San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1891-05-27

l o
New YORK, May q, 1891.
Since my last weekly advices, BUSH
at the Stock Exchange has continued
to reflect the effect of past and still
continued large exports of gold,
transactions having been restricted
and the tendency of prices down.
ward AS the causes of the extraord.
mary shipments of specie come to be
better understood, however, confid-,
ence has improved and the impress
sion is very general that the drain is
probably nearing its end.
Later advices from Europe show
that our loss of specie is not SO entire
ly due to foreign financial and politi-
cal exigencies as has been generally
supposed on this side of the Atlantic.
The Rothschilds have not Withdrawn
from the Russian loan syndicate, as
reported, but have merely recon-
mended to the Czar's Government a
postponement until affairs in Paris
have settled into more normal con-
dition; nor was that deferment in.
fiuenced by any apprehensions that
Russia contemplated preparations
for early war, which Is considered in
the best informed quarters as out
side of present probabilities, and which
sentiment Lord Salisbury on We'd
nesday emphatically affirmed IN
his speech at Glasgow. So
far therefore as war scare
has contributed to any uneasiness on
this side the Atlantic, it has been
wholly baseless. Nor does the dis.
turbance of confidence In Europe from
financial causes appear, from later
| accounts, to have been 80 serious as
was inferred from the earlier cable
| reports. After effects of the events of
last fall continue to appear first in one
| capital and then in another, with the
result of causing fresh timidity; and
| the great banks under such circum-
stances seek to fortify themselves by
liberal cash reserves; but the latest
accounts from Europe show that there
Is no such grave apprehension of
| serious monetary or credit disturb.
ances as has here been supposed to
exist at the great centres.
| e. We do not need to cross the Allan
tic to find facts which go farther than
has been supposed towards account
ing for the recent extraordinary ex-
ports of gold. Important causes lie
much nearer home, and are to be
found mainly in the fact of the new
tariff having induced an extraordi.
nary importation of goods in anticipa-
ton of the operation of the higher
rates of duty. For months before the
Mckinley bill was adopted, we had
been importing ut the rate of S., 900, 900
per month in excess of the previous
year, and during the seven months
from September lst to April LIST the
increase over q year previous WAS
$44 ,00O, 900, while the increase in The
exports during the same months was
only SIG, 000, 900. In addition to the ad.
verse trade balance thus accruing,
there was q large return
of securities, consequent on the
| Barring and South American
troubles, which has been variously
estimated between forty and fifty
millions. 1t is thus easily apparent
how an adverse balance OF over fifty
millions may have arisen within the
last few months. Under ordinary cir
| cumstances, this balance would have
been in a large measure tided over by
Europ ssn engagements against our
future crops, or by allowing foreign
| balances to remain here for use, or by
| purchases OF our securities; but, in the
present case, Europe needed hard
cash to strengthen itself against its
| recent financial. i'll fortunes and to
make remittances to Russia, and we
have therefore been called upon to
pay our foreign indebtedness in gold.
Our reports OF gold would seem to
have sufficed to settle this debt, and
il therefore appears reasonable to ex-
pec5 that the drain will soon cease.
The fact that the Bank of England
did not advance its rates on Thursday
carries an inference in that direction.
Russia appears to have satisfied her
wants, and the gold she has imported
is likely to again find it's way into
circulation. The following statements
made by Baron Bleichroder, the emil
nent Berlin banker, on the 21st inst.
to representative of the Associated
Press, are worthy of special note in
this connection, -"The importation of
gold into Russia has come to an end.
Russia now has all the gold it was
necessary for her to have in order to
repay the Dutch loans of 1890 and of
1850, and the s1,500,000 which she
owes the Bank of EMS gland on account
of the Earrings. You Americans will
have all the gold which you
have sent to Europe returned
to you by November next
at the latest. Your gold will go back
in order to buy the harvest.
The general outlook In Europe is to-
day much better than when saw you
last May 15). The settlement of the
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