San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1893-06-14
FINANCIAL NEWS.
Improvement in the General Tone
in Wall Street.


an improvement in the tone OF
business in Wall Street, mainly
consequent upon the formal init
nation of President Cleveland
that he will assemble Congress in
September next. AS the President
indicates that the express occasion
for Congress meeting three months
in advance of the usual time is the
financial arrangement consequent
upon the Silver Act of 1890, it is to
be presumed that he will urge the
repeal of that law, with such other
legislation as that action might
seem to call for.
The language of Mr.. Clevela
in announcing his purpose can
leave no room for doubt that the
administration earnestly faVors
the suspension of silver purchases.
The fact of his determining to call
an extra session also affords pre-
sumption that he has reason to
hope that Congress will receive
favorably his recommendations. 1t
is claimed to be certain that the
Senate Finance Committee ma
jority of whom have heretofore
been free-silver men-nOw embra-
ces a safe majority who favor re-
peal of the Sherman Act of 1890,
and that those Senators have so as
sured the President. 1t seems
reasonable to assume that the eff
fectS of that act, now so patent in
the distrust, financial disOrganiza-
ton and failures throughout the
country, must have brought many
pro-silver Representatives to recon-
slider their attitude on the ques-
ton; and that therefore seems to
be good reason to hope for a salts
factory result of the special ses-
sion.
Although considerable ship
ments of gold had been anticipat-
ed for this week, the amounts ac-
tually sent out have proved to be
comparatively light; and it now
looks as though the outflow were
nearing is end. The unexpected
reduction of | per cent in the Bank
of England rate of discount comes
in as an important contribution of
confidence; for it not only shows
recovery of SteadineSS in London
finance but is favorable to the en-
plOyment of foreign balances at
this centre and therefore to cur
tailment of the foreign demand for
our gold. Another factor tending
to the same result is the large eX-
port movement in grain that has
in within the past ten days, which
from all appearances is likely
to assume still more important
dimensions. A point has been
reached at which spectators have
neither the motive nor the ability
to hold on to their large stocks of
produce and consequently engage
ments for export have been made
which will occupy all available
ocean freight facilities up to the
middle of July. This may be eX-
pected to settle the question of
future shipments of gold, if it
does not suggest the probability Of
a refluX of that metal to this centre
at no very distant day.
There can be no question that
the withholding of an enormous
amount of produce from its natur-
al course of export has been one
important cause of the extreme
stringency of money in the inter-
ior. Now, the forwarding Of these
products to the seaboard is caus-
ing a large drain of currency to the
west, the Chicago rate of eX-
change on New York being $1.25
discount; which will prove a
quick source of monetary relief in
the agricultural sections. OF course
one incident of that movement
will prove to be considerable re-
duction of the reserves of the New
York banks; but that can be well
afforded with the present large
surplus Of cash over legal require
ments; and especially as the same
cause that is drawing money to
the interior will cOrrespondingly
prevent the withdrawal of gold
for export.
Upon the whole we take it that |
the situation has entered upon a
stage of very decided intrinsic i'm
provement; and we anticipate that
this recovery will become more APP
parent with each succeeding day |
for a prolonged period.
HENRY CLEWS.
Word has been received to the |
effect that Hugh H. Young, son Of