The times., 1898-06-20
GAINING NEW CONFIDENCE
The PrOgressofthe WarAwakens
the People.
NEW POLICIES WILL RESULT
Confidence In American Investments
and Enterprise Is Growing-This
Years Crops Promise Very Well
The War to Add New Fields to
CoDduer-0ur Enormous Exports.

New York. June 19-In his weekly let
ter, issued yesterday, Henry Clews says:
I'm our letter of last week. we called
attention to a reactionary tendency in
the stock market and intimated that it
might be continued. The business of the
week has confirmed those forecastings.
AT present, this movement is too success
ful to be abandoned and seems not un-
likely to be continued until a still lower
range of values has been established.
General conditions are not wholly favor
able to movement of this character.
There is no abatement of the revived
prosperity of the railroads. On the con-
trary. the crop prospects promise another
harvest of unusual abundance. and
though the prices OF the new crops may
not rule so high as those of the past
season, yet the results TO the railroads
should equal those Of the crops of 1897.
''The war goes steadily on towards the
final success of our arms with a reason
able prospect that next Fall the Spanish
possessions in the West Indies and the
Philippine Islands will have been formally
transferred to the United States. The
feeling is taking strong hold OF the public
mind that costly as this brief war may
prove to be. 1t will yet result in a great
awakening of the American people to a
consciousness OF a destiny broader and
higher than they have dreamed Of and
that Ii viii result in new policies which
must largely develop the commerce of
the country and elevate our standing
among the nations.
This is a bull factor which must add
continuously TO confidence in American
investments and enterprise. The growing
strength of the financial situation. which
makes the providing of $500, ,000 900 for i'm
mediate war expenses a matter of sec
ondary concern and productive of no de-
gree of monetary disturbance, carries
with 1t a most material contribution TO
public confidence and makes any really
important reaction In the securities
market almost impossible. The statement
of our foreign trade for May exhibits
another surprising addition TO that ex-
cess of exports over imports which has
been for many months past piiing up
| an extraordinary balance in our favor.
Que from nations WHICH ndhb diH HdS5 becAl
large lenders 10 US upon open credit.
THE breaking up of the great Letter
speculation in wheat is not unlikely to
lead to some revival of operations in
stocks The immense transactions in
grain have drawn off speculation from the
| Stock Exchange for several months past,
and both at Chicago and here the un-
| certainties about the wheat situation may
| be expected to divert attention back 10
stocks under the encouragement OF the
current downward drift of prices.
THE May exports of merchandise ex-
ceed those of 1887 by So. 400, 600, and are
| S56, ,9S0. 900 in excess of the value of the
months imports. For the first eleven
months OF the fiscal year. the merchan-
disc exports exceed the imports of dry
| goods by $571, $50, 900. which confirms the
| expectation heretofore expressed in these
! advices that the surplus of exports over
| imports will reach fully $6Co, 0g0. 0O8 If we
add to the shipments OF merchandise those
Of silver amounting TO s40967. .000) the to-
| tai excess of exports for the eleven
months will amount to s612, ,865. coo. In Iiq-
| uidation of this creditor balance, We have
imported $97. .04000O of gold, making the
net creditor balance, for the eleven
months, s515, 81. 900. Making the most lib
eral allowance admissible for the items
| debtor and creditor, not included in these
purely trade returns, and also for the
net debtor balance on account of the for
| eign movement in our securities, it hardly
| seems allowable to estimate the balance
now due to this country by Europe at less
than $50, ,COOO 600 to $500, ,OO0O 900.
"The new Government loan attracts
| comparatively little interest as an ele-
ment in Wall Street movements. 1t was
| wise to meet the popular demand for Civ
| ing small investors an opportunity TO put
| their savings into these investments. We
shall now see how far this class are dis
| posed TO prefer holding bonds to placing
! their means in the custody of the savings
| banks. The class who hitherto have been
| accustomed to take these investments will
be found willing TO take an amount
largely in excess of the remnant not taken
| by the smaller class of investors
THE brilliant success of our Navy has
! established such universal confidence the
world over that nobody outside of Spain
| can possibly believe otherwise than that
| our antagonist is already signaily defeat
/ ed. and that any further action on Spain's s
| part is simply TO court additional terrible
| disaster. 1t Is Tor that reason that the
| war is now deprived of terror to the
| American people. When the war started
| it was supposed it would be principally
| naval conflict. This was based on the
number of modern guns and battleshps
| of the two navies, which were considered
| to be about equal; but the qualities of
| the men in command and of the gunners
| and sailors were not taken into considera-
| ton, for neither had been tested in bat
( tie. It was soon found, however, that
! scientific skill and generalship were
vastly superior on our side. No stronger
| evidence of this is on record than Ad-
| miral Dewey's victory. which has no
| parallel in the worlds history.
| 1T is now recognized that Spain is no
longer a foe on the water. What more
| there is to be done to bring the war to q
close will belong mainly to the Army,
| which will also have the valuable aid of
| the Navy. Decisive victories, therefore,
may be expected at Santiago, Porto Rico
| and Manila. The end of the war should
| then be near at hand.
| 1T is this showing, together with this
! country's great wealth and unlimited re-
| sources, that makes a Government bond
bearing 3 per cent interest look desirable
| as an investment. and why the subscrip-
| tions to the s20o, COO 900 war loan are likely
to reach at least $1,000, ,0oO, ,O0o."
Severely ScaIded.
John Meyer, forty years old. living at