The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1897-03-26
GOOD REASONS
FOR BETTER TINES
Wall Street Does Not Believe the
PoWers kiIl Permit Var In Crete.
THE PRACTICAL LEGISLATION
Started BY the New Congress- mas Inspired
Confidence Of the BBsiaessmes Of
the cosntfy.
THE PRACTICAL LEGISLATION

New York. March 20.--lSpecial 10 the
Astorian. THE market for securities
shows broadening and more active
tendency compared with the conditions
noted In these advices Of last week.
The movement Is freer. and the under
tone more confident The feeling has
been strengthened through a consider
able amount Of stocks being taken
out of the market. supposed by a
leading railroad capitalist. which Is ie-
garded as a favorable indication OF
the prospects Of that class OF invest
ments. Another strengthening influence
has been the treasury report on for
eign commerce. which shows an excess
Of exports over imports for February.
amounting TO s2I.5OO.0Oo Although this
creditor balance Is considerably below
the extraordinary monthly balances in
our favor during the last half Of the
year. yet It Is much more than sufices
10 set on the debtor balances aecruing
outside the merchandise movement.and
makes a still further addition 10 the
fund standing to our credit in other
countries. Bills on Europe are still
known TO be held here to the amunot
OF $50, 100000. mostly representing re-
newals connected with export bills
bought BY local bankers several weeks
ago: what may be the amount Of un-
known holdings OF the same character
II is impossible to Judge. These assets
viii 60 far towards onsetting any In
crease OF imports arising from the
prospective addition 10 customs duties.
and to thai extent the effect win be
10 defer exports OF gold from this
center which seem to be anticipated
as mediate at London and Paris AN
exaggerated. contraction has been put
upon two small shipments OF gold TO
Paris. which were made for some spe-
cial purpose and could not have been
done from ordinary exchange colsid-
eratlons except at a loss.
The only thing connected with the
foreign exchanges calculated 10 su ;gest
any misgivings is the possibility that
the political complications in Europe
may cause some OF our securities 10
be sent home. II Is true thar Amer
lean stocks and bonds have wlthstood
the shocks Of those complications In
London better than other securities
dealt in there; but London is at pres
ent much more sensitive than New
York, and prices yield less readily
here than there, so that London real
izations on this market are not fire.
quent. In this way We have taken
from London stocks amounting proba-
bly, to fully s2.5OOO00 during the past
week. A few doses of that sort, how
ever, is likely TO put us more on the
alert.
SO long as such a situation as now
exists in Europe Is pending. II is i'm
possible to suppress questionings as to
what would result here in event Of
failure OF the united powers 10 main
tain peace However improbable such
failure may seem. yet the bare possi-
hility OF it involves such serious con-
tingencies-frst to Europe and next to
us-that prudent people will naturally
discount the chances OF the worst hap
pening: and this fact tends to mod
crate speculative operations and to
restrain the rising tendency for which
this market stands, in other respects,
we'll prepared. These factors. however.
hold the bull spirit in check only
very partially How long this element
OF suspense may be continued 1t is
not easy to Judge; but at the moment
there is nothing to suggest any proba-
bility that the political complications
win fail Of reasonably early peaceful
adjustment.
One Of the most assuring features
OF the international complications is
that. at least to the eyes of ordinary
observers. there has been nothing to
suggest any suspicion of bad faith
between the powers. Naturally, there
has been a suspicion that some OF
the governments. Russia especially.
might turn the occasion to their ac-
count for purposes incompatible with
the interests OF the other parties to
the concert. That suspicion rests upon
such radical grounds that II will hard
ly be dispelled until a harmonious
peace is finally established. and abso-
lutte confidence is. therefore. at pres
ent not attainable 1t is TO be con-
sidered. however, that none Of the pow
ers not even Russia, is now in con
dition favorable to the realization OF
any ambitions seriously involving the
relations between the European powers.
All are more concerned with interests
In Asia and Africa than with any
redistribution Of the map of south
eastern Europe. 1t is to the interest
Of all parties that Turkish. Balkan and
Grecian questions should, for the pres
ent at least, be patched up and left
over for more radical treatment al
some more convenient season. This
is the great saving factor in the sit
uation. and 1t strongly suggests a
probability that the powers win pull
together and use whatever force may
prove necessary to settle the position