Evening star. [volume] (Washington, D.C.) 1854-1972, 1892-01-02

Henry Clews Weekly Finan cial Review. issued
today. says: The year 1892 opens with p-ou,s-
ing material prospects for the United States.
and yet with some iegacies OF misfortune from
1881, which are calculated to qualify our
hopes
II the past year has been one of uuprece-
denied harvests and, as such. has conferred in
estimable beuefts upon cur long depressed az
riculturat interests, II has also been one OF
check. reaction and dullness 10 NEST of our
manufacturing Industries. Constituting as We
do an lnseparable part of the COM
munity of nations it has been impossi-
BILE for Us to wholly escape the effects Of the
European reaction that set In with the crash of
tho Earrings. That great failure was but
the elimination III the case of single house of
system OF wild adventure and loose financing
which had infected every money center of the
cid world and had brought Europe to the verge
OF financial upheaval exceeding in gravit;
anything III the worlds previous experience.
Looking forward merely 10 the next twelve
months, there seems to te little reason to ex-
pect any important European demand for our
securities. TOR the reason that business there is
not likely to yield the usual amount
OF profits for reinvestment. The polit.
ical conditions, too, are fraught with dan
gers that are calculated to keep enter.
prise in check. 1t may be said that distrust
from the latter cause would be calculated to
create demand for the issues Of n country
which Is exempt from European ENVIRONMENTS.
and that is undoubtedly true: but at the same
time 1t is to be kept in mind that in the pres
ent condition of the foreign money markets.
controlling tnanciers will do their utmost to
discourage the outflow of capital. while the
very low prices at which a large mass OF
recent issues are selling would act as a
reason against exchanging them for Ameri-
cans. But, on the other hand, it seems quite
cafe to anticipate exemption from any lmpor-
tant return of our stocks or bonds from across
the Atlantic. That process has run its course
during the last twelve months, and although
there remain enough securities to admit OF a
large refux. yet there is no prospect OF condi.
tons occurring that would force them bach
upon
There is, however. one possible contingency
which. should it arise, would very materially
modify all the probabilities above considered
Ii We may give full credit TO what is reported
from Washington as to the governments ad
vices II on its agents deputied to ascertain the
feasibility of assembling congress TO re-estab
lsh silver upon an international basis-there is
very unexpected disposition. amounting almos
to anxiety. on the part of European govern
ments, including England. to consider such pro
posals; and the overtures openly made b,
Chancellor Goschen certainly give not littl
credibility to these reports.
We are inclined to regard this contingency a
being sufficiently probable to warrant its beinl
| hopefully watched. Should it be realized |
| dark shadow would be lifted from a large elias
OF our securities against which there is now
distinct discrimination, especially abroad, a
| being possibly payable In silver.
So far as respects the prospects arising from
purely domestic conditions. they are almos
withou: exception favorable to the value o
stocks. The abundant crops can hardly fail 4
produce better state Of general trade thai
existed through 1891.