The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-04-23

The confidence on the part of the people
TO the outcome of the war, into which the
country has so Unexpectedly drifted, is re-
Elected in the general markets representing
all the interests and industries of the ma
ton. The most sensitive point, in the none
tary relations of the United States, is pri-
marily the stock exchange New York, or
Wall street, as the center is popularity term
ed. In view of the positive declaration Of
war with SPAIN yesterday, the situation there
is a gratifying surprise. 1t is unnecessary
TO argue the question that the greatest mar
ket for investment and speculative dealings
on the American continent is in the seaboard
metropolis of the Western hemisphere. AS
TO the merits Of specific transactions that
are daily carried forward, opinions must
necessarily vary; and they always will. En-
changes must continue to exist, and they will
ever stand in the future as they have stood
in the past, as the representatives Of the
pulse of the nation, with respect to the diff
ferent interests with which they are identi-
fled.
The surprise experienced locally yesterday
was that, after much hating in the stock
market during the government diplomatic
maneuvers Of the past six weeks, culminat-
ing in a final actual warlike demonstration,
the market for shares in New York should
take an upward fight. The operators who
of the opening of hostilties between the
United States and Spain were nonplused
when, over the wires, came unexpectedly
higher quotations from London and Liverpool.
And the strangest part of all was that there
higher quotations were induced by reason
OF that fact that the London market was
purposey supporting our home exchanges.
The significance of this ought to be APP
parent to the mind of every man who is JUS
titled in entering either the speculative or
investment field. England is today the secret
If not the open ally of the United States, and
she demonstrated her Anglo-Saxon grit as
well as her sympathy on the basis of confd-
ence in American securities in this momen-
tous crisis. 1t surprised even the operators
in Wall street themselves. The story car1o
along about noon that Spain had ceded Cuba
to Austria. What if she had? 1t must be
plain to any one that Austria never take
up the fight of Spain against the United
States; Austria is member of the triple
alliance, consisting of that empire and Italy
and Germany. 1t is to the credit of Wall
street operators that they were not thrown
off their feet by the suggestion. The probable
reason is that they did not care If Austria
had consented to take part in so foolish an
ehf~"nrise not. That country is unlikely
to join Spain in a war for such causes as
exist between the two bellicose nations, SO
long as England is squarely In line with
the United States and in view of Germany's
semi official sympathies alreldy recorded in
the same direction.
There is no existing reason why railway
shares should not possess the same intrinsic
value today as they possessed prior to the
blowing up of the Maine. The properties are
operating the same lines Of prosperity
Wits which they were previously identified,
and - tn promises of equal if not greater
turns in the present year. There is not likely
to ensue any such paralysis of industries as
those resulting from our own Civil war. There
will be no such exhaustion of resources or
ABSORPTION of population by death and dis
ease and withdrawal from fields of labor as
was at that time experienced. Such an ap-
prehension. nowhere exists.
On effort TO create scare in connection
with the export of wheat was made by the
bears, for the purpose of reducing prices. The
increase of insurance rates for transatlantic
shipments made a part of their play
But wheat advanced, all the same under the
influence of proper reasoning to the effect
that, even If Spain should insist on privateer-
Ing, England's navy would look out for her
own ships at sea; and that is about all that
is required by the United States to secure
a safe landing in British ports for all the
grain that Europe is likely to take from
us.
Provisions. too, have gone up in price This
may be justifiable movement with respect
to certain commodities. 1t is we'll known
that live stock products have, If anything
has at this time. a right to advance, owing
to the scarcity of animals contributing to all
branches of this industry. Perhaps war
Will require larger consumption of certain
kinds Of provisions than would have been
necessary II the peace had not been broken.
put 1t does not appear why the advance
should be very considerable, inasmuch as the
consuming quantity in population must re-
main about the as it was
Inere is absolutely no reason for any ad-
vance in the price of coal, and any attempt
10 make a diversion in this direction at the
present season of the year is transparent
scheme for mulcting the people. and the peg
pie ought not to pay the advanced price, but
should burn wood instead of which. fortu
nateiy, this locality has an abundance. 1t Is
feeble pretence for coal dealers, in irving
to make up for their deficiencies in revenue
as result of the mild winter lust ended IN
demand higher prices on the ground that
owing to the requirements for supplies Of
war vessels, the commodity is scarce. The
windows should be let down on all patriots
OF this class Fortunately the spring season
and the approaching advent of summer arc
H-ely of themselves to have subduing ef-
feet on such effrontery
AS a who,e. the general markets. both for
investment securities and commodities. have
shown little or no inclination TO deviate from
a proper and natural course because of the
advent OF war; and the fact is worthy of
most satisfactory contemplation by every one
interested in the welfare of the country
MAY WHEAT RJJCE