The Saint Paul globe., 1897-04-19
MOVES On AND UP
MARhET STEADILY WORKING To-
WARD MORE HOPEFUL
CONDITIONS.
CHANGE IS REMARKABLE.
PUBLIC LITTLE APPREC,raTEss ,rI1n
IMPROVEMENT OVER SIX
MONTHS AGO.
WAR TALK HAS LITTLE EFFECT.
Financiers Confident T,r,ps No Co..
eral European Struggle viii
Follow.

ly report of the financial situation
Henry Clews says:
Owing to the interruption Of the Good Fri
day holiday, the past week has been broken
one in Wall street affairs. Two non-business
days have caused some postponement of buy-
ing operations and encouraged selling by the
pears but the stock market has notwith-
standing shown healthy tone and a somewhat
nrmer tendency in prices.
Upon the whole the investment market ia
steadily working towards more settled and
hopeful conditions. So far as respects factors
which affect financial confidence the change
within the last few months has been much
greater than is generally understood or cred
tied: Up to last November, the most intense
anxiety prevailed as to the outcome OF the
silver question in the election. The result OF
the national vote was to veto free coinage and
provide an interval of four years from fur
ther exposure of that danger and for devisiug
means for the final adjustment of the money
question upon a sound and wholesome basis.
Ihis week, the president has appointed a com-
mission to make proposals to the European
governments with a view to reaching a set
tiement Of this disturbing element through
the creation Of a system of international BIZ
metallism. At present, it would be premature
TO say what are the chances for bringing
about another convention, or of such con-
Ventlon agreeing upon plan of international
cooperation; but even should neither be ae-
comphShed, the effect will be a large contri-
button towards a final disposal of our own
silver question; for the failure would deprive
tne silver party of its most conservative and
influential element the intelligent bimetal-
lists; and composed Of free coinage advocates
pure and simple, that faction would stand
more than ever diScredited before the coun-
try and deprived of a very essential element
OF political support In this respect therefore,
the financial situation has, within the last
few months, entered upon a much more hope
ful phase
In the broader monetary questionable re-
construction of our paper money systematic
drift Is towards a careful and thorough con-
sideration of the whole problem. The action
of the executive and Of congress in this mat
ter may not have been prompt or so def
mite as to satisfy the more Jealous reformers:
but there is nothing to suggest any serious
misgivings as to the readiness of the adminis-
tration to bring this question to the front SO
soon as matters deemed more Immediately i'm
portant have been disposed Of Whether the
question may be approached through the ap-
pointment of a commission Of experts or di-
rectly by the Independent action of congress,
IS comparatively immaterial. IL the reform
Is to be initiated through a commission there
must be delay OF several months in reaching
congressional action; and, even them con-
greSS might be expected to follow the rec
concentrations of the commission only so far
as Its proposals might agree with their exist
ing preconcepttons. But, in any case the
taking up of this question for legislation Il
probably only a matter OF few months The
administration and congress fully comprehend
the supreme Importance which the best public
opinion OF the country attaches to this issue
and undue postponement or superficial treat
ment of 1t is simply inconceivable partisan
standing. Here, again, IS a most valuable
gain in the financial situation, as compared
with the chaotic conditions existing five
foreign credit.
A similar improvement is to be noted in
such aspects of foreign affairs as have
bearing upon investments. Affairs in
Cuba have ceased to attract attention on the
stock exchange, and the fact that the admin
1stration has decided upon a policy of non
intervention has removed the feverish appre-
hbQElOn he has
street in state Of tension. So with respect
to the unsettled feeling that has existed in
connection with the possibility that Euro
pean conflict might grow out of the hostile
relations between Turkey and Greece. Those
complications are now entering upon a new
ana 1t may be hoped, less critical phase
80 long as the powers were occupied with
compulsions intended to avert violence which
might run into the most serious compIica-
tlons, there was an indefinite danger which
produced caution in every direction. Now
that a war between Turkey and Greece seems
quite possible, Russia, speaking presumably
Tor the powers at large, declares that in
case OF such war, the concert Of the powers
VIII cease its present active Intervention
and simply wait for results with the fixed
purpose of preventing either of the belig-
erents which may be responsible for starting
the struggle from receiving any advantages
trCm victory. This threat is likely to keep
Doth Turkey and Greece careful about in
ltiat1ng hostilities and will afford an oppor-
tunlty Tor the two countries to settle their
disputes peacefully. The result is that in
spite of the belligerent news that comes from
the camps OF the opposed armies, the Opin-
ion is gaining ground in the highest banking
circles Of Europe-than which there is no
better source Of knowledge-that these dan
gerous complications will find a settlement
without widespread war. This is an i'm
portant gain upon the disturbing political
situation that has existed for many weeks
past.
The foregoing factors show most impor
tant amelioration of set of conditions which
have been holding financial interests in para
lying suspense for some months past. So
lar as these conditions have been domestic
relating for instance to silver and currency
reform-these ameliorations have had a. di-
rect tendency to elevate our credit abroad:
but that result has failed to affect the
European demand for our securities because
all the foreign bourses have been alarmed
by the events In Eastern Europe. The remov-
al OF this latter cause Of disturbance would
therefore be calculated to bring about q re-
viyal Of our exports Of securities Taking a
broad view Of the outlook there is thus rea
son to hope that the conditions influencing
financial operations are entering upon more
normal and hopeful phase. After such a
long run Of severe experiences as we have
passed through, pesSimiStic habit of feeling
becomes established which prevents the an
preach Of better conditions from being dis
tinctly foreseen or fully appreciated; and.
for that reason, the situation of today and
the tendencies reaching into the future are
far from being credited with all the promise
that lies in them. For my own part, l have
every confidence that we are now squarely
on the way towards a solid recovery and a
great revival in all our national interests
The ease in money, the abundance of our
stock Of gold, the rising drift of credit, and
the gradual recovery in the commercial mar
kets are working together to give effect to
the hopeful influences above cited.