The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-05-01
FINANCIAL REVIEW.
Henry olews's Weekly Letter on
the Money situation.
GOLD QUESTION THE MAIN FACTOR
Still AGTecting Wall street-EGect of
tho Presidents Statement of His
Policy-The situation Unchanged
Decrease In Gold shIpments-"ln.
dustrials" Still. Suffering from Dis.
trust.
Special Correspondents OfMe MleIligcncer,

Special Correspondence Ofthe Intel!igeleer.
New York, April 20-The gold ques-
question still continues to BIO the main
fact affecting Wall street interests.
President Clevoland's firm declaration
that the payment OF all government OBJ
legations in gold shall be maintained
under any circumstances had an assur-
ing effect. 1t at least set at rest one
serious uncertainty, and had the tonic
result OF bracing up tho stock market
and checking the attacks Of the "bears,"
which were becoming daily moro vigor.
ous
At the moment, the prepoRderapt
disposition is to rest and wait, There
are SO many matters affecting the aitua-
ton and the early future that cannot at
present DO estimated, that both sides on
the market heaitated about committing
themselves TO large transactions, A
hesitating market is always dull one;
and il tho uncertainty becomes pro-
tracted, 1t may easily become yielding
one.
The intrinsic features OF railroad SO.
curities are decidedly favorable to hold.
ing, though hardly to be considered MS
warranting free buying under the pro-
vailing decentralization. The "indus-
trials" are still suffering from the dis
trust arising from the unnatural Gondi.
tons upon which they rest and which
must stand against their acceptance as
investments. Within the present
month new element has Appeared,
uniavorable to speculative buying. A
certain dizziness, almost amounting to
depression, has come over the merchan-
disc markets. Partly, it has arisen
from tho late excessive importations OF
foreign goods; partly, from the pros.
pective tariff legislation having made
distributors disinclined to carry larger
stocks than are absolutel y necessary;
partly. irom,a falling off in the interior
demand for goods; and partly from the
growing stringoncy in the loan market
having compelled some contraction OF
credit opinions. ANY important change
in this condition OF things is hardly TO
be expected until congress affords some
definite indications OF what is to be the
new scale OF duties. Until that point is
reached, manufacturers and merchants
can only be expected to run thoir busl-
ness upon tho hand-to.mouth principle;
and relief from this sort OF obstruction
may hardly DO hoped for meanwhile.
The reConstructions and consolida.
tons going on in certain important
groups OF railroads may soonsenlarge
speculative operations,
The crop prospects are as yet too I'M
developed to constitute factor OF intlu-
once. And yet, little later, very
much must depend upon that feature in
the situation. Should the prospects as
to grain favor another good crop either
at home or abroad, the holders OF the
present immense visible supply would
be likely to throw their wheat upon
the market, and through that large
relief from the heavy exports OF gold
might come. On the other hand, with
prospects OF light crops, our large ex.
portable surplus would probably con.
tinue to be tenaciousiy chung to, and
the exports OF gold would BIO CORE.
spondingly augmented. The same line
of reasoning applies to the cotton
trade.
The gold situation remains virtually
unchanged since our last advices
There has been some abatement in the
amount OF specie going out, but require
ments for export may still continue for
some time longer, although on a dimin.
ished scale, and little relief can be ex-
pected until tho speculative blockade in
the exports OF produce is broken. The
efforts to find relief through some sort
of arrangement between the treasury
and the banks have thus far developed
nothing practical. The relation be-
tween tho banks and the government is
becoming better understood, and the
conviction gains ground that, there is no
cause for alarm. The government II
dealt fairly with by the banks, will have
no difficulty in maintaining its reserves
and paying all its demand obligations
in gold, ToborrowinG gold by the issue
OF bonds there is the objection that it
needlessly establishes very undesira'
bio precedent. To an exchange OF bank
gold for treasury legal tenders, there
should be 10 serious objection; 1t sim.
ply makes tho treasury the disburser Of
tho banks gold for export, instead OF
they themselves performing the opera.
ton.
1t seems as though tho banks can
hardly allow the demoralizing admis-
sion to go out before the world that
they or the government arc unable, to
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