The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-07-19
REMARKABLE SHOWING Is SIRH
TO INDUCE RETURN OF CON-
FTDENCEt
GOLD RESERVE is CLIMBING.
GOOD CROPS IN SIGHT Also
FAVORABLE FEATURE OF
THE MARKET.
BULLS AND BEARS ARE QUIET.
Latter Afraid to Profit by the Nat
ural Advantage They Have in
the Strike.

NEW YORK, July 18.-In his weekly
review of the financial conditions
Henry Clews says:
mere has been some setback 10 the homes
90 g Calneo Two weeks ago Of the maintenance
Vi strong bull market through the snmnner
months. The realizing Of profits has I'm
IurIneF than was expected. and those who
wanted to lay in stocks Including onerotoro
buyinp IAN lance seem to be in no hurry about
Lying, put prefer to take their chances on
oiie posslDlllty OF quiet market between now
anu anu me end of the recreation season In
ehe ineantltne there are no new Conspicuous
vigorous upward start The tariff oras+joa
mas ceased to be live issue. and the COM
pcetlon OF the bill may De the occasion oi
striHe u ieallzlng as buying. The great coal
o oiine IS matter about which Wall street
cannot be indifferent, and were it NOT that tbe
professionals hesitate to take chancee ,nor
baTa h h risKs the bears" would probably
nave Deen Tree sellers upon this interruntion
an important branch Of industry with its
nurtIul bearings upon other branches Of
Iraue. Under these conditions the speculative
illdrket lacks interest for the moment hui
mas lost none of It's settled frmness and ali
Lhe INDICATIONS are favorable to a steady and
Wen sustained course Of prices through the
summer. 'Ue4 'Ne
From the symptoms of the moman+ II an.
pears likely that no further important meas
ures Will be undertaken In congress- The
PRESIDENT has again postponed the introduc-
ZION Oh his request for the appointment of a
currency commission, which in connection
with the delay of the conference discussion
on on the tarif, suggests a probability that
inc money question may be allowed to stand
over until December, and then be handled
directly by the administration without the
medlatlon OF an eXtraneous commission This
is the more probable because the secretary of
the treasury is preparing a measure of his
own and in doing so is consulting with rep
resentatives Of the Indianapolis convention.
Although the president has promised to bring
this question before this special session OF
n no 81
such action c!ashing with the tariff bill and
or the fact that the now late stage of the
season would leave only four months for
completing the extensive work of the COM
mission, public opinion would hold him ex-
cusable should he conclude that circum-
Stances justify him in refraining from pres
S ent action IN this matter; This is the more
likely because an influential public Sentiment
1nclines to the view that it is questionable
whether this question could really be best ap-
proached through an outside commission.
congressman will naturally feel that If their
action is to be formulated from outside their
own ranks its initiation should be undertaken
only by the administration under the guild
ance of the secretary Of the treasury II
may well be asked whether it is not a deli
cate invasion of the privileges and functions
OF the houses Of congress to ask them to
authorize a body of private citizens to de-
wise measure which they themselves have
been cOnstitutionally chosen to frame, and it
is hardly to be expected that such an in
trusion upon legislative functions would be
would conduce to the best possible result.
Congress may be expected to feel that if it
is to be held responsible for its action 1t
should be left free in shaping it's measures.
Mr.. Mckinley WILL we do not doubt, be sup
ported by public opinion if he should finally
act upon this view of the subject.
The contamination of arrangements for re-
constructing the entire mortgage debt of the
Chicago & Northwestern railroad upon
So per cent basis is another great step
towards placing our railroad finances upon
sounder and more economical footing. This
movement is but in its beginnings and is
destined to cover some thousands of mill
lions of mortgages before it reaches its con-
summation. Its ultimate effect upon junior
securities and upon preferred stocks and on
the better class of common shares is self
evident, and taken in connection with the
reduction in the prices of materials and ma
chinery used by the roads the change amounts
to a distinct elevation in the character and
safety of railroad investments at large. This
may be calculated upon as one Of the in
huenCes that will be steadily tributary
towards the restoration of railroad stocks
from their late extraordinary depression.
The extraordinary exports of this country
for the past fiscal year. amounting to over
81 GOO, COO and resulting in an excess over
imports eff 2S1,5CO,O0O makes a most graft
flying showing, and is in itself a strong in
centive for the growth of confidence in busi-
ness circles. The present United States treas
ury Balance. showing 1922, Goo 900, S142, S13 coo
of which is in gold, is also a most favorable
feature. Another favorable factor is that
there is not only promise of good crops. bat
also of high prices; so that we are now wit
Messing a strong stock market and also one
equally so for both grain and cotton, the
three markets being backed by confident buy
ing. This is an unusual circumstance and
one which Wall street has not for a long time
experienced. 1t foreshaGows also that the I'M
port of gold will soon start this way in
exchange for our products and securities.
Europe viii be sure to buy both in large
quantities very soon. Instead Of Argentina
India and Australia being exporters of wheat
as heretofore, and in consequence serious
competitors, they likely to import more
or less. The exports of wheat from this coun-
try from the last crop amounted to 147, 900 900
bushels, Appearances indicate that a much
larger quantity will be required from our
price for the product of this year and pros
perity to the farmer. 1t is an important fac
tor to note that the sections of the country
known as the silver-producing states have
now become gold producers on an important
scale, owing to the enterprise of the peop.e
having been turned to hunting for the yellow
metal in pace of the white because the de-
mand for the one is universal and the other
but limited.
1t is generally conceded that the advance
in American securities has been without any
material help from London. the transactions
from that quarter for some time past hav-
ing been purchases and sales for moderate
profits and quick turns This therefore
places us in a position of not being compelled
TO take back our securities from abroad at
high prices. Thsy are not now held in
large quantities in speculative hands on the
other side.
LONDON MARKETS..