The Saint Paul globe., 1900-03-19
SOLDIERS 70 BURY HIN EFFECT OF THE GOLD BILL.
HENRY CLEWS THINKS 1T WILL
PROVE A GOOD NATIONAL
TONIC
DEPRECATEs INITIATION TALK
Number of Influences That Have
Had "a Chilling Eject Upon
Speculation for a
Time.

| NEW YORK, March 17.-(SpecIal y
Henry Clews, In his financial review of
the week, says: 90 ~
Conditions, affecting general business
are unusually satisfactory. Industrial,
! agricultural and transportation interests
are all actively employed, and there are
yet no indications OF abatement The
most significant event Of the week was,
! of course, the enactment of the gold
| standard bill into law. That buries The
silver issue; puts the stamp of honesty
upon United States obligations, and re-
! for years threatened to undermine. Amer
lean credit, and which just four years
| ago brought US to the verge of dsas-
| the money market will be felt gradually:
the first result being the increase OF cir
culation from so to 100 per cent of par
value OF bonds. Much harm Is being
| done by sensational calculations OF the
amount OF imitation the new bill will
permit. Usually these statements have
been put out by unscrupulous or ire
sponsdble parties who wish to stimulate
public buying of stocks through spread
| Ing exaggerated ideas of the probable ad-
dlllonS to our currency.
AS already stated in these advices 1t
will be some time before the amount of
new circulation reaches $iO000O,0O0, If it
ever touches that increase under present
conditions. In view of the enormous eY-
pansion of business and the increased de-
mand for small notes, for retail purposes
there IS not much imitation in this sum
rms rms addition, however, is likely to af-
ford important relief at time when
most needed, viz, for the crop movement
next autumn. The high prices of gov
ernment bonds lessen the inducements
Tor eastern banks to take out additional
CIRCULATION; but this will be q smaller
factor In the West and South where
hlgher rates Of interest prevail. In those
greater profit than here; and it is pre-
cisely there where considerable additions
are most needed Should this prove the
1t will lessen the demands upon Eastern
banks to that eXtent, and so diminish
the possibilities of tension here The
watching when the usual fall demands
assert themselves AT the moment the
money market is adverse to increased
buying Of stocks; a poor bank statement
pelng anticipated; and more comfortable
conditions cannot be expected until the
April settlements are over.
Some highly satisfactory reading Is
found in the February returns of our
foreign commerce. The exports of lner-
chandise during that month amounted
to Sll9, $4,000; the largest February in the
disc We're quite large, $6S.774,00O, but the
excess of exports amounted to $50. g91 GOO:
an increase OF nearly SO per cent over
the same month last year Such a large
ana sudden aGdit1on to our trade balance
is worth Investigating. These are the
principal articles OF, export for February:
Breadstuffs ...... ....S17, ,966,OOO $20,S73 600
Cattle .............. 2620,000 1,274,000
PROVISIONS ......... 213,0G0 Il, ,G6 900
Mineral oils .....".. 5,507,G00 3,4O3.O
Cotton, it will be observed. accounts
for nearly the whole gain, and the rise
IN price was an important factor While
the quantity exported during the month
showed an increase of about 80 per cent
value showed an increase of 43 per cent;
the export price rising from 6 cents in
tebrqaadry, 1859, to over cents in Febru-
ary, 1900. incidentally 1t is worth en-
phasizing the value Of this increase in
the amount realized on the cotton croD
to the South. If the Southern planter
secures $4,000, coo more for this crop than
for It's predecessor, ii means much for
southern merchants and the railroads. to
say nothing of the industrial revival now
going along at stimulating pace in the
South. t,
While the general influences control
ing the stock market are sound, prices
sad above, the monetary outlook is the
chlef obstacle; added to which many of
the big operators are out of the market
and recent disclosures connected with
Ih1rd Avenue and some of the industrials
have had a chilling effect upon specula-
ary, setbacks. In few weeks, If not
earlier, we look for revival of conf
dence, stimulated by the coming of
spring. which will express itself in great
er activity in stocks Railroad shares
Will offer the safest chances of profit
especially such securities as will get the
benefit of increased earnings The best
class securities are gradually being with
drawn from the market, and are selling
too nigh to offer speculative inducements
For the present we advise buying only
on the breaks and selling on good rallies