The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-12-28
HOLIDAY DULLNEsS is BEING FELT
In THE FINANCIAL MAR
kETS.
THE CAMERON RESOLUTION
AND BANK FAILURES ALSO HAD
THEIR EFFECT ON DUSI-
NESS.
NEW YEAR SETTLEMENTS NEXT.
After That More Energy Can Be Ex-
pected-FOreign Trade FG-
VOrabIe.

NEW YORK, Dec. Pin his weekly
review Of the financial situation, Henry
Clews says:
The pas, week, in Wall street, has been
broken one, with considerable irregularty in
the prices of securities. Apart from the dis
turbing influences incident to the holidays and
the annual making-up and liquidation OF &C
counts there have been special causes of dis
turbance, all more or less calculated TO un
settle confidence and to check buying opera
tons.
The introduction of the Cameron Cuban res
olutons in the senate has naturally caused
some suspense, which made itself felt at The
beginning of the week. Later, however, this
Influence spent its force and became scarcely
4 diStinguishable element in the market. At
the moment, more serious factor is the
outbreak of bank failures. These IN
expected developments have caused some
distrust as to the condition of finan-
cial affairs in the West and re-
garded as indicating the after effects of the
laJe years Of strain in that section of the cOun-
try; but they are harry regarded as having
produced any local shock; and none of the
New York agents of the failed institutions
have suffered; the main effect of the occur
renee having been TO cause free shipments
OF currency to Chicago and S.. Paul in
order to strengthen the cash resources of the
banks Of those cities. With these exceptions,
however, the crop of failures incident to the
close of The year has been smaller than usual;
which is to be regarded as a satisfactory
symptom of the present condition of credit.
The condition of our political relations
with Cuba has for some weeks past been a
really serious element of distrust so much
so as to prove an important obstruction to the
recovery of confidence which set in with the
election. 1t is this fact which caused the first
news Of the Cameron resolutions to have such
an important effect upon the prices of stocks.
Those resolutions afforded a fair test of the
constituencies of Wall street upon this ques-
ton; but they have also served as q test of
public opinion upon this subject, and with
very gratifying results. The presidents mes
sage also was such a test and is reception
proved that at least the sober class of citi-
Eens are in favor of a moderate and tentative
poIcy. Senator Cameron appealed directly to
the lingo element, and with results indirectly
no less satisfactory, though no doubt quite
disappointing to the honorable senator. With
remarkable unan1m1ty, pubIicists, the press
and public opinion have decided against Mr.
Cameron on all points in the case; that is
q as to the power Of congress to supersede
the presidents prerogative in cases of recog-
milton of national independence; (2) as to
whether the Cubans have yet won their
Independence; 90 as to the prudence and pro-
prlety or our 1nterpoSing in the conflict in its
present stage; and az to the chances of
Spain accepting our friendly Offices in the
face of our concurrently performing an ''un-
friendly act From the manifest tenor of
public opinion, it is very clear that the pub
lie, and especially the rejecting and RESPONSE
bic portion, are strongly opposed to any
necessary intrusion the situation. Indeed,
the comparative silence of the lingo agita-
tors is surprising, and contrasts strikingly
with the belligerent outburst evoked by our
dClIOn III the V 6n6Zu6Ia controversy, This
change of sentiment seems to indicate that
the discussion to which our international re-
latlons have been subjected within the last
twelve months has modified the passion for
an exhibition of our militant ability and pro-
duced a marked moderation of the extreme
Ideas OF foreign policy towards which a rash
and uniformed public opinion has lately
been carrying US. Congress has been quick to
perceive and quite ready to respect this new
moderation of public sentiment; for it now
appears likely that the senate may reject SEN
md hoir
ance by the house of representatives is very
generally conceded to be out of the question
This DEVELOPMENT of public opinion is most
fortunate for the interests Of business. For
apart from our escaping the chances Of be-
coming needlessly involved in a struggle with
Spain, the adoption of the Cameron resolu-
tlons by both houses of congress would pre-
clpltate a conflict with the president upon a
question OF constitutional prerogative of the
gravest character, and which could not have
Idiled 10 produce a violent upheaVal in do
mesuc politics. The specter of an intrusive
ana belligerent foreign policy which has
lately too oft made it's appearance in the
nails OF congress is now dismissed by the
voice OF the people, and with no small gain
70 the future of confidence There is really
little to choose between the danger of the pol
Icy of free coinage and the haunting possi-
bility OF becoming at any moment en-
broiled in foreign quarrels The frequent
expressions of the lingo spirit have created
a feeling of insecurity which has very ma
terially enlarged the larger movements Of
capital and produced distrust in countries
in whose confidence we are vitality interested
There now seems to be reason for believing
that political leaders have become convinced
that 1t is impossible to create attractive issues
out of international embroilments; and this
tact viii, more than anything else, clear the
way for the national recuperatiOn which set
in with the election of Mckinley. The exhi-
bition of this Wholesome drift OF public
opinion is perceived by Wall street, and the
strong feeling and rising prices in the stock
market for the latter half of the past week
are to be attributed to that fact.
The removal of the Cuban dangers has pro-
duced hopeful feeling as to the drift of the
Wall street markets after the opening of the
new year. In stocks there is a steady stream
Of buying, in anticipation of January opening
with a higher range of values and with a re-
newal of activity in the commercial mar
kets.
The course of the foreign exchanges contin-
ues to run in an extraordinary degree in our
favor. The movement, however is not at all
rejected in the rates of exchange; for the
reason that a large portion of the current sun
ply of export bills is again going into the
hands OF local buyers, instead OF being sent
forward to Europe in the usual course In
deed, London is now borrowing from New
York through drawing bills against credit
ana these transactions are understood To he
still quite important in amount. These credits
and the export bills held here make a total
or current credit to Europe now estimated AS
amounting to $40, 600 600 to $35 coo 0OO This re-
source may be expected to Offset the adverse
balance of foreign trade which usually ap-
pears III the nrSt quarter of the year and
thus are likely to escape any Important
exports Of gold during the next three months
1t IS needless TO say that this condition CT the
exchanges is conducive to the growth of con-
ndence in our financial markets, whilst to the
European centers it is not hopeful.
Henry Clews.