The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-05-17
1T MAKES THE CONDITIONS IN
SPECULATIVE MARKETS MUCH
BETTER.h
BUYERS ARE ExPEcTANT.
HOPEFUL SITUATION WHICH Is
CONFIRMED IN WALL STREET
DEALS. .
HENRY aEws' WEEKLY REVIEW.
Graeco-Turkish Situation More Fa-
vorable-Further Gold Ship
ments. -

menus
Special to the Globe.
NEW YORK, May 16.-In his weekly
review Of the financial situation Henry
Clews says:
Wall street still remains sluggish, though
with no abatement Of the general steadiness
of values. One Of the conspicuous features
of the stock market is Its ready response to
favorable influences, and its comparative in
sensibillty to such as are unfavorable. The
predominant underlying conviction appears to
be that the prevailing level of prices Is not
only a safe one, but below the real intrinsic
merits of securities considering existing con-
ditions and the prospects fairly deducible
from the general situation of affairs But as
this view counts more upon things antici-
pated than upon existing conditions favor
able occurrences do not lead to any really
active and sustained upward movement. In
brief, it Is largely an expectant market, and
! in that sense not yet sufficiently developed
to induce active operations.
This hopeful tone has been confirmed by
; steady and really important improvement in
the condition Of the cereal crops during the
| last week or ten days. The government week.
ly crop report states THAI crop conditions in
the Upper Mississippi and Missouri valleys,
for the week ending May 10, have been the
best of the season and really excellent for
farming operations and the growth Of crops.
Under the favorable weather conditions pre-
yailing in the principal corn states, corn
| planting has been pushed rapidly during the
week. Planting Is now IN progress as far
north as Southern New England, Michigan
and South Dakota, and will begin this week
in Minnesota. In the Middle Atlantic States
and to the southwark of the Ohio and Missouri
rivers, planting is generally nearly COM
pleted Winter wheat continues promising in
the Middle Atlantic States and in Kentucky
and Tennessee reports from the two last
named states being exceptionally favorable.
Further Improvement is also indicated from
the Is remarked
doing we'll in illinois, Missouri and portions OF
Kansas. In Oregon and Washington the out
look is very promising, but in California the
crop has been greatly injured by hot winds
Spring wheat seeding is practically completed.
Minnesota and North Dakota having about
finished during the week. Over the central
and southern portions Oh the spring wnea1
region the early sown has a good start and
is growing we'll. Private reports OF later
date from some Of the Western centers are
still more sanguine. THESE accounts suggest
the possibility of a better spring wheat har-
vest than has been hitherto expected though
they do not suffice to offset the probabilities
of short general crop, owing to irremedia-
Bile injury to the winter wheat. All the in
formation from foreign markets points to the
probability of a short worlds crop Of wheat.
European buyers are showing a disposition to
discount that prospect by making aia contracts t
far been too low to admit of transactions
The probability, however, seems to be that
upon such surplus Of cereals as we may have
realize relatively high prices.
London movements have favored this mar
ket during the week. That center has still
taken hopeful view OF the outcome OF the
Graeco-Turkish war; and the reduction of
the Bank of Eng rate OF discount to
per cent is construed as implying settled
conviction in the highest financial circles that
upon one basis or another, peace between
the belligerents is sure to be reached The
London situation has thus favored specula-
tive operations and New York sales OF stocks aos
ko hot pHof 1ou ~ QhoI
shares for the week. These transactions have
supplied from $1,250.000 to 81, 500, 900 Of 4ex-
change, which is to be presumed has SO Tar
limited the amount OF gold which otherwise
would have been exported. At the hour; OF
writing the gold shipments Of the week are
expected to aggregate about s., 0O0, 600. At
the current rates Of exchange gold can be
shipped to the continent at moderate profit,
and as the supply of produce bills Is not large
there is no visible prospect of an immediate
cessation of the outflow. In estimating the
Importance of this movement, however, 1t is
to be kept in mind that the current remit
tances are due chiefly, II not entirely, to
quick payments for the extraordinary 1mpor-
tations being made in anticipation of an adj
vance in tariff duties; the effect OF which will
be to correspondingly diminish remittances
which, in the ordinary course, would nave oc-
Cured some months later
Another significant transaction has been
contaminated indicating the tendency towards
permanent reduction In the rate OF interest
upon investments The Illinois Central Hall
I
| 600, 600 of 3k per cent first mortgage bonds
| to take up issues Of the former Chesapeake
| & Ohio Southwestern and the st. Louis &
Terre Haute railroads, now incorporated IN
| the Illinois Central system, the superseded
| bonds having borne interest ranging prin-
| cipally from to per cent. This, added to
| the many times larger conversions recently
! arranged for by other railroads, shows the
| willingness of capital to invest In large
| amounts at 3@3k per cent At the same
time, it leaves no doubt Of the possibility Of
other roads in good credtt largely reou ecu nl
their mortgage charges with consequent adj
| vantage to the stock holding Interest. Inc,
| effect Is to place dividend paying shares IN
much better position as to value, especiaaly
/ In the case Of companies which have erected
these reductions Of interest; for decline IN
the rate of interest means a relative rise In
(! the market value Of principal. One OF tine
first effects Of these conversions has been to
turn the attention of investors to nun g pal
! securities, which appear to be esteemed as
/ next In security and desirableness % ine
! railroad mortgage large amount OF .nat
! class Of issues is forthcoming, Tut there y
limit to the supply, and when that IS reached,
railroad shares will have their turn.
| The new phase of affairs in Eastern Europe
| is encouraging to the hope OF an early re-
moval Of that source Of disturbance from for
I eign politics. 1t Is not impossible tnat me
settlement between Turkey and Greece may
! temporarily hang fire. For. while Greece
| is ready enough to accept almost any erms
! that will s-save her army from amin lation,
| Turkey may be expected to seize all the aa-
! yantages she can procure from ner Victory,
/ and hence may arise some anxious hagRs ng
between her and the powers With mpa-
| thence Of restraint among the Turkish army
| on the one side, and a danger of revolution
among the Greeks on the other side; TINS
sort Of suspense cannot be long endured,
and the result is likely to be that the powers
will feel themselves constrained to grant con-
! cessions to Turkey from which the WORDS
| public opinion will loudly dissent turkey
! is willing to suspend actual operations SO as
| to allow an opportunity for pacific negotia-
! lions, the occurrence of the Feast OF Balram,
which lasts from the 18th to the 18th OF May,
| will come IN very opportunely. In any event,
the settlement is only a question of terms, and
with one side submissive and the other un.
| der strong repression from the powers, 1t
seems in the last degree improbable that nat
| there should be failure to reach an carry
peace The only disturbing factor in sight
is the revival of the Cuban question now
under discussion in the United States senate:
| This is calculated to cause some. selling OF
long stocks and a lower range OF prices IN
consequence
WHEAT TOO NERVOUS.