, 1890-11-13
WALL STREETS FL URR Y

Two influences combined to bring
about the furry in Wall street.
a feeling of doubt, which
has been steadily increasing in the
money centers of the East, was
heightened by discouraging reports
from London and Paris.
In moments of threatening finan-
cial weather, the country turns with
heightened Interest to any utter
ance that Oracle Gould may give.
Mr.. Gould has encountered so many
storms and fiurries that his opinion,
if 1t were possible for him to eX-
press himself In a disinterested
manner, becomes peculiarly valu-
able. His remarks yesterday are
encouraging In one respect, If in no
other. They indicate that the willy
flnancier is bull, and therefore is
not interested In wrecking the mar
ket.
All the indications encourage be-
lief that the strong men of Wall
street are exerting their influence
toward the support of the market.
This is certainly hopeful sign.
Mr.. Gould believes that European
influences are the controlling factor
in the furry; that Wall street would
have pulled through in safety had
not the conservative tone enter
tanned by home investors taken fresh
alarm at the reports of weakness ca
bled from the European bourses.
The decentralization of silver has
brought about the existing strin-
gency The results of that auducious
conspiracy, though far removed
from their origin, are plainly trace
able to the fountain-head. Wall
street and the financial despots OF
Europe now find themselves upon
the verge Of pit of their own dig
ging. If they were the only suffer
crs the situation would be of small
moment. But unfortunately the IN
tire world must stand or fall with
| them.
For many years they have bal
anced the worlds finances with
consummate skill and adroitness,
striving ever to carry along tho
worlds commerce in safety with
the smallest possible measure OF
money. At last they have lost their
equilibrium; the worlds commerce
has become too great for its circulat-
ing medium.
This has been apparent for months,
and is directly responsible for the
feeling of distrust which now char
acterizes the worlds money centers.
Capitalists have been throwing
their securities upon the stock
market. The moment the bulls be-
came unable to support the market
the inevitable decline came.
The situation is not so alarming
as 1t appears at first glance. The
money withdrawn from Wall street
will pass into the currents of COM
merce, provided the tone of alarm
Is not sufficiently strong to induce
the withdrawing capitalists to lock-
their cash in the safe deposit vaults
of the banks. On the other hand,
Gould and the other bulls are forced
by sclf.interest to support their own
securities. This may send fresh
streams of capital into the West,
where investments are safer than
those made in Wall street.
But the dominant object lesson OF
the situation is the shortage of the
circulating medium. This has been
an age of development. The West
has eaten up hundreds of millions
of dollars and still calls for more.
Inject into the finances and com.
merce of the world the vivifyinp
life blood oil silver coinage, and au
era of prosperity will dawn whose
equal the world has never seen
Attempt to restrict that coinage and
d isaster threatens every line of in
dustry.
Business Ia now conducted upon
broader scale than ever before.
The wealth of the country has
grown faster than the circulating
medium. In the United States, fol