The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-12-26
FINANCIAL REVIEW.
Henry olews' Weekly Letter on.
the Condition Of Money.
TaERENEHGG OF GOLD EXPORTS
Andits Efect on tho Mnrltot-Expla-
nation orthe Moyement-Thc Politt.
cal Crisis in France aud Element OF
Financial l sturbancss-The Gencr-
Al Situation.
,DesfoI oorTaDonaaot . te Ialageaer.

t1nues TO D unuer tue pressure VI
influences Of more than usual weight.
The renewal Of gold exports, uneasiness
about the silver situation, stringency
inmoney, and the dangers threatening
the French republic-these form aeon.
bination OF unsettling circumstances
calculated TO severely test the stability
Of the stock market.
AZ might have been expected, the
market has shown symptoms Of yield'
ing at its weakest point. The indus
trials, " which have never had much be-
You'd amerely speculative support, have
been freely Disseminated against by
lenders as collateral for loans, with the
result Of large realizings. on them and q
fall in their prices, which at first pro-
duced a general break in the market:
These issues are the sensitive spot, and
as tho time approaches when they will
be exposed to searching trial from q re
duction Of tariff duties, they can hardly
be expected to resist tho pressure that
may be brought to bear upon them.
Thisislthe more probable from the fact
that many tneln6ets Of the exchange
are getting tired Of this. chronic ele.
ment Of disturbance aud would be glad
tosee It eliminated by a better adjust
ment OF these issues to their real intrin-
sic value.
The unexpected exports Of gold, at q
season when the movement Is usually
in tho opposite direction, has an IN.
settling effect. The movement is not
easily explained, in view OF the fact
that, for the months OF October and
November, the exports, OF merchandise
and specie exceed the combined items
Of imports, interest due abroad, under
valuation OF importsandfreight charges,
by some $l1,000,000, which would seem
10 imply that We entered December
with agood balance in our favor. Dur
ing the current month, however, there
has been q material falling of IN! some
Of our leading exports. For the week
ending December 16, our total ship.
ments o cotton to toreignportsamount-
edito only 10000 bales, against EOS, 200
bales for the same week OF 1901; and,
for the week preceding, We exported
from all seaboard points only 2,639,OOO
bushels Of grain, against 100000 BUSH
els last year. Concurrently with de.
crease OF exports, We are having an In
crease Of imports, those of New York
for the week ending December 9being,
S4;1l4,0005in excess Of the correspond
ing figures Of 1901. Items like these
will to some extent account Tor the out:
ward flow OF gold, but not fully; and
some other causes of a less evident ma
ture are probably also ut work.
1t is not easy to say exactly how lar the
shipments Of gold are made in the
ordinary course OF the exchanges
andliow far as special operations to
procure gold for European banking pur.
poses, 1t is understood, however, that
one banking house here received orders.
this week from Austria for Sl;00O,000tto'
be used by Austria government in
preparing for the reconciliation OF its
currency system on tho gold basis.
From the apprehensfve feeling among
European fnanciers at the position OF
silver, exhibited at the Brussels confer.
ence, Il Is to be expected that every
favorable occasion for drawing gold.
from the United States will BIO turned.
to account. The probabilities. however,
do not favor a prospect Of the current
export running to any further impor'
tant lengths. For England is buying
somewhat freely Of our gilt.edge invest.
ments and about G1,500;001 sterling Is
understoodto have been loaned by Lon.
don to New York through bills issued
AGAINST deposit of SECURITIES, which
gives us that amount Of relietfor sixty
DAYS. when tho local money market
may be expected to have reached an,
easiercondition. The extreme case OF
money at Londonis an element in our
favor, asst not only makes these Dor
rowing operations so much tho easier.
but also tends to encourage London.
purchaseslo Of our securities.
At tho moment, it Is not easy to judge
how far the serious political compiled.
tions in France maybecome an element
ofitnancial disturbance. In the event
OF revolution, which seems to DO more
than a mere possibility, a shock to the
bourses Of Europe would be inevitable
and, considering the broad relations
between Paris and London the latter
city would be exposed to suffer in sym.
pathy withithe former. In that event,
whatever might be tho first effect on.
our market, the later result would DO to
encourage the purchase OF American
investments on account OF their isola.
ton from tho sphere OF European
politics. Nevertheless, the position OF
France. constitutes an important int1u-
encetending to produce caution in the
money markets Of theworld at large.
The exports Of gold involve . COR
responding relative reduction in the
legal money resources OF tho banks OF
this city, which is the main source Of
the prevailing stringoncy in the loan.
market. Az tine banks will have, to
stand ready for the large interest and
dividend disbursements inctdentito'the
seasor. the stringency may be expected
to continue, at least into the new year,
when the funds thus distributed among
the public at large will have returned
to the banks for unemployment. Re:
Lief may also be expected from influx OF
money from the interior, which usually
setsfn soonafter january. Butwhilat,
for these reasons, the money market
NAV be trusted to take care OF itself Tor
the next few months, yet there is IN
Wall street a deep conviction that the.
course of both money and investments
must vitality depend upon the action or
non.Rctiono OF Congress relating osilver.
On this point leading men OF finance
are in earnest, and regard u as an I'm.
portant factor ruling the future. Gould
theybe sure that purchases OF silver by
tho government will NJ least be tenn.
porarily suspended, confidence would
prevail; but, so long as this remains
uncertain, their attitude will BIO that Of