The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-09-23
STOOD SHOCK WELL
BUSINESS CIRCLES OF THE COIN.
TRY NOT AFFECTED BY PRES
IDENTvS DEATH
NATION STRONGER THAN EVER
Every Reason to Believe That Com
merciaI Interests Will Be Snfe
Under President ROOseveIt's
Administration.

Henry Clews, in his weekly review of
the financial situation writes in an op-
tlmistic vein Of the outlook He says:
The country has passed through the
shock of President McKinley's assassina-
ton with wonderful degree of COM
posture. In both political and business
circles the blow has been met with an
exhibition of fortitude that reflects the
highest credit upon the American pec-
pie. We are so accustomed to outbursts
of feeling and passion on occasions of
much less seriousness than the atrocious
murder of our late beloved president, that
could the event have been even partially
expected the dire predictions of panic,
mongers might easily have been realized.
But in politics and in business the assas-
sins crime caused only a ripple. While the
nation has been profoundly stirred with
horror at the awful deed, with grief at the
loss of a devoted president, and with
sympathy for his invalid wife, still the
machinery of government. commerce m.d
industry almost instantly recovered from
the terrible, shock and quietly continued
on IT'S usual course. Sad as the event
mas oeen President McKinley's MARTYR
uoin mas proved and strengthened the
solidarity of the American people IT
mas reused and brought together the con-
SENTATIVE forces OF the country which
TOO often lie dormant In time of public
dangers; 1t has softened political antmos-
tues. and it has shown the folly of that
weak liberation which permits the I'M
limited abuse of liberty These are only
d Few OF the lessons which our calamity
mas taught; but they are of great value
ana should strengthen confidence in the
future of the American nation, as we'll
DIS the capacity of our people for self
government, Notwithstanding our eccen-
CrlCIflAS
we generally come to sound conclusions.
1t is IN times of ease and prosperity that
we are most Indifferent to danger.
Fernaps nothing has contributed more
towards the preservation of confidence
imam President RooseveIt's frank and
POSITIVE statement that he would faith
iully continue the policy of Mr. McKin-
icy. ms was rare good sense. Our new
president mas been before the public gaze
Tor the last few years almost as promi-
nently as Mr.. Mckinley himself His
strohg and weak points were well known
TO everyone. No one doubted his coura pc
and integrity; and no one can now doubt
that he fully realizes his grave resnon-
Slolhties. There is every reason to be-
lieFe mat President Roosevelt will salts
Iactorlly I'LL his great office and that the
administration will work with him on
Inc same nigh plane as under his illus
tI1ouS predecessor. There will he no
cnange IN our foreign policy, which Is one
Oh peace; and there will be no changes
IN nome affairs, except those indicated
III PRESIDENT Mckfnley's memorable lasr
speech az Buffalo, and which are strictly
III line with the country's demands and
progress. So far, then, as tha CHAVEZ
IN the executive is concerned. there Is oh
soiutely no occasion for uneasfness Han
pny secretaries Hay and Gage will re-
liaIn IN once to work out the policies
aI[eaoy adopted. Talk of panic was sheer
eoHy' because there never was material
- a panic elther In political, financial or
BUSINESS circles. The shock of assss-
slhatlon was strictly moral shock and
never mad at any time any real connac-
tion win our material welfare. AS q fac
tor IN the stock market 1t should now
be eliminated. iio"
since the stock market has fairly re-
covered from the first effects of the at
-IA oh the president its future course
Wlll loe watched with special interest Irba
decline from that cause was r,,,ot 80 .-o
than might have been Anticipated owtne
70 the universal support accorded nv
hhahcial interests, a DEVELOPMENT which
DIS we nave previously remarked will add
greatly to New York's nrestioo as
financial center. For some time to coma
however, we may expect an unsett,r,,
market IL natural conditions are per-
lite TO exert their sway. The decline
that seemed inevitable. owing to tern
porary ADVERSE conditions. was sinnJv
hastened by last weeks events and ~,
recovery that followed by no means
proved mat the bottom has been reached
Hloiletary and crop developments are stiyI
serious impediments to a buJI markat
ana 1t would be hazardous to nredint
.Hdl these have been fully discounted
tnofeoVer' II remains to be seen whether
Stocks
interests to stop panic will be permanent
ly held or slowly uni with the re-
ViVal OF confidence. Usually the latter 10
tne course Another important uncer
tdihty is the crop situation. Early FROST
ililsnC cause further impairment to the
corn crop, which depends largely for re-
SUITS upon the late planted portion. Cot
Ion Is backward and would also suffer
rom early frost, to say nothing of the
uannase ALREADY done by drought; while
the yleId OF wheat has fallen below early
calculations. 1t is quite certain. therefore
unat the country will not have the great
stinuIus from the bountiful haryests that
II experienced last year. Prosperity de-
pendent upon agriculture will be confined
TO spots. In some localities business NAV
exceed last year in volume this fall and
winter; IN others it may prove less 1t
is altogether too soon to assume that
the crop situation has been fully dis
counted
Monetary conditions will rea,,ire CON
tlifued Watchfulness. Secretary Gage ia
wisely doing his utmost to offset the adj
verse operations of the treasury unon
the money market; but it is questionable
II ms efforts will be sufficient to avert
danger of stringency. Thus far. by pur
chase OF bonds and anticipations of in
terest, as We'll as by increasing govern
holdings n
secretary has been able to increase the
available funds about $25 600, 600. This re-
Hef is insufficient and recourse must be
mad to gold imports in view of the pres
ent low condition of bank reserves. For
some days foreign exchange has been
hover1ng at the gold importing point and
shipments of the precious metal this way
are shortly expected. None of the Euro
pean markets, however are willing to aid
such a movement. They do not eniov
sparing gold that may be locked I'D in the
United States treasury instead of being
Tree to meet the legitimate fluctuations
OF international finance and commerce.
Some resistance, therefore, may be ex-
pected to our demand for gold France
Will probably be the most available
source of supply; yet European credit is
IN a delicate situation and will not bear
much strain, especially in Germany.
where recovery from the excuses of the
past few years is very slow. 1t is evil
dent We cannot draw large sums of gold
this season from any of the foreign
financial markets, so our over-sanguiue
bulls will be obliged to hold themselves
in restraint until natural movements
bring relief to the New York money mar
ket-a contingency that cannot safely be
expected until the closing months of the
year.
The marlraf Saaypc o,,ita IIl,oix, - 90