The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-08-02
PECTED AS A RESULT OF CON-
GREssIONA4 ACTION.
LONDON ALSO A.. SELLER.
DISAPPOINTED TINT EMO ACTION
WAS TAKEN ON THE CUR
RENCY QUESTION,
y ri f.
SPECTATORS ARE BEARISH
Evident Movementes TO, Manipulate
the MarI<et-Reactiona and High
err Prices Expected.
Special to the Globe.

NEW YORK, Aug. lin his weekly
report of the condition of the financial
market Henry Clews says:
The tariff bill has become law, congress
has dispersed and many important operators
have responded by week OF realizing. To
the initiated this result was not unexpected.
They had discounted both events in advance
and the moment of contamination was for
them the time for selling. The consequence
has been that, during the past week, a
large amount of stocks have changed from
large speculative holders to investment buy
ers' hands. London also has been seller,
for reasons which here mad not been ex,
many limitations that the London exchange
and British investors attach more Importance
than ourselves tc currency legislation an
element affecting the value of our securities.
and because the senate deferred immediate
action on the presidents request for author
ity to appoint currency commission, main. y
because the members were anxious to go
home for their summer vacation, London has
thrown a considerable amount of stocks upon
this market, as evidence of disappoint-
lnent in reference thereto.
MANY of those who have sold out during
the last few days may be expected to appear
as an element in the bear contingent until
they are able to get back their stocks at a
lower. range of prices. For brief period
market with some irregularity in prices;
which, though it may be unwelcome to san
guine operators, will act as wholesome test
the moment, there are influences calculated to
encourage those who are DESTROYS of buying
at a concession in prices. The effect of the
adverse turn in the weather upon harvest
prospects and on the corn and cotton crops
naturally produces some hesitation, the more
so because the outs find 1t to their interest
to exaggeratc the Importance of those ad-
verse conditions. Under all the circum-
stances, therefore the influences of the mo-
ment seem to incline towards temporary
halt in the upward movement of prices,
This however, is to be regarded as only a
passing cloud. All the conditions that have
been for several weeks contributing towards
a permanent rise in prices are still in full
force and must inevitably re-aSsert themselves
after this brief halt. AS to crop prospects,
two things become more certain the sea-
son develops; first, that our wheat crop Is
likely to prove one of the largest ever raised
and next that the foreign deficiencies of
wheat supply are extraordinarily important.
These factors now seem to be established be-
yond any possibility of change by later re-
ports. The prospects as to corn are less de-
veloped than those relating to wheat At
the moment either large crop or deficient
one may be considered possible; but there is
a hopeful probability that the present dis
turbed atmospheric conditions may be fol-
lowed by run of weather favorable to the
maturing of the crop.
These agricultural conditions mean in the
first pace, a large increase in the earnings
of the railroads, which may be expected to
appear from this time forward. In the next
place we may reasonably expect an unprece-
dented export of agricultural products, the
increase applying to values as well as to
quantity. The relatively high price of wheat
together with the extraordinary volume OF
surplus home supply will have very. impor-
tant bearing upon the current of our foreign
trade. To this also must be added the export
of an immense cotton crop. The outward
movement in these two great staples gives
certainty of a year of extraordinary exports
On the other hand, it is to be taken into &C
count that the imports promise to be rela-
tive.y light. How far the advance in duties
under the new tariff, will exclude foreign
goods remains to be proved; 1T cannot fail tC
have some appreciate influence in that direc-
ton. But it is already an accomplished fact
that fully $100, 100000 worth of merchandise
has been imported in advance of the wants
of the next twelve months and what is OF
special Importance in this connection is the
fact that a large portion of those imports
have been already paid for, so that their eff
feet upon the foreign exchanges is thing OF
the past. 1t is, plain that these conditions
lay the basis for an extraordinary foreign
trade balance in our favor during the crop
year upon which have entered. The
probabilities thus point to an unusually i'm
portant import of god. And although we
may not be in any real need of an increase in
our stock of the metal, yet its possession
will have very valuable effects. 1t will give
us a continuous ease in the money market
by replenishing the reserves of the banks
and, should the banks be disposed to volun-
tarily transfer portion of Their gold to the
treasury, it will also strengthen the metallic
reserves of the government In any event
pending the earnest attention that is being
directed towards the condition of our curren-
cy system It can only have a highly beneficial
effect, both at home and abroad, to see the
nations geld stock rising towards the fore
NEST rank in the world and that by purely
normal process. All this inevitably means q
restoration of confidence, commercial and
financial, that will carry us into condition
of great national prosperity. What this
means for our various forms of corporate in
vestment hardly needs to be said. Nothing
can prevent such conditions from producing
an advance in securities surprising anything
that Wall street, in its still conservative
mood is as yet calculating upon.