The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1872-03-30
n,,o financial Outlook.

The Financial Outlook
From CLOVIS 6 Cos. Monthly Circular.
TbSthlrtl month Of tho year docs mol
IN al respects, sustain tho buoyant hope
LIN which 1872 opened. 1t cannot y
',S that there Is anything positively us
crotIraging in the situation Of general Dusl
DeSs but, at the same time, events unan
teinated have occurred, which tent, u
sonIe measure, TO check operations. I'M
reopening of the Alabama question lIl
had more effect in certain department.
0I business than was anticipated o mohu
Sro. Our business relations with EUROPE
ATe now so extensive, that whatever ienas
n apy measure 10 check confidence
abroad In our investmentsis felt here very
pnsibly. We cannot have the foreign
markets closed for succession Of weeks
AGAINST our securities without more OF
rs arrangement in our finances. Itcan,
moi DO said that, as yet, we have suffered
nsitiye inconvenience from this cause
vet II must DO acknowledged that there
c0yery of the European demand for our
Investments has been slower than was
expected, and that consequently some
upeasiness for the future course Of our
exchanges begins to be felt; and especial
lyas the feeling gains ground that there
! no probability of any important i'm
DrOyement until II becomes apparent that
The "claims" question will be SATISFACTORY.
" disposed OF. Another circumstance
lending 10 produce caution, and especially
under the circumstances we have just al
luled to, Is the largeness Of our imports
without any corresponding increase in the
exports. Although last year was one Of
unprecelentedly large importations, yet
those Of 1872, thus lar, LARGELY exceed
them. At thisport alone, the receipts since
January lst amOunt 10 $50, 800 900, against
$17GOOOOO in 1871, and SOL 100000 in
1870: and yet, with this large increase
ininports, the. exports Specie included)
show decline. The llghtnes Of our cotton
receipts beyond what has been anticipG.
ted, indicates that we are likely TO have a
much less liberal supply Of cotton bills
for the next lew months than has been
hitherto counted upon. At present It
does mimpossible that we may have
$4,000 bales less for export than was ex.
peCleed at the opening Of the year; which,
considering thatthe English markets are
anIavorable TO any improvement in the
VGiuc OF tho staple, implies that our sup.
ply Of exchange from this source will be
about 81, 500, 900 less than has been an.
tlcipated. This question of the balance
Of trade Is perhaps more important one
OuS than to some other countries. In
the case oil great manufacturing nation,
the largeness of the imports may be relied
upon rs implying a consequent expansion
Of the exports; for large portion OF the
former consists Of raw materials which
subsequently, go out in the form Of manu-.
actnred goods. But in our case the i'm.
ports consist almost entirely of goods
intended for home consumption, and our
exports have 10 be provided for out of
pnr surplus Of domestic raw products;
which is unnecessarily increased because
our imports happen 10 be larger. if'
In such condition of things rs now
exists, Il is most important that we
should have the European markets open
10 receive our securities; which, during
recent years, have become a more impor.
1at means of settling adverseitrade bal
anCes than even our surplus of the prccl.
Gus metals. And yet, from diplomatic
causes, those markets lave been virtually
closed against US for some weeks, and may,
as matters now look, remain closed for
some weeks longer. 1t is TO be expected
that this state Of things will result in an
unusually large export Of specie between
now and midsummer; but that we can well
Afford, We may reasonably hope that a
irec shipment Of gold will so far ease tho
London money market us 10 create an
opening for our bonds in Europe. AID
yet, 1t must be kept in mind that conf.
dence IS as necessary 10 such operations
a. an abundance Of money. We have no
doubt Tho diplomatic question will ulti.
Maiely DC disposed Of satisfactorily, and
probably by the time that the pinch "a.
sultIng from these circumstances begins
70 DC ielt; but, at the same time, so long
s any degree Of uncertainty remains
upon such an important matter, n certain
amount Of caution must be exercised 10
lheipt!ury of business operations.
THERE'S less probability Of any deranre.
Sert arising out Of the redemption Of he
aVetwenlies than was at one time apnre.
a Tended. Experience has proved that
GonGs called In for payment come forward
SSN ": On the 18th inst, of the $l40,.
WOyW OF G2S called for payment inilsst
d gec en- and this month, only SLOT.
: :S5SO had been presented, leaving 1856.
a.. .!S;VO yet to be paid, or nearly the
W WaOLe amount called for redemption In
March; and n considerable amount OF
Iaose redeemed on the March account
, mere bought by tho Treasury agent In
S Sle open market in London, with the
tion.) '"O D'Seli'oeF opera
o, Inc condition Of themoney market has
Sp S-sed more or less unisvorably upon
i Sus,ueSs. Since the opening Of the year,
S S.'sau OF large Accommodations Of idle bal.
s ~. a. this centre, with consequent low
aIaol interest," we have had a eomnafa.
S S;st&satclLy Of loarable funds, wholly *.
, SpuutMi lOr this season; and, for. the last