The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-05-24
DID SOME EFFECTIVE SELLING,
WHOLE FAIRLY
STRONG.
EASTERN WAR SCARE IS ovEI
Early and Peaceful Solution Expect
ed-Henry Clews' Weekly
Review.


review Of the financial situation Henry
Clews says:
Wal street still maintains a strong front.
though at times oscllating between opposite
influences During the first half Of the week
there was q sharp recovery Of tone and
pretty general advance in prices, which was
simply an expression OF the underlying
strength rather than the effect Of any special
causes. Later, combination OF influences
caused some selling Of certain stocks. with
which the market at large sympathized to the
extent Of stopping the advance and producing
some declines. Among these factors the
trail Railroad Of New Jersey, which has beli
come very sensitive point in the market
the impending official inquiry. into the
methods Of the coal companies; the defeat OF
nois Legislature. and the wild harangues in
the senate IN favor of Cuban belligerency.
In these influences the bears found material
enough for effective selling.
On the other hand, though London had been
out of the market, the new phase In the
Graeco- Turkish struggle has been construed
as q hopeful feature In the future Of the
market. Hosddties having been suspended
for seventeen days and time thereby gained
for the blood of both belligerents to cool down,
the chances hardly admit Of doubt that
point has been reached at which 1t is to the
interest Of the Turks to stop 1njuring the
Greeks, for in so far as they weaken Greece
they impair the chances Of collecting what
business operation, 1t is to the interest OF
Turkey to deprive Greece of no resource that
is needed to enable her to settle her indem-
nifty debt. The sultan has shown dispo-
sition to abate his first demands. He Ger
tainly will not be permitted to annex Thes-
sally. though he may be possibly allowed to
retain the suzerainty over Crete; and 1t is
not unlikely that he may consent to some
considerable reduction OF the indemnity. He
is not unaware what kind Of q dose Of internal
reform the powers are preparing to enforce
upon him when this fracas is settled, and he
may be prudent enough to put himself ON
good terms with his political masters in an
ticipatlon Of that very disagreeab3e and per-
haps threatening overhauling OF his brutal
methods Of governing. In brief. the real
dangers connected with the war may be safely
viewed as having passed their acute stage:
and the main question now is-what after the
war?
To my view, that is problem full Of
hopeful suggestion Assuming that the con-
cert of the six powers conducts this very SEN
Eastern question to q safe settlement. 1t will
then have afforded a demonstration Of it's
cohesion and Its power over international
eruptions, and that will not only justify its
course in the present crisis, but demonstrate
its value as a possible future agency for the
preservation of European peace. Its success
will prove the possibility Of what has been
regarded as an impossibility -the harmonious
cooperation Of the leading powers for the
settlement Of critical International disputes.
even concerning matters upon which their
interests differ or are actually conflicting.
This is largely new function in diplomacy.
and what has been accomplished in the
case Of this war shows how valuable q con-
cert Of this nature may become for the
future maintenance Of amicable international
relations. In this sense. the concert Of the
powers has introduced an important element
favorable to the creation OF permanent pohti-
cal confidence. More than this. It Is asgreat
gain for Quieting the disturbed state OF
Eupopean politics, that the six states directly
interested in the long dreaded Eastern ques-
ton should have thus been able to freely
discuss its Inducements and agree upon
occasion Of common quarrel So far as
known, nothing has appeared in the dis
cussions Of the concert to indicate that any
one Of the governments has any present
selfish designs relating to Turkish terri
tory. After twenty years. each spring Of
which has brought apprehension Of the out
break OF war on this very question, 1t is Of
inestimable value to have this assurance that
not one of the powers hints at any such
policy. This general hand-showing cannot
but contribute to a great recovery Of con-
1dence among the great foreign employers of
capital. and 1t seems safe to expect that
real revival Of enterprise will be one Of
the ultimate results Of the work Of the
powers.
Here business is kept more or less un-
settled by the persistent agitation IN the
senate Of the recognition of the independ-
ence Of the Cubans. 1t is to the last degree
unfortunate that the very branch Of congress
designed TO QOld IN check VIII pOpulAT VGS-
aries and dangerous outbursts Of popular pas
sion should itself become the chief source Of
such disturbances Of public confidence, and
yet today we witness in that body little else
than such perversions of It's pacific functions.
The attempt made by the senate to force
the government to intervene in Cuba is little
short IF wicked Its effect can only be to
still further unsettle confidence by raising
an issue involving the very delicate ques-
ton Of the respective rights Of the president
and the senate and for no better purpose than
to revel in a wild revolt against safe and
conservative methods Of government. The
bad effect of this legislation is not so much
in any expectation that the president will
permit himself to be forced into any abdica-
ton Of his executive rights. as that the
highest house Of legislation should have be-
come 80 utterly untrustworthy and danger
GUS.
The foreign exchanges show easier tone.
The extraordinary demand for bills, connect
ed with the large importations In anticipation
of the increase of tariff duties, has very
much abated and seems to have passed Its
climax and at the same time there Is an
Increase In the supply Of export bills. Ship
ments of gold, at present estimated at $. 20O.-
600 to 81, 500 900. have been arranged for.
destined for Germany and thence for Russia.
It looks, however, as If the outflow has passed
Its climax and may soon cease.