San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1892-12-30
wEGKLY FlNANolAL REVIEW,

Ing loust ~ llSnfy CleWs q 20.
New YORK, Dec. 26, 1892.
Wall street continues to labor under
the pressure of influences of more
than usual weight. The renewal of
gold exports, uneasiness about the
silver situation, stringency in money,
and the dangers threatening the
French republic,-these form o COM
binatioD of circumstances calculated
to severely test the stability on the
stock market.
The unexpected exports of gold, at
a season when the movement Is usu-
ally in the opposite direction, has an
unsettling effect. The movement is
not easily explained, in view of the
| fact that, for the months of October
and November, the exports of mer-
chandise and specie exceed the com.
bined items of imports, interest due
abroad, differentiation of imports
and freight charges, by some Sll ,000,-
600, which would seem to imply that
we entered December with a good
balance in our favor. During the
current month, however. there has
been q material falling off in some of
our leading exports. For the week
ending December 10Th, onr total ship.
ments of cotton to foreign ports
amounted to only 1880 bales,
against 203. 700 bales for the same
week of 1891; and for the week prece-
ding, we exported from all seaboard
points only $780, 900 bushels of grain,
against 100000 bushels last year.
Concurrently with decrease OF ex-
ports, we are having.an increase of inn
ports those of New York for the week
ending December 8 being S4. ia, 600 in
excess of the corresponding figures for
1891. Items like these will to some ex-
tent account for the outward flow of
gold, but not fully; and some other
causes of less evident nature are
probably also at work 1t is not easy
to say exactly how far the shipments
of gold are made in the ordinary
course Of the exchanges, and how far
as special operations to procure gold
for European banking purposes. 1t is
understood, however, that one bank
ing house here received orders this
week from Austria for S., ZOO, 900, to be
used by the Austrian government in,
preparing for the reconstruction of its
currency system on the gold basis.
From the apprehensive feeling among
silver, exhibited at the Brussels con-
ference, it is to be expected that every
favorable occasion for drawing gold
from the United States will be turned
to account. The probabilities,
however, are not favorable to
prospect of the current export
running to any further important
lengths. For England is buying
somewhat freely OF our gilt.edge in
vestments and about 81 100000 sterl-
ing 10 understood to have been loaned
by London to New York through bills
issued against deposit of securities,
which gives us that amount of relief
for 80 days, when the local money
market may be expected to have
reached an easier condition. The ex-
treme ease of money at London is an
element in our favor, as it not only
makes these borrowing operations so
much the easier, but also tends to en-
courage London purchases of our Sc
curities.
At the moment, it is not easy to
Judge how far the serious political
complications in France may become
an element of financial disturbance.
1t the event of revolution, which
seems to be more than mere posi-
bility, q shock to the bourses Of
Europe would be inevitable and, som
sidering the broad relations betw> ~
Paris and London, the latter CHS
would be exposed to suffer In
sympathy with the former. In that
event, whatever might be the first
effect on our market, the later result
would be to encourage the purchase
of American investments on account
of their isolation from the sphere of
European politics. Nevertheless, the
position of France constitutes an inn
portant influence tending to produce
caution in the money markets of the
world at large.
The exports of gold involve cor
responding relative reduction in the
legal money resources of the banks of
this city, which is the main source of
the prevailing stringency in the loan
market. AS the banks will have to
stand ready for the large interest
and dividend disbursements incident
to the season, the stringency may be
expected to continue st least into the
New Year. when the funds thus dis
tributed among the public at large
will have returned to the banks for
unemployment Relief may also be
expected from Influx of money from
the interior, which usually sets in af-A
ter January lst. But whilst, fo H
these reasons, the money market msY
be trusted to take care of itself. q We
the next few months, yet there is ,us
Wall street deep conviction thsup
the course of both money and inveae
ments must vitality depend upon ~
action or non-action of Con-
relating to silver On this
leading men of finance are inte
and regard 1t as an imports.
ruling the future. Gould