The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-03-22
IN WIDENING CIRCLES
WAVES OF BUSINESS ACTIVITY ARE
SPREADING IN ALL DIREC-
TIONS.
MORE CONFIDENCE is FELT.
EXCESS OF EXPORTS OVER I'M
PORTS CONTINUES IN OCEAN
COMMERCE.,
MORE CONFIDENCE is FELT.
FOREIGN SITUATION CRITICAL
This Fact Holds the Bull Movement
in Check-Henry CIeWs'
Review.

NEW YORK, March 21.-In his week
1y review of the financial situation,
Henry Clews says:
The market for securities shows broaden
ing and more active tendency compared with
the conditions noted in these advices OF last
week. The movement is freer, and the I'M
dertone more confident. The feeling has
been strengthened through a considerable
amount of stocks being taken out of the mar
ket supposed by a leading railroad capitalist,
which is regarded a favorable indication
of the prospects Of that class Of investments.
Another strengthening influence has been the
treasury aport foreign commerce, which
Shows an EXCESS Of exports over imports for
February amounting TO $24. 800 000. Although
tbs creditor balance is considerably below
the extraordinary monthly balances in
favor during the last half year, yet it much
more than Sut1ces to set off the debtor bal
ances accruing outside the merchandise move
ment, and makes a still further addition to
the fund standing to credit in other
countries. Bills on Europe are still known
to be held here to the amount of $40, 600,
mostly representing renewals connected with
export bills bought by local bankers several
weeks ago; what may be the amount OF I'M
known holdings of the same character it is
impossible to judge. These assets will go
far towards offsetting any increase of imports
arising from the prospective addition to Gus
toms duties; and, to that extent the effect
will be to defer exports of gold from this
mediate at London and Paris An exagger-
ated construction has been put upon two
small shipments of gold to Paris, which
were made for some special purpose and
could not have been done from ordinary eX-
change considerations except at a loss.
The only thing connected with the foreign
givings is the possibility that the political
complications in Europe may cause some of
our securities to be sent home. 1t is true
that American stocks and bonds have with
stood the shocks of those complications in
London better than other securities dealt in
there; but London is ar present much more
SENSITIVE IMAM New York and prices yield
less readily here than there so that London
TeallzatiOns on this market not infrequent.
In this way we have taken from London
stocks amounting to probably fully 81 800 900
during the past week. few doses of that
sort, however, are likely to put us more
the alert.
So long as such a situation as now exists
in Europe is impending, it is impossible to
suppress questionings to what would re-
suit here in the event of failure of the united
powers to maintain peace However improb-
able such failure may seem, yet the bare
possibility of it involves such serious con-
tingencies-hrst to Europe and next to us
that prudent people will naturally discount
the chances of the worst happening, and
this fact tends to moderate speculative oper-
atoms and to restrain the rising tendency
for which this market stands, in other re-
spects, well prepared. These factors, how
ever, hold the 'bull'' spirit in check only
very partially. How long this element of
suspense may be continued it is not easy to
judge, but at the moment there is nothing
10 suggest any probability that the political
complications will fail Of a reasonably early
peaceful adjustment.
One of the most assuring features of the
International complications is that at least to
the eyes of ordinary observers, there has
been nothing to suggest any suspicion of bad
faith between the powers. Naturally, there
has been a suspicion that some of the gov
ernments PRUSSIA specially might turn the
occasion to their account for purposes incom-
patible with the interests of the other parties
to the concert That suspicion rests upon
such radical grounds that it will hardly be
diSpelled until a harmonious peace is finally
established; and absolute confidence is there
fore, at present not attanabe. 1t is 10 be
considered, however, that none of the powers,
not even Russia, is now in a condition favor
able to the realization of any ambitions Sc
riously involving the relations between the
European powers. All are more concerned
with interests in Asia and Africa than with
any redistribution of the map of Southeastern
Europe. 1t is to the interest of all parties
that Turkish, Balkan and Grecian questions
should, for the present at least be patched
up and left over for more radical treatment
at some more convenient season. This is the
great saving factor in the situation, and it
strongly suggests probability that the pow
ers will pull together and use what force may
prove necessary to settle the position of Crete
and prevent Greece from precipitating war
with Turkey and the Balkan states from join
Ing in the melee.
This seems about the view entertained by
Intelligent observers in Wall street. and Lon
den and Paris appear to regard this as the
direction in which the probabilities preponder-
ate. Upon this basis. operators here show
disposition to follow the strong drift of the
market towards higher prices. Since Wednes-
day much more buOyant feeling has de-
Veloped. There is a system in operation
which seems to suggest a cooperative effort
10 give the market a general lift throughout
the list. One stock after another is taken up
In an apparently preCOncerted order. Large
purchases by the Vanderbilt following appear
to have given the to the market; and the
readiness with which that lead is followed
by others indicates that the rising tendency
which set in during the latter half of the
week is something more than a monetary
squirt. 1t receives more support than ap-
pears on the surface from the opening Of
congress. The special session conveys the
feeling that the new administration has taken
hold of practical legislation with will and
IS in earnest to remedy the evil conditions
from which the country has been so long
suffering There is something inspiring
in the assurances thus conveyed that there
will be a speedy end to deficiencies of reve-
nue. and to the embarraSsments of the treas
ury. The new tariff legislation, though ellie
Ting sharp differences of opinion at the outset
inspires confidence in mercantile circles by
the promise that the outcome will be a revival
of our industries under the policy that up 10
1893, had made the country thriving and pros
porous. The result of all this is to dispel the
diScouraging consciousness of being sur
rounded by abnormal conditions and dubious
policies. and to produce the feeling of set
tledneSs which encourages the steady pur-
suit of business. All this is wholesome and
conducive to confidence, and the past week
has given US a foretaste of the better times
to fail to respond to these new conditions.