The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-07-30
VIEWED IN WALL STREET
NOTHING DISCOURAGING In THE
CONDITIONS IN THIS COUNTRY
AT THIS TIME
MARKETS STRONG UNDERGONE
Excessively High Prices for Manu-
featured Products and OverprO-
ductiOn Are Working Out
Their own Cure Now.

me recent utterances of a well known
an street operator amen the financial
ana commercial conditions in the United
6Jates disclose a forgetfulness Of the real
junction of money in relation to trade
Inc great majority of business transac-
IONS are carried on upon a system of
credit for which a foundation must be
nrsl provided that shall be Of unuues-
IloIeu ana unquesuonable strength. Such
AIhi basis Is gold, the most precious
available metal, which has by common
consent OF the most advanced nations
Deeh recognized as the unit of value.
Inc enormous growth in the material
wealth of the world has wonderfully
stimulated It's production so that in the
past lour years its output has reached
the great total of $1,000 COO 900 in value
But this great sum means more than the
stated figures; 1t implies an extension
OF the worlds credits by five times that
amount. VI this addition of gold to the
world supply the United States has
through both production and trade move
mehts, obtained a very large share. Our
treasury gold galance is now in excess
o. $iVo,UOO' OJ0-the greatest in our history
we nave tnuS, In connection with the
bank accumulations throughout the coun-
Try. a broad foundation for our rapidly
increasing comInerce-an ample basis for
sold credit. Why. in the face Of this
acluallty, any desire should exist in any
melaI-aS a basis of values is hard to I'M
derstand. Silver is the cry; why not
COPPER or IRON, or even paper2 1t re-
qulreS no penetration to discern the
enormous shrinkage of credits Ithe verv
ne OF tradel which must necessarily fol-
low any debasement of the currency
aiiIiors the minimizing advocates of
SiINer standard an impression seems to
OBTAIN that in consequence Of this pro-
posed cheapening of the money of the
N TUuLCIL Whlch would flood US with the
02ulPourlngs OF other nations, they would
likely be able to get a supply of If with
out giving in exchange the necessary la
Dor upon which rests all wealth In what
ever form. The day Iaborer fhe trades
man and the merchant are all working
men their labor varying only in degree,
1rG an return t LOT their services the best
most, Is none too good They are enti-
ued 10 payment In money of the high
sis.l Ilt af worth which at the present
Sld5e. oI human development Is gold The
future may substitute something better,
pGl the pest now is gold. 1t rests largely
tfs s' come 1ne Individual 1a how much of It or
haTd work will accomplish great things:
II us trlte and still a true saying that
m mietf Is aiways ways room at the top. No
+IaCeer IN what sphere OF human en-
0eaEor, solid application and well direct
gu r energy command recognition
sifnatio,, Ht1SIIhIng dlscouraging in the
on In all respects than any other nation
on nIo e3rth; We have more gold, greater
PIO9PeIIlyp lower rates Of interest for
money, a higher government credit and
vastly Digger crops for this years Weld
Inan- any other country has The treas
ury S exhibit of our foreign trade for tbo
last fiscal year should act as an an 1tie
dote to pessimism, which is indeed q al Az
e aII' IN view of all this array of favor
@DIe conditions. The situation in China
Is sun so elouded as to DEFY ANALYSTS Ia
spite OF so-ealled news from the Chinese
tb 5s+lai, tae opinion generally prevails
SnaL oriental prejudice and ba rbo r;s--o
nave thrown not only policy bmfr S.a tai,,
10 the winds and invited stern ret rriIUll
non; Inc cupidity which the Chinese Of
HcI@lS display in attempting to pacify the
IRE OF the Western nations ia fa,, F elre
oJeIhg reiIshed, and 1t Is very greatly 70
Ile credit OF the United States govern
ileHl that its attitude has been ebsoI1I+a
~ correct In very trying circunstanceS
Eekln has a population of over . ooo mn
SSIIGIPIe: II is surrounded by a defensive
I E7UlllSse Wa1l with gate entrances to If
livery drop of water and every nar+icIa
t pI 1000 used has to be taken throup6
, yueSG gates each day, which requires he
- titua ~, TABOR OF many thousands of peo-
Ple Ihere are no people more easily
DiiIGeu IMAM are the Chinese, which womb
- re II practically easy for foreigners
slae world, and the fact that this has
not peen done for nearly a month now 20
5000 evidence that the ministers
sacred. nave oeen mas
-, The speculative situation is controlled
t1derfonc. ing t Elements; There is a strong
oi9n succeeded In lifting few stocks RI
HSher level last week; but neither +be
Pupiic nor Investment buying responded
TO the stimulus, and the. early boIf 81
me week witnessed fresh realiZafions
WHlch were perceptibly stimulated by Mr.
htehe Dearish statements Under ordi
parry conditions much Importance Gould
Pc attached to Mr.. Keene's utterancaS
put oIIt we regret that his present state Of
EedIlh Is such that he may easily he
tempted into taking unduly pessimistic
Much, Much, Of course, depends upon the crop
Ruuook. In spite of injuries here and
lhere the prospects are decidedly encourI
aging, not merely because of s1IfTicient
yields of wheat, corn and cotton but h.
promise of profitable returns to farmers
Inc latter are certainly enjoying q period
OF prosperity; so, too, are the Industrial
classes, for labor Is everywhere We'll :. aI r1i
piOyed ana wages are often higher than
a year or tive ago. So long as these con
QltlonS continue, there will be no anxrietI,
ABOUT tie future. Excessively high nrices
Tor manufactured products and overnro
auction resulting from the rush of orders
year ago are working out their own
cure. That was a buyers panic From
now on buyers will be more cautions and
ere long more normal relations will be
established between supply and demand:
II, indeed, the readjustment process is not
already near It's completion. -io'
Inc non trade, though still unsettled. is
IN much better shape than three or six
months ago, and new orders are alreadv
coming in with increasing freedom. The
seTnle tra t6 are also adjusting them
been reduced; productionis being curtaile
CO. ana though interior distributors are
carrying over larger supplies than a wear
ago, still the consumptive demand nTonn-
iSes to be large. and this should give pro
ducers another good season The fan
trade in all lines promises to be liberal
IN volume and satisfactory in results
though not attaining the oVerstimulatinp
profits of 1899. The election has a remote
YET important bearing upon the market
II Is generally conceded that Mr. McKin
ley Will be chosen for second term and
strong efforts are likely to be made 70 Iift
the market in anticipation of that event
Elections, however. usually produce some
unexpected features, and no doubt certain
operators will welcome, If they cannon
manipulate, scares between now and No
Vember.
Money continues easy. but. later IN
as crop and trade demands develop bIeh'
er rates can be anticipated. Fortunately
the treasury will not be a disturbing ele-
ment In the money market, thanks TO
Secretary Cages able administration
Europe may be obliged to draw upon us
for gold If the Chinese complications nro-
woke any serious outbreak; but as time
goes on and evidences multiply that the
powers are working harmoniously the
prospects of serious disturbances dinin-
iSh. We are in a better position to snare
gold than any other nation and any serI-
Gus outflow would be readily checked bv
higher interest rates. Very soon grain
and cotton bills will be in better siIpDIv
and this will restrain gold shipments The
foreign trade balance continues to run
heavily in our favor. and this phenom- M
enOn can only be explained by the fact
that the United States is lending large
sums abroad and that our securities es
pecially bonds. are being returned more
freely than generally supposed This Is
splendid testimony of our financial
strength.