The representative. [volume] (St. Paul, Minn.) 1893-1901, 1900-08-09

which the Chinese omcials display in
attempting to paeify the ire Of the
Western nations Is far from being
relished, and it is very greatly to the
credit Of the United States government
that its Attitude has been absolutely
correct in very trying circumstances.
Pekin has a population of over 2,0O0,-
900 people. It is surrounded by defen-
sive Chinese wall with gate entrances
70 it.. Every drop Of food used has to
ne taken through these gates each day,
which rQuires the manual labor of many
thousands Of people. There are no peo-
pie more easily bribed than are the
Chinese. which would make it practical
ly easy for foreigners to send out COM
munications to the outside world and
the fact that this has not been done for
nearly month is pretty good evidence
that the ministers and all the foreigners
have been massacred.
The speculative situation Is control-
led by conflicting elements. There is a
strong undertone to the market, and
manipulation succeeded in lifting a few
stocks to a higher level last week; but
neither the public nor investment buy
ing responded to the stimulus, and the
early half Of the week witnessed fresh
realizations, which were perceptibly
stimulated by Mr.. Keane's bearish
statement. Under ordinary conditions
much importance could be attached to
Mr.. Keane's utterances, but we regret
that his present state of health is such
that he may be easily tempted into TAX
Ing unduly pessimistic views.
Much, OF course, depends upon the
crop outlook. In spite Of injuries here
and there, the prospects are decidedly
encouraging, not merely because of the
sufficient yields Of wheat, corn and cot
ton, but because of what is equally i'm
portant, the promise Of profitable re-
turns to farmers. The latter are GER
tainly enjoying a period of prosperity:
so, too, are the Industrial classes. for
labor Is everywhere we'll employed and
wages are often higher than a year or
two ago. So long as these conditions
continue, there will be no anxiety about
the future.
Excessively high prices for manufac-
tured products and overproduction. re-
sulting from the rush of orders a year
ago, are working out their own cure.
That was buyers panic. From now
on buyers will be more cautious, and
ere long more normal relations will be
established between supply and de-
mand; If, indeed, the readjustment pro-
cess Is not already near it's completion.
The iron trade, though still unsettled,
Is In much better shape than three or
six months ago, and new orders are al
ready coming in with increasing free
dom. The textile trades are also ad-
5usting themselves to the new condi-
tons; prices have been reduced: pro-
duction Is being curtailed and though
interior distributors are carrying over
larger supplies than a year ago, still
the consumptive demand promises to be
large, and this should give producers
another good season. The fall trade in.
all lines promises to be liberal In, VOL
ume and satisfactory in results. al
though not attaining the over stimulat-
Ing profits of 1899. The election has
a remote yet important bearing upon
the market. 1t is generally conceded
that Mr.. Mckinley will be chosen for
second term, and strong efforts are like
ly to be made to lift the market in an
ticipatiOn OF that event. Elections.
however, usually produce some unex-
pected features, and no doubt certain
operators will welcome, If they cannot
manipulate, scares between now and
November.
Money continues easy, but later on.
as crop and trade demands develop.
higher rates may be anticipated. For
tunately the treasury will not be a dis
turbing element in the money market
thanks to Secretary Cages able admin
istration. Europe may be obliged to
draw upon us for gold if the Chinese
complications provoke any serious out
break; but as time goes on and evil
dences multiply that the powers are
working tremendously, the prospects
Of serious disturbances diminish. We
are ina better. position to spare gold
than any other nation, and any serious
outflow would be readily checked by
higher interest rates. Very soon grain
and cotton bills will be in better sup
ply and this will restrain gold ship
ments. The foreign trade balances
continue to run heavily in our favor,
and this phenomenon can only be ex-
planned by the fact that the United
States is lending large sums abroad and
that our securities. especially bonds,
are being returned more freely than
generally supposed. This is splendid
testimony of our financial strength.