The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1892-11-01
WALL STREET VIEWS.

NEW YORK, Oct. 31.-Henry Clews, ir
| his weekly financial circular, says. in part
"The hardening tendency of the money
markets. here and in Europe, naturally
| holds speculative transactions in check
the more so as the drift has run farther
than has been generally expected. We
have been assured by Chicago banking au-
thorities that that money center has sc
far gained control of interior finances that
| the great grain states would no longer be
| dependent on New York funds for moving
the crops. Some people have believed this
boast, and are consequently taken by sur
prise at the present condition of our banks
but the fact has been that, since the end OF
July, the surplus reserves of the clearing
house banks have fallen from twent-four
millions to zero, and that twenty millions
of money has been sent from New York to
the interior. This is change so sweeping
anC So unexpected that it necessarily be-
comes a serious element in Wall street
| operations, as its effects are apprrents in
stringency and unusually high rates for
loans aud discounts.
"A similar change has appeared in the
European money markets. Not only has
the Bank of England advanced les rate of
discount from to 3 per cent, but the
London open market has since that change
shown a still hardening tendency In the
rate for money. At the other foreign cen
ters, like tendency is apparent. The
notable, not to say ominous, feature at all
points is the disposition of the great banks
to keep their gold and get more. This in
clination may be attributed in part to the
continuous purchases of Austria Hungary,
and to the boarding of the Russian gov
ernmeut for some iDscrutabie purpose; but
iS M dnnht n ted nv fha
of the silver question, which is brought
into unusual prominence by the forth
coming monetary conference at Brussels
The very fact of the authoritative dis
cussion of the question is calculated
to create sensitiveness. If not a certain
degree of precaution. Financiers have to
provide against the worst possible contin-
gencies in any given situation; and Eu-
ropean bankers are asking, What If the
conference fail and all hope of restoring
silver has to be abandoned?" As such a
result would involve still further serious
degradation of silver, the possibility of its
Causing rush among the great banks for
gold. in order to put themselves more
firmly on the single standard basis, is too
obvious to be safely disregarded. Besides
this, il is not improbable that some of the
nations may deem it to their advantage 10
go into the conference backed by the pres
tige of being holders OF ample stocks Of
gold. In brief, the whole situation arising
out of the fall in silver is one calculated to
bring about precautionary boarding Of
gold; and SO long as such policy is Ia
force it must tend to disturb foreign ex-
changes everywhere aud to derange the
regular Course OF the worlds money
markets To us, this is matter OF
special Importance; not only because our
large gold stock is the most accessi-
BILE source of supply TO foreign hoard
o.. u t.n hAfs ~ rad
now taking course that suggests some
probability of more or less important nd
verse International balance. Contrary 10
what has been expected as ne result OF the
new tariff, our exports are declining
while our imports are increasing For
the Eaoath OF September, our Imports
were 81 ,50o, 900 above those of las. year:
and for the three moaths July. August
and September the Increase was 81, 90 coo; !
while the exports for September show 4
decrease OF so 600 60 Thus tie S=pseaa-
Der movement IS 81. 800 0l0 less favorable
to Us than was that OF year aga. Tae
only feature OF re- lief against THIS adverse +
Is the fact Jos.t speculation seems j
70 oe resiving in London and that some
liberal anouBts of securities are oeIeg sent !;
from here to that market Is - also III
our favor that foreign BANKERS a. this 4
center appear To have liberal balaaceS i0E 4
use on time loans
i &c business 0! the country AZ i1T-e X 4
sound and active ami the nation II prcia- i
bly, aecuInulailug solid wealth faster taaa E
sycr oeIorr, the iarg-ness oi our current 4
imports even IS evidence OF that. the
lsak c3earlBgs stsog tits increasing Sc
.isity of business. the crops are tuEnseG
5ut considerably better thau has tsesa sssI- i
mated and the farmer. are ,HaAIssg naogs<y !
sad paying ofT their debts. In= grs.-
.sraIng- q. the railroads show steady IN
.Eease> af earnings and the gram rss9s
ire bIoGGea VITA freight bryoud tsse
.sE5scity es their cars, while tsse ne. ezs4-
ngs exhibit a gratifying Increase over
lose o. saS. SeAs. AID sac Quantity oi /