Telegram-herald., 1891-04-13
FINANCIAL REVIEW
HOPEFUL OUTLOOK FOR BETTER TlIES
Public Confidence Fully ksstereA-paA-
ser ~ Stringeney AstsgAtsa-CreD
Conditions s~d Geld Move
msats-BADk GAlAs-

life and activity. The beginning of
April has been expected " bring An aln-
proveinent ia the stock market; but the
degree OF recovery has exceeded sntacl-
patlons- The volume of transactions
has more than doubled, and prices have
advanced almost through the entire
list; bat the best symptom connected
with the revival 10 that il has come not
30 much from mere room" influences
as from an important accession of out
side buying orders. The stimulus is not
OF the artificial kind that 10 sometimes
manufactured by professional traders
OF capitalists associated with large COZ
porataons; II Is manly due 10 a ssmnl-
taneous and natural demand coming
from the public At large, aud alike for
transient and permanent investment
This welcome change is due 90 several
causes. LIZ 10 the flrst clear and decided
evidence .hat public confidence has re-
covered from The shock impaired by
the crisls IF last fall. Aud sn that senss
u means what many have suspected,
that the damage inflicted by the panic
Was due more 10 fright than 20 positive
injury OF widespread disaster. The
mischief was more IN the nature OF a
arrangement of the machinery. OF
finance than IN any general unsound-
ness OF business at large CT any such
extensive insolvency as the Barlngs
suspension revealed among the Euro
peaa credit establishments associated
with South American interests. The
whole trouble lay ia a comparatively
temporary oyeT-creatlon OF railroad
ISSUES anc violent hitch in our cur
rency arrangements, while the general
trade OF the country was IN a sound aud
wholesome condition. Careful obsers-
ers have all along felt that. when the
public al large came n understand
these actual Limitations of the bearings
of the crisis, there would be prompt
and effective recovery OF confidence
and general return rs normal condl-
tons. All symptoms unite To indicate
that we have now reached that turning
point
Removal of Apprehensioa-
This, take to Ice the main explana-
ton OF the marked improvement OF
tone IN the business of the Stock Ex-
change. Other causes, however, have
oo-operstec IA the same direction. The
adjournment Of Congress has removed
the incubus OF Apprehension arising
from the agitation of important qnes-
tons that have kept the public mind an
state of prolonged tension The
shelving of free coinage OF silver, the
rejection Of the Southern Elections blli,
the settleme0t for time st least of the
tariff agitation. the cessation of exorb;-
tant approprIat1ons,--the disposal OF
these unsettling issues Is great relief
TO the business of the country and an
important contribution TO confidence.
At the same time. the danger OF mon
etary sirlngency has been greatly miti-
gated Tor. on the one hand, the largely
increased d sbursements of the Govern
ment will necessitate distribution of
the immense cash balance hitherto held
10y the Treasury, and, on the other, the
operation of the silver law Will add 90
nlalions Per year TO the active circnls-
ton, IA addition 10 the increase arising
fron our regular production of
gold. IL is also factor of
no small importance that, IN
the Western States generally, the Gran
ger hostility To the railroads shows a
marked statement of Its reckless hos
flIity, and in almost every case bills Of
that character have been defeated. A
still more direct ssinulant comes from
the hopeful agricultural prospects. The
winter wheat crop IA unusually promis-
ing. whilst the weather - favorable 10
the getting IN of the spring crops; and
the TACT that the outlook for the Euro
pcan whes; crop IL discouraglng sug-
gests the probability Of a good year for
the American farmer.
The exports os gold still continue.
Until the end of the week the shipments
were of special nature; hut on FRIDAY
the rates of exchange advanced fully
up TO the specie-shipp.ng point, IA con-
sequence of ssles OF securities for Lon
don account The total amount of Eolc
shipped and engaged for shipment oof-
ing the week has been close upon "a
oco.coo The banks gained about ell
600 900 currency on their exchanges
with the sub-trrasury and lost $500. 600
net on their transactions with the Inse-
nor.