The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-05-10
HARDLY AN ELEMENT IN THE
FEATURES OFlTHE WEEK IN
WALL STREET.
DEATH OF TREATY Regretted.
GENERAL OPINION THAT THE SEN
ATE HAS DIs0BEYED THE
NATION'S WISHES.
CROPS BEGIN TO- BE A FACTOR
Reports Show the Season to be
Somewhat Backward-Henry
Clews' Review.
Special to the Globe.

Special to the Globe.
NEW YORK, May 9.-In his weekly
review of the financial situation Henry
Clews says:
During the past week Wall street has re-
tanned the features OF steady quiet apparent
for some time past There have been no
events of sufficient momentum to change the
current of affairs and the interest has CEN
tered almost entirely in a few specialties.
The reporting of the tariff bill by the senate
finance committee had good effect on feel
ing in the stock exchange, as indicating the
removed of obstacles to expediting the enact
ment of the measure and thereby aiding the
recovery of business in Industrial circles.
The change in the duties on sugar produced.
a sharp advance in the stock of Sugar Re-
filming company, which, however was followed
by quick reaction.
Wall street was disappointed at the SEN
ate's rejection of the Ang.o-American arbitra-
ton treaty. The result had been very gener-
ally expected, and the event, therefore, had
no effect upon prices; 1t was, nevertheless,
deeply regretted as the loss Of an opportunity
for cementing friendly relations between
the two countries and for encouraging
more unreserved confidence in American en-
terprise among the investing community of
Great Britain. In this point of view the re-
lection of the treaty is the more unfortunate
because it is likely to be construed as re-
fleeing an unfriendly attitude the part of
this country towards England; which at least
is not calculated to encourage commercial and
tons. Considering that England holds prob
ably $1,50O, 900 of our securities and takes
Yearly one-half Of our exports of merchan-
disc, this rejection OF treaty OF am1ty cannot
be regarded, from a business standpoint, as
anything short of a grave public misfortune,
the effects of which may be hereafter felt in
many unseen ways. AT the same time, 1t
would be wrong to the American people to
assume that as nation we sympathize with
this perverse decision. The senate has, for
its own reasons, taken the responsibility OF
defying the best opinion OF the country; and.
under a variety of sham pretenses, it has
shown that it is out of harmony with the hu-
name and friendly civilization Of the republic
and fails to comprehend its international in
terests.
the favorable character of the annual report
of the Lake Shore which showed net earn
ings, after deducting fixed charges, amounting
to 6 II per cent The March statement of the
Pennsylvania also was, all things considered,
regarded as a good one. The weak point of
the market has centered in the Gould group,
which has suffered in sympathy with the I'M
satisfactory position of Missouri Paclnc.
The Graeco-TurkiSh war has scarcely been
an appreciable element in the market for Sc
curities. There is still a general feeling OF
assurance that the powers retain control OF
the situation, and are only awaiting favor.
able opportunity for exercising it. Both OF
the beligerents should now regard the pres
ent situation as desirable one for conclud-
ing peace Greece may however, desire
further opportunity Tor rGGceIutilS lSl lUSS VI
military prestige and reconquering the ter
ritory she has lost, and Turkey may want
to carry still further the successes that have
done so much to raise her military status
and to redeem her bad reputation for IN
human methods of warfare 1t is to be ex-
pected that a certain extent of this sort OF
temporizing will have to be submitted 10
by the powers with consequent telafs Oh
peace but. in case Vt a continuance of nght-
ing without any decisive advantage on either
side it may surely be hoped that the Euro
pean concert will stop the needless sacrl:lce
of life by applying ceIaDuision ana forcing
a settlement upon both the bell1gerent ma
lions The one good thing is that the Balkan
states show no disposition to turn the situa-
ton to their own account, for SO long as that
condition is maintained. the peace OF western
Europe is safe. The European money mar
ke,s have therefore. ceased to regard the
situation as a public danger and peace Is
waited for as an early end to 1t. IL Is more
over an assuring circumstance In the sltua-
ton that Greece has escaped from the DAN
gers Of revolution, and there seems 10 De
every reason to hope thet NJ. Rail- the new
premier will be found willing to encourage
overtures for reasonable peace.
The export movement in gold has reacted
to more moderate dimensions. The ship
ments for the week have amounted to only
81 GOO, 600. Rates for foreign exchange are
easier, the demand for bills having slackeneo'
while there has been an Improvement In the
supply. AIT the same time, the current I'M
ports of merchandise at this port are upon
very large scale. For last week, the total Ga
arrivals of goods were valued at $lf,IoooOo;
against 5000, 600 for the corresponding period
of 1896. So far as these imports may nave
been bought subject to cash payments
which. under the present unusual conditions.
has become to some extent Temporary rule
of gold. It u.s. however, impossible to form
any satisfactory judgment as to the extent to
which these remittances are likely to run.
The prospects Of the cereal crops begin to
attract attention, but as vegetation is one to
two weeks behind the usual stage at this
season, there are little data for forming expec-
tations So far as respects the yield OF winter
wheat, the best estimators place it at PROB
ably around 300 900 600 bushels, ass'lni 2 he
conditions of weather to be favorable lnfof-
nation from the Northwest as to SPINE WI at
is at present unsatisfactory, and the s1me is
true, though to less extent as IT. heko
ard Minnesota: the temperature has been
deficient and the moisture excessive. but mere
is as vet ample time for Improvement n these
conditions; the latest advices from some
sections report an improvement and say the
early sown portion is doing finely.