The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1892-11-29
MONEY AND STOCKS.

NEW 1Okk, NOV. SS.-I1cuFJ OiSWS, IN
his weekly financial circular, says. in
part:
1.-The unsettled feeling left by the elec-
tion is assuming more definite shape. and
the Indications at the moment are that,
whatever may be the later effects of the
new commercial policy. for the present
there il no general disposition to attach
extreme importance to this factor as an
element of current speculation. The
course of industrial stocks for the last ten
days illustrates this view. The first feel
ing after the election was the very reason
able one that this class of securities must
suffer under q change of tariff with e.
pecial severity; and, in consequence. they
were sold freely aud prices declined.
1t now turns out that. when the sellers Of
the industrials went to cover their sales.
they had to pay a sharp advance in order to
get the stock; which implies that. AS yet.
the point has not been reached at which
the principal holders are anxious to get rid
of their holdings This does not mean
that holders are entirely Indifferent about
the bearing of our new industrial policy
on investments; it merely implies that, at
present, the situation Is so complicated
that no clear opinion can be formed as TO
effects will appear in matured shape. The
more the subject is considered. the more it
is seen that the change will bring advant-
ages as well as disadvantages, and as
eighteen months or two years must elapse
before any tariff law can take effect, there
is growing disposition to let tins factor
await for maturer development. to be
watched and weighed during the interval,
but not to be reckoned rs an extreme in.
Huence in current speculation.
"Besjdes, there are questions of more
i'm mmediate interest, which are calculated to
keep in the shade matters that must wait
for many months before they Can be def
nitely estimated. The one thing about
which Wall street is more sensitive than
any other is the export Of gold, and that
movement seems to be returning upon us.
Inc foreign exchanges point ominously in
that direction. The exports of home pro-
ducts are declining; no important amount
of bills is being made against exports of
securities; and Russia is drawing gold
from Londen at Il rate which inclines the
Bank of England to put the screws on
borrowers and the paddock on its vaults.
These signs Indicate the possibility of our
being subjected to moderate drain of gold
The Importance of this contingency lies
in the fact tnAt SO many people
exaggerate the importance OF gold to the
extent of making it the foundation
merely the tool by which we conduct IA
small portion of our business. Not On
this account, however. is it less likely that
the export of a few millions of gold might
bring about Q selling movement IN
stocks.
"Closely related to this feeling stands
the proceedings Of the monetary confer
ence, which has already opened its pro-
ceedings and is likely To occupy the inter
ested attention of financiers the world
over for probably six weeks or two mouths.
Such expressions of opinion as have reach
ed Us from Europe within the last few
days are certainly not encouraging to al
expectation of any early important advan-
tales to result from the conference. The
ouay really competent solution OF the
question, free coinage under an agree
uient among several of the
leading Dations,-is nowhere hop d
for except among n small
enthusiastic minority; but there can
be sitt.e doubt that, if The conference
CLOSES w.i sioat leaving hope that it's work
may bring about valuable aileviatioBs a.
later stage, the gathering viii. prove 10
have only served the purpose @. nieEe DIS
tinct!y revealing the dangers that hang
around tue arrangement between tue
metallic msneys. The universal atteation
conferred qpoB the question, the thorough
and aUt thorita.;ye inquiry Iuto It's bearings.
eral nations towards peipipg IN its soiu-
tion-these conditions viii give such a
tinaliiy to the results of the conferences
that the conclusions reached, should they
fail to bring relief, viii further aGSFayate
the apprehension which the depreciation OF
silver nas excited.
The possibilities for good or for evi. OF
the Brussels conference iasenSifirs the
silver situation IL exists IN the United
States Ii must be regarded as higAiy ian !
probabi= that The conference wlli reach
any sgreeme25 for International free
Aaa vet nothing short OF that.
IN faii and unequivocai form, wouli
w1.Frai3t Us II Yielding 20 the demand for
free coinage In this country. Failure 10
secure such iuteruatieua. action would /
impose upoa the duty OF Suspension of
the increase C. silver money uhde. the /
present law, " neither regarded from the /
point OF diplomatic expeIlrnc- OF frci0
.Lat OF national safety. Ian we then tie !.
pend upon coggF,sss adops1eg tilsE cour-c, j
If the event 20 aeu1snds. he Platforms /
Of lsosa parties ia tte Iass esecIioa sAouii /
leave 40 dozsot on that Esosas. Bat. Ia I
platforms are too Of less guides 1
icv .esis!at iGn than they are fy< wsnnlpx !
votes, aad II j. therefore Impossible 10 I
forecast tiss pro1zo.s sc4ssa os congress ea /
>igssr- Moreover, tie silver 4arssssn ssa.i
De complicated = itn saas o. iisefr@ssss iass i
6.Ek EosE Circulation aud os rrsSEsEissz 10 /
/ he state asaAs tarsr former IsS~Esy 10 I
i~ssse circulating notes- iE = as1vvos@f /
au.lc uncertain when congress nasy reses
a a.scs fls5esa osa these rusrersry qtsssssos..
Tor iG wiz BE- pTsssxapzrai asts tss All
= s3soT9ssas t4FtI lS-ssla.iga gstA q 81 tae
u. sssslsc ci ies,f
51Y GOULD. 1
NFx YoLg, Nov -s--is was reported IN
Wals sfrgrs today sks1 Jsg tSssslsi viii
.rertrt fss- WINTER IL TIC lar we~s. IE l.