The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1892-06-28
WALL STREET VIEWS,


NEW YORK, June 27.-Henry Clews, in
his weekly financial circular, says:
''The outlook for sound currency legisla-
tion has been cleared by the nomination of
Mr.. Harrison as the Republican candidate
for the PRESIDENCY and Mr.. Cleveland as
the Democratic candidate. Whichever Of
these candidates is successful next Novem-
Der the country will not only be saved q
vast deal of anxiety concerning the silver
craze but the prospects are encouraging
for the repeal of at least the worst features
in our present foolish silver laws. The
full Importance of security from further
reckleSsnesS of this sort until March 4,
1897, is not not yet realized; for time is re-
quIred TO restore confidence after such a
long period of fear and unrest.
In the matter of gold exports, the
probability Is that these will soon cease,
as future grain and cotton bills will be
freely offered and take the place OF gold.
The equanimity with which gold ship
ments have been regarded is something
remarkable. Money has been wonderfully
easy, il is true, during the whole gold eX
porting period; but this was rather due to
the great expansion in silver circulation
and moderate demands upon bankers from
both trade and speculative quarters than
10 any other causes. AT the same time,
the treasury is not in a position to spare
much gold; and, though no concern is
warranted about the treasury being able
10 meet all current obligations,
still only the most skillful sort
of management has saved it from
embarrassment. The most phenomenal
part of gold exports is that they should
continue in the face OF such an immense
trade balance in our favor In May there
was an excess of exports over imports
amounting to over 81 ,O64. 000 while year
ngo there was an excess of nearly $4,000
800 in imports. In the last eleven months
we have seen the extraordinary excess of
exports over imports of $210. COO, 600; and
the best calculations are that, allowing for
the gold movement, undervaluations, in
Ierest, freights, ETC., balance of over
500, ,0O0, coo still remains to be explained.
The explanation is that this balance WAS
settled by the free return of securities from
Europe instead of gold, which has been OBJ
served for months.
Foreign investors have received
thorough scare concerning the securities
of all silver using countries; and, no mat
ter how much we may have thought such
fears unfOunded, they acted upon them
nevertheless. Present gold shipments,
even If due to special causes as some as
sert, have been unquestionably facilitated
by this danger in the Imagination of for
eigners of having interest and principal
payable in deprecated silver. The
truth is, our merchandise exports,
in spite of being the larg-
est on record, were insufficient To
pay for our imports of merchandise and
securities and foreign travel combined.
1t is a source of wonder, therefore, that
we have been able to take back such an
amount of stocks and bonds without more
weakness on the New York market. 1t
shows conclusively that Americans have
more confidence in the future of their
properties than Europeans; confidence
that viii probably bring its rewards when
the average foreigner wakes up TO the real
situation here. Should the European de-
mand revive, it can only be satisfied at
higher prices than now rule.
The crop situation has shown great i'm
provemeht since the first of June. All the
large wheat and corn carriers have
strengthened In consequence. In fact the
outlook for western and northwestern
roads Is much brighter than for southern
properties. Such lines are as inde1endent
of cotton traffic are doing fairly well: but
the cotton district lines are not over
whelmed with prosperity Just at presen I.
nor are they likely 10 be, should we again
have cotton crop larger than the world
needs
The outlook for the anti-option bill is
uncertain. \ canvass of the senate shows
that only a few more negative votes in ad-
dItlon TO those now counted upou would
be uSCeSSdIy 10 XIII tine measure IN the
senate. There seems to be fair posSi bilitv
OF blotting out this silly legislative effort.
III the bill becomes law control of our
wheat ana cotton markets would be i'm
medlately transferred to England. which
is naturally chronic bear upon all that
She buys OF Us. Where the benefit Of the
anti-opuon bill would come in TO the
American farmers l fail to see The in
tended beneficiary would be the worst of
sufferers President Harrison has not ex-
pressed himself on the subject, but |
should be surprised were he To fail in Veto
ing it.
Nothing further of importance has
transpired concerning the international
conierence. Although / DO not anticipate
that any concerted action of Importance
Will beaccomplished, still an incalculabIe
amount OF good will follow the discussion
ana Interest thus awakened. IL will at
least pave the way for future interna-
Uonai understanding of some sort. as well
rs emphasize the necessity of radical cor
receives OF of some kind. II for no better
reasons, therefore, the conference should
receive the hearty support OF the entire
banking trate nity.n