The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-15
WALL STREET DULL
AN INACTIVITY WHICH DENOTES A
FIXED FEELING OF CON-
FIDENCE.
HOPEFUL TENDENCY SHOWN
FOR LESS POLITICAL AGITATTON
OF PURELY FINANCIAL
QUESTIONS.
Sure to Bring a Revival of Busin ess
to the IRON Industries-Signs
All Hopeful.

Special to the Globe.
NEW YORK. Feb. 14-In his weekly
review of the financial situation, Henry
C1ews says:
Affairs in Wall street seem to have fallen
into routine course, with special activ-
| ity and unusual causes of excitement
There is a fixed feeling of confidence I'M
DERIVING the market for securities which
keeps prices steady, but no enthusiastic out
side demand; and, at the moment, the spec
ulatiVe movement is largely limited to pro-
fessional operators. AS a rule, the feeling is
conservative. but in no sense timid. 1t is
conceded that broader basis for confidence
has been laid, and that the existing situa-
ton is exempt from any obvious reasons for
misgivings.
There are certain tendencies quietly and
gradually developing which, almost unob-
served, are producing a steady improvement
partly political, partly industrial and partly
financial. and therefore cover large area
OF interests. In all directions, among the
people and in congress, calner and more
moderate view of public affairs is being
| taken. The public appreciate that the larger
questions up for settlement are non
political in their nature and require treat
ment which excludes merely partisan cons.d-
erations. The mixing of influential citizens
OF noth parties IN measures OF reform is very
obviously having it's effect upon the organiza-
ton of the new admin s.ration, and is equally
ehcft1ng in congress the stateSmanly spirit
as distinguished from the political The dis
fulneSs to secure, in the selection of his cab
f1net men Of proved statesmanly ability and
moderation, and who are known to represent
the views OF the conservative element in pub
lie opinion. In congress, 1t appears in freer
spirit Of discussion and in the relaxation of
party restraints upon individual judgment.
This tendency is ia the highest degree hope
ful, as 1t promises the ascendency of states
manshlp over prejudice and mere populzing,
and because it shows that the country is re-
turning to patriotic sound sense.
In the industries there are signs of the
beginning of the breakup of a state of dead
lock in which many trades have been fast
held before and since the election and which
has materially checked the progress of re-
cuperation. These obstacles have been main
ly connected with important staples, whose
prestige has naturally affected sympathetical-
ly other branches of business and produced
| material interruption of trade at the begin
ming Of the spring season. In some cases.
these hindrances have been connected with
over-suplies Of certain products, in others
with the efforts of combines to enforce high
prices. The over-stocked condition of the
printing cloth factories has kept the dry goods
trade in complete suspense for weeks or even
months past for this being a staple article
which regulates the value of cotton goods at
been postponed lest break in this par
ticular class should derange the general
range of prices. For this reason, the purchase
of ,000 pieces Of printing cloths by the
American Printing company during this week
and also additional purchases of 2500 900 pieces,
with an advance in price has had a most
wholesome enect, Tor 1t not only determines
that the current prices of cotton goods are
fair and normal but lays basis upon which
business in this branch of trade can be safe
ly transacted. The cotton goods trade is
thus exempted froE: an embargo which has
caused much otherwise needless postpone
ment of business; and the consequent i'm
sympathetically to the wooden and worsted
trades well. Also. for the first time for
many months, the much depressed grocery
trade shows marked revival in it's leading
branches the demand from the interior
showing a special Improvement. These are
most encouraging symptoms.
Similar relief has come to the iron trade
also. Recently there was a collapse of the
combined attempt to maintain a price for
steel billets much above the views of the
buyers. This week, the important combine
which has held steel rails at $2S and then So
! prices SO much above the market to have
almost entirely suspended sales-has broken
! down under diSagreements, and sales have
| been made within the last three days. stated
at 800, 600 tons at from SIT to $40 per ton. This
/ is an important boon to the railroads; but
| the main encouragement to business which his
| fact conveys lies in its evidencing that there
| is a limit to the extent to which Industrial
combinations can hold the business of the
| country in restraint. IN Wall street this
moral is noted with special satisfaction and
has distinctly influenced the hopes of a gen.
| eral revival OF business,
The break in the price of steel rails to the
| lowest reached will inevitably lead TO
demand that will in all probability amount
| during the year to 1000, 900 additional tons
| lHdI WOuIu HOI OlHSTWlSe take pace, anu, us
at least 90 per cent of the present low price
Of steel rails will go to labor, it will necessar-
| lily give great stimulus to 1t. The good eff
| feet, therefore, of the movement in iron which
| this low price for rails must necessarily
cause together with the large sale Of print
cloths at Fall River cannot be overestimated.
After so prolonged depression in this coun-
| try-business having been reduced to hand
| to-mouth character-these special improve
ments cannot fail to lead to wholesale trans
actions in all other channels. This is the first
| step, after panic conditions, before a revival
of prosperity fairly starts in. History in
variabiy repeats itself. and the signs are not
| lacking that good times are now fairly on the
| way There remain but fourteen full working
| days between now and the 4th of March, when
| the cd regime will give away to the new. This
should afford sense Of great relief to ali
business men. considering the disastrous con-
d!dons Of the past which have been due
more to the domination of Washington over
| trade and commercial interests than to any
| Other cause.
! The tendencies toward recuperation in
| financial circles, though favorably affected
by the improving signs In certain trades. are
| at the nlement most influenced by the more
| friendly. disposition towards our securities