The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-22
MORE READY TO BUY
LIBERAL ORDERS FOR GOODS
SHOW THE IMPROVEMENT
IN TRADE.
EXPORTS CONTINUE LARGE,
OF ANY MOVEMENT OF GOLD
ABROAD.
CRETE A SERIOUS DISTURBER,
Causing Uncertainty and Weakness
in European Stock Mar
kets.'

Special TO the Globe.
NEW YORK, Feb. 21-In his weekly
review of the financial situation Henry
Clews says:
In the investment and speculative depart
mentS OF Wall street there have been no i'm
portant changes during the past week. The
pFeponuerant feeling seems to have favored
selling, partly because operators had become
tired of the dead level in prices which had
prevailed. and partly because the condition
OF the foreign markets was calculated to pro-
duce some unSettlement of feeling on this
side Of the Atlantic. The result of these con-
dltions has been fall of 1q2 per cent in
prices during the week.
The difficulties between Greece and Turkey
and their possible bearings upon the dis
turbed relations between the leading powers
and Turkey have brought European politics
so near the possibility Of a very grave crisis
that confidence has been seriously shaken on
the European bOurSes, the prices of state is
sues having generally declined and those of
other descriptions still more seriously in SYM
pathy. Under these circumstances Wall
street has been apprehensiye lest there should
be foreign selling Of our securities. So far,
however, no movement of that kind has been
apparent but there has been a suspension of
the buying that set in previous to the occur
renee of these political troubles. Fortu
nately, there is reason to hope that these
European dangers have passed their culmna-
ton. The leading powers have unanimously
agreed upon joint Intervention, which will
RESTRAIN Greece from deranging hostile &C
latiOns between that country and Turkey.
This outbreak may, however, delay the re-
forms which the great powers have resolved
TO enforce upon Turkey; and that VIII in some
measure tend to prolOng suspense in the Eu-
rOpean markets. For the immediate future,
therefore, New York may hardly hope for
much reinforcement from the foreign mar
kets.
Domestic conditions retain the symptoms
of recovery which l lately noted as having
set in; and there can be now no question that
general business nf 10 a q
steadily drifting into a healthy activity. The
tonnage returns of the railroads, eastward and
westward, show very satisfactory increase;
and the same tendency appears IN current re-
ports of railway earnings, which contrast IA
vOrably with those Of January. With trifling
exceptions, rates of freight are stable, which.
together with the extremely low prices of
railroad supplies, should be favorable to the
net earnings
The merchandise market shows a very
marked improvement. The commercial hotels
are full of buyers from all sections of the
country and it is doubtful if the interior
trade ever before so fully represented in
this city. Within the last nine days no less
than 1900 dry goods buyers arrived here.
The wcoen goods trade shows distinct re-
covery. and mills that have ben closed for
months are resuming work A similar re-
covery is apparent in nearly all kinds Of mer-
chandise. The interior buyers discrimin-
ating and careful, but the aggregate of their
purchases is making a satisfactory impression
upon stocks of goods. There are nowhere
merchandise but fair, conservative business
is realized in the trades generally, and prices
are steady. The breaking-up Of the Steel
Rails association has resulted in sales various
ly estimated at from 1G00, 900 to 100 900 tons,
the price having settled down to SIS to $40,
according to location of market. This re-
lease of the rail market will set in operation
a large amount of business which has been
stagnant for many months. From the winter
wheat sections the accounts are still fay0ra-
bic, the thick snow blanket having preserved
the plant in good condition and the prospects
being almost uniformly hopeful for the crop
The foreign trade movement still runs
largely in our favor. The gain IN exports is
naturally beginning to abate, and the figures
for January show an increase over last year
of 81 100, co., while for the previous quarter
the gain had averaged over 100000 per
month. But the imports for January show
a much larger rate Of decrease than pre-
viously the falling off being S16,9000 600, while
for the months Of December. November and
October the decrease averaged only $13, 500, 600.
The merchandise imports for last month
amounted to s53. 200, 900. while the exports
were valued at s99, 0O0, 600, which shows bal
ance in our favor. on the merchandise ac-
count amounting to $45S00, 600. For the same
month of 1896, the creditor balance was $22,
SOC, 600. These figures show that may
safely postpone expectations of gold exports;
for in addition to this balance of 45.S millions
for January, must reckon the large sum
of export bills still held here, but which will
now soon mature. These balances will much
more than cover the interest payable abroad
at the beginning Of March. 1t must be here
noted however that during this month the
imports of merchandise have begun to show
a decided increase. the result probably Of
more liberal orders sent out In November
under the encouraging outcome of the cleo
ton. The imports at this port for the first two
weeks of February amount to SIS, 800, 600,
which is identical with the figures for the
corresponding weeks Of 1896. We are evil
IDENTIFY now entering on a period in which the
late large creditor balance between imports
and exports will be modified, and we may ex-
pect to see increases in the imports and de-
creases in the exports; but, in the meantime,
it would seem that Europe must be owing
largely to the United States the balance
of past transactions, including financial as
well as commercial.