The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-05-02
Henry Clews's Weekly Letter on
the Money Situation. v
FACILITATING AND UNCERTAIN
Markets on, Wall strcet..Efrect of
Gold Shipments. Cause OF tho Do.
cline In priccs..rhc Position of tho
Grain Trade.
iptetay cornrondente q n; lnlelllae,l.c,.

lug tne past Weck, Dear Influences
have seemed to preponderato. London
has shown some timidity and DISPOSE.
ton TO realize, notwithstanding tho
growing eascin money there, and the
selling here on London account has
stimulated tho export OF gold, which
again has affected tho Stock market un.
favorablya Tho uncertainty about tho
relations between tho Pennsylvania
railroad and tho combined anthracite
roads has not disappeared and still
continues to throw a certain degree OF
doubt around that important group OF
stocks; while tho weather OF tho week
has contributed nothing towards solv-
ing tho uncertainty that hangs around
tho crop prospects. In the absence OF
any important immediate counter-fac-
tors, this group OF influences has produc-
ed q preponderance OF selling over buy
ing and the tendency OF prices has
been downward. But, at tho same time,
the "bull" side maintains its courage
and shows no abatement OF confidence
in future higher range OF prices; but
seems quite willing to allow ample rope
to the bears for creating Short" in
terest. a5,lSoE. NJ.
The market is naturally sensitive to
tho exports Of gold, and tho current
shipments dispose some operators to
curtail transactions until it becomes
more apparent what Dimensions the
movement is likely to assume. 1t is
not easy to sec, however, what good
reasons there arc for any apprehension
on this point. Thus far this year, we
have exported from Now York about
Sl6,500 900 OF gold and imported 81, 0OO,-
0OO, making the net export SlO,50O,00O.
This is somewhat in excess OF tho nor
nal movement for this season OF the
year. For tho past five years, 1887 to
1891 inclusive, the net export OF tho
United States, for tho first four months
OF tho year, averaged only S., ZOO, 900;
so that, for the expired portion OF 1892,
We arc about SG,O00,0OO in advance Of
tho 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, n lar
ger outflow follow this month; and it is
supposed four millions at least will 70
out by to-morrow's steamers. In the
years 1890, 80, 'SS and 'S7, the net ex-
ports OF gold for the whole country, for
the months OF May, Juno and July,
averaged $l5,000000, which may be
taken rs u normal movement for that
period OF the year. Should tho excess
in the last four months, above referred
to, be credited against this ST., 1000 900,
it is inferable that the mex. three
months export requirements may
amount to about $4,000, 900, after NJ
lowing for next Saturdays shipment;
which is NOT prospect to excite any
uncasiness.
There is limit to which the balance
between the current merchandise i'm
ports and exports should be regarded as
indicating the probable exports Of
specie. Tho exports have been swelled
beyond tho ordinary limits by tho pres
sure OF European manufacturers to
find in our markets an utlet for their
goods. Tho surplus products accumu-
lated abroad in consequence OF trade
depression have caused large declines
in prices, which has no doubt induced
some OF our importers to buy more free
ly than they otherwise would but it
has had much more important effect
in causing tho consignment OF goods to
this country, to be sold for what they
will bring, or to be held for limit
price. The value that those consign-
ments may realize will as a rule, BIO
very different from that at which they
are entered at the custom houses !;
and, to this extent, the figures
OF imports arc swelled consid-
erably above tho rcmittances that
will have to be made in payment. In
the majority OF these cases, tho con-
signees make remittance Of q certain
percentage Of the value Of the goods in
advance OF their sale; and it is not i'm
probable that such payments may have
materially. contributed to swell the spe-
Gle exports OF the last four months be.
yond their ordinary volume So far as
such unsatisfactory remittancos have
been made, future remittances will DO
reduced. The increasing ease in money
ut all the European centers may be eX-
pected to prove some check upon our
export OF gold, for a point must .be
reached at which tho foreign banking
houses will prefer to allow balances to
rest here rather than feed the gut Of
money on their own markets. Thurs
days reduction OF the Bank OF England
rate to 2 per cont. is calculated to en-
courage this drift toward ease, and may
BIO expected to foster inyes tment in our
securities.
The position OF tho grain trade seems
to forecast probabilities favorable to
our retention ofgold. The important
information contributed by our minis.
ter at st. Petersburg as to tho situation
produced by tho great famine OF Russia
warrants the conclusion that virtually
no export OF grain may DO expected
from that country out OF the next crop,
and it is likely to require years to re-
store Russia to her former status as a
source OF cereal supplies: A very large
hiatus OF the worlds product OF bread
stuiis is thus created, and it will de-
volvo chiefly upon the United States,
us the principal exporting country, to
fill the vacuum. The Inference from
this prospect is that, live have anoth-
or good crop year, We shall nevertheless
realize higher prices for our grain; and
il We should have poor crop the con-
sequont still higher prices obtained for
the surplus OF 100.000,000 bushels OF
wheat to be carried over into the COM
ing crop year will be an abundant com
pensation for the failure, whilst We
shall BIO likely to BIO enabled to keep
our stock OF gold in good shape. Thus
the prospect for the future OF our ayri-
cultural interest and for tho railroad in
forest so directly dependent upon it
may be ranar ded nc mora thar o.i; y