirit which
led the thousands Of sound money Democrats
10 give their support to Mr.. Mckinley is car
ried into congress, the chances for
plete and final contamination of monetary
reform will be very materially strengthened.
Also, we may expect that after March 4 the
refractory elements may be removed from
the senate, with the result Of harmonious
cooperation between the two houses in favor
OF measures needful to the welfare of both
the financial and commercial interests of the
country. Never before, perhaps, has public
opinion been so earnestly impressed with the
necessity Of fundamental legislation relating
10 business interests, especially such as will
foster stability and afford exemption from
sudden disturbances of confidence. The peo-
pie in brief want rest from legislative I'M
settlement: and any law-making for mere
political ends will be visited by them with
unmistakabie Reproduction. The present I'M
usually amicable relations between parties
encourages the hope that this may be the
spirit of the next congress.
So far, the response of the Wall street
markets to the outcome Of the election has
been moderate and conservative There has
been an important rise in the prices of Sc
cur1ties, but it cannot be regarded as either
excessive or sufficient; the contrary, it
has fallen far short of what may be expected
after the contraction Of business incident to
the close of the year, and when the effects
of the great deliverance appear in the evil
dent expansion OF the national business. At
present the securities market is influenced
simply by prospects, and the prospects are
estimated from conservative standpoint but
when the fruits Of confidence have ripened
We shall see a very different scale of prices
for stocks from that Of today. Such rises
In prices as have already occurred have been
largely the result of buying for investment
which has taken permanently out of the mar
ket large total Of stocks and bonds. The
spirit of speculation has not been fairly awak-
enef: but when Wall street sees the realized
results of great commercial revival present
prices will appear low. as compared with those
that will then be reached.
1t would be moderate estimate to say that
the securities represented on the New York
stock exchange have increased in value by
OO.OOO.0O0 within the last two weeks; and
II would be equally safe to conclude that this
Is a very petty proportion Of the increase in
the real value of those investments which will
appear when all the results of the new situa-
ton come to be realized before the public
eye.
1t is not difficult to form some conception
IF the magnitude of the industrial revival now
setting ill., Within one week after the cleo
lion. 307 industrial establishments are re-
ported as having resumed work after long
suspension Of production, and PIT works have
Increased their output or their working force;
and it is quite likely that the number of such
cases not reported Is equal to that reported
Among the industries resuming operations are
81 iron works, q clothing establishments, %
wooden mills. II cotton factories Y carpet
mills and 13 glassware and pottery furnaces.
The promptness of this resumption is striking
evidence of the thoroughness of the restora-
ton of confidence consequent upon the cleo
ton, while it shows the extent of the paraIy-
sis of business created by the apprehension
of free coinage.
At the moment. there is a partial halt in
the upward movement Of prices of stocks.
After several days of advance this was to
others prefer to mildly bear the market
waiting to the market put to a further
test before buying; London has been a seller
to the extent of some $4,000 shares during
the week, apparently to realize its handsome
profits, but bought again Friday; and some
selling Rrecipitated on Thursday and Fri
day by rumoTS from Washington of compl-
cations with Spain; while foreign exchange
is showing a frmer tone. These tests, how
ever have only demonstrated the strength of
the market; for every yielding of about half
a point brings out good buying. The under
tone of the market is essentially strong, and
the feeling is general that, after temporary
halt and further test of its staying quality,
prices will take fresh upward bound.
EORETGNRRS Still, CONFRAJ