San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1892-03-25
FINANCIAL REPORT.


New York, March 10, 1892.
Although dull and irregular, the
stock market has shown firm under
tone during the week. Confidence
has been somewhat disturbed by the
questioned legality of the coal deal;
and, until this point is finally settled,
an important group of stocks will be
subject to more or less uncertainty
In monetary circles there is also
cautiOnary feeling, arising mainly
from silver agitation, gold shipments,
the Behring Sea dispute, the proposed
International conference, and the APP
proach of April settlements. But
none of these contingencies are of q
serious or immediate nature; so that
their effect is seen in caution more
than concern. The Richmond Term
inal scheme was followed by decline
in the securities of that organization;
the chief advantages of which were
the scaling down OF fixed charges and
the proposed economies in manage
ment. Cheap cotton and reaction
from over development of industries
in the South have injured nearly all
southern railroad properties; ana the
conflicting interests in Richmond
Terminal properties may as well
decide to accept the best conditions
they can get. If the reorganization
goes through it will remove an i'm.
portant hindrance to the bull cam
paign.
but We are now dealing more with
the future than the present. After
of ri hn hnt
will pass into new and probably
more favorable phase. The outflow
OF gold will probably have ceased;
the usual temporary transfers of
currency to the country for the April
yearly settlements will have been
effected; and the silver agitation will
have passed into stage of develop
ment which will afford a clearer
foresight as to its ultimate issue. The
factors which, three week hence, are
likely to be chiefly occupying the
atten ton of the market will be main
ly the following. In the first place,
the very low prices of few leading
staples, especially iron and cotton;
as, however, those declines are not
due to any lack of demand but to an
extraordinary increase in supply,
they are likely to be construed as on
the whole beneficial to business at
large, though unfavorable to profits
in those special interests. Next, will
come the prospects Of the crops. So
far, the condition of winter wheat Is
upon the whole favoraDl and should
be present outlook be maintained
the effect ~ the West will be uneual.
ly helpful, for the crop conditions on
u Continent of Europe are anythiU 9
but encouraging, while Russia caIl
hardly fail to yield this year another
short crop; so that q second good
harvest i'll the United States would
De likely to meet ready foreign de.
mand at good prices; besides which
- is IT, be considered that our stock.
of both wheat and corn still on hanC
are equal to over 40 per cent of al
average crop, which leaves UMPIRE
cedented supplies for export between
now and next harvest. These fact!
have q very direct bearing upon tn,
prospects of the railroads for the mex
twelve months. Another favorable
factor will appear, at the time indi.
Gated, in connection with the sIivel
problem. Even though the vote o
Congress on the measure now pend
ing should bs affirmative, it would
certainly be annulled by the Presi
dents veto; which would m Ike fire,
coinage impossible until a new Presi
dent and new members of Con gr es
were elected. Should the next PresI
dent happen to be Republican, it i
reasonable to assume that be woult
veto any free coinage bill that nigh
he passed by Congress during hi
term of office. Should Democrat D
elected to the Presidency, the indics
tons are daily accommodating that d
would be exPresident Cleveland
whose record warrants our assumin
that he would equally resist tn
policy of the silver faction. Thus tn
probabilities largely favor the pros
poets of the defeat OF future attempt
10 force Tree coinage upon the country
1t is also proper to take into accoun
the possibility, not to say thef&i
degree of probability, that at no dis