The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1892-05-03
WALL STREET VIEWS.

| WALL STREET VIEWS.
New YORK, May 2.-Henry Clews. in
his weekly financial circular, writes of the
| present condition of the stock market a
| follows:
| "The market is naturally sensitive to
the export of gold, and the current ship,
| ments dispose some operators to curtall
| transactions until it becomes more appar-
ent " hat dimensions the movement Is
| likely to assume. It is not easy to see,
| however, what good reasons there are 1or
any apprehension on this point. Thus far
\ this year, we have exported from New
York about SIG, ,500,0 600 Of gold and I'M
| ported S6,000000, making the net export
| $40, SOC, 900. This is somewhat in excess OF
| the normal movement for this season OF
! the year. For five years, 1887 to 1881 IN
elusive, the net export of the United
States, for the first four months
of the year. averaged only s4,70O.-
000 so that, for the expired portion OF
1892. we are about Sc, 100000 in advance OF
the usual movement; and, assuming the
present conditions to be normal, we might
infer that this excess should tend TO
diminish future shipments. We have to
anticipate, however, larger outflow this
month. In the years 1890 '9S, '6S and '87.
the net exports of gold for the whole
country, for the months of May, June and
July, averaged Sl5. .000G00 which may be
period of the year Should the excess in
the last four months, above referred to, be
credited against this SIS, ,000 600, it is in
ferable that the next three months export
requirement may amount to about 800 o.
0GO after allowing for Saturday 's.shipment,
which is not prospect to excite any I'M
easiness.
There is a limit to which the balance
between the current merchandise imports
and ShnI116 hp rAaS in
dicating the probable exports of specie
The imports have been swelled beyond the
ordinary limits by the pressure of Euro
pean manufacturers to find in our
markets an outlet for their goods. The
surplus products accumulated abroad in
consequence of trade depression have
caused large declines in prices, which has
no doubt induced some of our importers
to buy more freely than they otherwise
would; but it has had much more i'm
porant effect in causing the consignment
OF goods to this country, to be sold for
what they will bring, or TO he held for
limit price The value that these consign.
ments may realize will, as a rule, be very
different from that at which they are
entered at the custom houses; and to this
extent the figures of imports are swelled
above the remittances that
will have to be made in payment. In the
of these cases, tue consignees
make remittance of a certain percentage
of the value of the goods in advance of
their sale; and it is not improbable that
such payments may have materially CON
tributed to swell the specie exports of the |
last four months beyond their ordinary |
volume. So far as such satisfactory re-
mittances have been made, further re-
mittances will be reduced. The increas- |
ing ease in money at all the European |
centers may be expected to prove some |
check upon our export of gold; for point |
must be reached at which the foreign |
banking houses will prefer to allow |
balances to rest here rather than feed the /
Zlut of money on their own markets. |
Thursdays reduction of the Bank of |
England rate to two per cent. is calculat-
ed to encourage this drift towards ease,
and may be expected to foster investments
n our securities.
''The position of the grain trade seems
20 forecast proba abilities favorable to our
OF gold. The important infor-
nation contributed by our minister at St.
Petersburg as to the situation produced
oy the great famine of Russia warrants
he conclusion that virtually no export Of
grain may be expected from that country
,ut OF the next crop, and it is likely to re-
luire years to restore Russia to her former
status as source of cereal supplies. A
Tery large hiatus in the worlds product of |
IlSduSluuS lS tuuS CEedGbu, anu III Will ue-
yolve chiefly upon the United States, as
he principal exporting country, to fill the
7acuum. The inference from this pros
,ect is that, if we have another good crop
'ear, we shall nevertheless realize higher
IriceS for our grain; and, if we should
,ave poor crop, the consequent
IT'LL higher prices obtained for the surplus
If one hundred million bushels of wheat
% be carried over into the coming crop
Tear will be an abundant compensation
or the failure, whilst we shall be likely to
)e epabled to keep our stock of gold in
,ood shape Thus the prospects for the
uture of our agricultural interest and for
he railroad interest so directly dependent
Ipon it may be regarded as more than or
linarily satisfactory.
''rhe preparations for the proposed in
ernational monetary conference appear
o have reached point which leaves little
II no doubt about its early realization.
from the best source of information, we
earn that Great Britain, France, Germany,
Belgium and Itaiy have already expressed
o our ministers at those courts their will
ngness to participate in such a con-
erence."