The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-03-01
AS TO THE POLICY OF NEW
ADMINISTRATION,
TARIFF AND SILVER TALK
TEND TO UNSETTLE THE MARKET
ANXIETY REGARDING CUR
RENCY REFORM.
CUBAN SCARE A BIG FACTOR.
Cretan Question, However,, Has
Ceased to Have Influence at
Home or Abroad.
Special to the Globe.
NTDuV -An-

Special to the Globe.
NEW YORK, Feb. 2S.-In his weekly
review of the financial situation Henry
Clews says:
During the past week Wall street has
recovery of tone and prices, despite certain
influences which just now are tending to
produce hesitation in some quarters. 1t may
be we'll to cite those influences and estimate
them at their proper value.
Most conspicuous among them is the
change OF administration which takes effect
next week. Connected with this the public
generally anticipate a stimulus to our indus
tries from new tariff; an increase of ma
uonaI revenue, and some modification of our
currency system. In the two first factors
only encouragement to confidence is to be
found, at least for the classes whose opera
ton largely determine the tone and volume
OF business. Upon the prospects of currency
reform, it is not possible, at this moment
TO speak with equal defniteness. After the
new presidents inauguration we may better
judge as to what will be the attitude of the
administration upon this important question;
and Mr.. McKnleyS declaration may have
controlling influence in determining the flu
ture action of congress upon this question.
But, looking only to the disposition of con-
gress as it exists at this moment it is not
easy to forecast what, upon the whole is
likely to be its attitude. In the house there
is much difference of opinion, a desire to
eVade the question as far as possible and
no definite line of action upon which we
might reasonably expect the many minded
representatives to form a majority. The SEN
ate is at SKIES and-sevens; it lacks leaders
of conservative force; its large silver ele-
ment is as hostile to any form of sound
money policy as ever, and there is little hope
OF getting its sanction to any scheme of cur
rency unless it promises a large imitation of
the paper currency, which some senators
might reluctantly accept in lieu of more sill
yer. Some Importance, however should be
attached to the still growing resolution of
the business community that this issue shall
be brought to a wholesome conclusion with
the least possible delay. This sentiment is
taking the shape of national organization
under the lead of men of ability and force;
and it is more than possible that, when they
bring their demands to bear directly upon
congress, that body may be stirred to action
however, is to be regarded as only question
of time. 1t is backed by the intelligent
opinion of the country, and that opinion al
ways, in the long run, prevails. If it should
fail OF settlement during the next session Of
congress it will succeed two years later with
a senate more faithfully representing public
said, very generally feels assured on this
point; and, If provision be made for protect
ing the treasury against further drains of
gold, it will find nothing in the currency
question to disturb its eQuanimity.
Perhaps, however, some qualification should
be made at this point Senator Wolcott's
movements are shrouded in mystery. If it
should turn out that he is but the forerunner
OF an influential effort to bring about new
conference for establishing international BIZ
metallism, such movement might prove dis
turbing to confidence Although there can be
no doubt that such a conference would be
as futile those of the past, owing to En-
glands refusal to depart from the gold basis
yet the agitation would revive the silver
question from the quietus it received last
November, with more or less renewal of its
attendant distrusts, both at home and in
Europe. Upon this question, however we
may hope to receive some enlightenment
when President Mckinley formally reveals
his policies.
The Cuban question still continues to ex-
cite occasional scares. Between the excited
harangues of senators and representatives
the sensational stories of the press the
canards Matched at Key West and the refrac-
tory ambitions of our representative at Ha-
vana, the government finds it no easy mat
ter to escape embroilments with Spain. This
is the most sensitive spot in Wall street.
and, considering the mass of inflammable
material that surrounds the situation in
Cuba, 1t is not strange that there should be
a constant half-eXpectancy of trouble For
this reason the change of administration is
awaited with great interest If not anxiety.
Meantime, this uneasiness is fostered by the
continued inability of the Spanish commander
to make any decisive impression upon the re-
bellion.
The political excitements in Europe have
almost ceased to be regarded a serious
cement in financial confidence Since it be-
came apparent that the powers are unani-
mously more concerned to preserve the
threatend peace of Europe than to take sides
as between Turks and Greeks, or to defend
any particular treaty rights or any national
Liberties, 1t has been apparent that this East
ern question has been deprived of it's most
serious dangers. Indeed, in a certain sense
the whole affair has tended to establish con-
f1dence in European politics: for it has dem
onstrated that the supreme desire and policy
OF all the great powers is peace, and that
they are prepared to ho.d selfish ambitions
in allegiance in order to avoid conflict. This
is a large and invaluable assurance; and its
effect has been to almost entirely dispel ap-
prehenSiOn from European bourses while
Wall street has ceased to regard this East
ern question one seriously affecting f1nan-
cial confidence.
AS London's interest in our securities has
revived. the course of the money market
there deserves attention. At present the
rate Of interest in the open market is y
25th the Bank of England gained 81 800, 600
in gold. 1t may, therefore, be presumed that
affairs are in shape for meeting comfort
ably the considerable amount of export bills
he'd here and which will mature next week.
About the same time, however, an important
sum Of bills bought by Paris in London be-
comes payable, if the loans are not renewed:
besides, Japan is quietly Withdrawing gold
from the bank. The gold received during last
week by the bank came from collections of
be soon redistributed throughout the coun-
try. 1t thus seems possible that the Lon
don money market may show a hardening
tendency by the middle Of next month espe-
cially should the settlements for the EXPORT
bills he'd here cause shipments of gold to
New York. Such a change, however would
probably be only transient as a fall of ex-
change here and higher rate of interest at
London would be apt to cause a renewal
of purchases of bills of exchange at this cen
curities with Europe are Light, and the pur-