The Big Stone post. (Big Stone Gap, Va.) 1890-1892, 1891-03-27
RECOVERING SLOWLY.
The Financial Situation still not as 1t
Should be and Reasons for De-
pressions for a while Yet.
THE GOLD MoVEMEN

New YORK, March 24.-Alfairs in Wall
street still retain the dull, stagnant con-
dition noted in these adyces for some
weeks past There is nothing occurring
in the routine of affairs calculated to
either stimulate transactions or affect
prices and even the room traders find
it difficult to work up interest enough to
form basis for fractional profits on either
buying or selling. The only new factor
of any Importance has been the renewal
Of exports of gold, of which $4,000, 600
has been shipped or engaged for export
during the week, with indications Of more
to follow. This has produced 4 temporary
selling Of stocks and slight decline in
prices: but when ii was ascertained that
the Bank Of England kept its rate at 3pcr
cent and had increased its stock Of specie
during the week, the apprehension on
this account abated. There was some
selling on London account, perhaps less
from causes on the London market than
on The supposition that the exports of gold
from New York might affect prices here.
These however are but transient matters
so far as respects their bearing on prices;
and perhaps the present neglected condi-
ton OF the market is due more to causes
to which little attention is now paid than
to what is transporting in respect to cur
rent conditions We seem to have for
gotten the great nphcavcl Of six months
ago and do not sufficiently take into ac-
count the wide process of reimbursement
that must follow such disturbances of
credit, values and investment. Such re-
pairs of the dclicateiy constructed ma
chinery of finance necessarily required
time. Some of the damages 90 not ad-
nit Of permanent repair; some of the
repairs are not 60 he depended upon; and
the men with clear heads and deep purses
prefer TO wait until the recovery has been
subjected 10 sufficient test Of time. 1t
cannot be said that the six months that
has expired is a long period TO wait for 4
complete restoration OF confidence, espcc-
tally considering how severely the fnan-
cial fabric of London has been shaken;
and ii may possibly turn out that we shall
lave to wait somewhat longer for Il COM
plctc recovery Of confidence, and of the
ability to buy, than TIE market is now
calculating upon. To take a parallel case,
the crisis of lSSa was far less serious than
that of last fall, although the fall in pri-
ccs Of stocks was equal TO that which &c
CURED in October and November last. \ ct
though there was an early partial recovery
from the extreme decline. as in the case
OF our recent experience, there was no
spirited movement and no decided and
sustained rise in prices until the summer
of 1850. 1t is true that the earnings Of
the railroads were exceptionally low in
1855, which helped to pSo!ong the deprcs-
sion of prices; but that unlavorable tca-
ture was offset by a condition Of the bank
reserves ranging between 81 and II per
cent from January st to September LIST,
the surplus on August LIST being 500, 000,-
GEO. The current earnings OF the rail-
roads are relatively better than those of
1857, but nevertheless are not considered
satisfactory.
These comparisons are cited not as cX-
hibiting course that must certainly be
repeated daring the next few months, but
rathcra as indicating that the complete re-
covery Of prices from great dcpressions
does not come quite so quickly as some
have been expecting in the case OF the
late crisis. Moderate expectations are al
ALWAYS the safest, and while am not will
ing to affirm that twelve months must be
allowed for recovery from the panic OF
$50 because that time was needed TO re-
store the markets from the breakdown
of $50, vet it does seem to he rcasona-
bic inference from experience that it
would be premature to expect any immc-
diate large advance in prices. The mid
summer months, if attended with good
crops, would be better basis for such
authorizations. But while it may be pre-
mature to expect an early pronounced
"bull campaign" it is quite within the
range of probability that, as soon as the
April settlements are out OF the way, a
frmer and more active condition of the
market may appear and a fair advance
be realized. An easy condition OF the
money market is reasonably certain for
the next four or five months; and although
the current and impending exports in
gold will reduce the bank reserves by a
few millions, compensation vii! come from
the unusually large disbursements OF the
government and the new issues OF silver
notes, while the transfer of our gold to
London is likely TO strengthen that mar
ket and increase the foreign demand for
ell IN
is also improving, and perhaps more so
than is at present accredited 10 it, AL
though declines in earnings have been
generally expected, yet the increase in
January gross earnings is followed by an
increase in February, the increase for the
two months being Alb per cent, as COM
pared with a period of unusually large
business. Such partial indications as are
Forthcoming suggest hope that the net
earnings may show slight Improvement
on those Of last year, the principal excep-
ton having been in the case of Wabash.
The manifest reaction CT Granger and
Farmers Alliance sentiment in the west
crn legislatures is also factor that should
reckon for something in estimating the
future of the railroads. So far respects
the winter wheat crop, such shadowy
symptoms rs are at present apparent are
hopeful.
The currency movement for the past
week has been decidedly against the
banks of this city The exchanges with
the interior show net loss of 81 $4,000
and those with the sub-treasury & gain OF
100000, leaving net loss of $75O,O00
this, however, docs not take into account
some $2,O00,000 Of gold taken or engaged
for export during the week.
HENRY CLEws.
La GRIPPE EPIDEMIC.
Four Thousand Cases in Pittsburg-Ca
in Every Family.