San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1893-01-11
WEEKLY FINANCIAL REVIEW
Reported for the Light by the Bank
ing House OF Henry Clews & Co.
NEW YORK Jan. Z. 1898.

Reported for the Light Oy the BANK
ing House of Henry Clews & Co.
NEW YORK Jan. Z. 1898.
The New Year has opened with
more settled feeling in the financial
markets than was generally expect
ed. The funds called In from loan
last week, to be available for the
payment of dividends and interest,
have this week been disbursed for
those purposes. while currency has
flowed in freely from the interior;
and thus the banks have been en-
abled to better supply the wants OF
borrowers. At the same time, the
recent exports Of gold.-largely due
to remittances to pay January inter
est Oh our obligations held Abroad
are about coming to close; which
will soon help to restore confidence
in the market, the disturbance OF
which has been "a principal cause OF
late in unsettling Stock Exchange
values.
Inc annual balancing of accounts
of individuals and corporations az
pears to have been generally unu suat-
ly satisfactory as TO results. Though
the business of 1892 was of an undem
onstrative character and exceptional
ly free from speculative excitement,
yet the years aggregates show Its
volume to have been extraordinary
and its net results probably unpre-
ceden tedly profitable. The tact that
the years. records OF business failures
in the United States show the
amount of liabilities to have been but
- "a
either 1891 or 1890, speaks vol
umes for the conservative and pro-
fitsble character of the years trade.
1t is THE same general conscious
ness of financial strength and sound
ness that has caused the startling
results Of the presidential election 10
be received with such unexpected
calmness. 1t is also to this cause thai
we must attribute the ab.ence of un-
easIness in the near prospect of pros
nounced change in the Industrial anC
commercial policy OF the nation. The
seeming small account that Wall
street attaches to this impending leg
lslatiOn Is not due TO any want o
comprehension of its importance Of
of the Interruptions to trade that il
will occasion, hut to the conviction
that the country is well prepared t.
endure the trial of it's strength Wal
street enters the New Year with thil
very important fact in it's favor,-tha
while, as already intimated, a per
manent investment has already beer
found for the securities returned from
Europe, the issues of new obligation
by railroads, have been in 1862 las al
30 for the two previous years. eXcep
tionally light.
With so many really substantial
factors in favor OF confidence, it is un
fortunate that anything should orcu
to weaken their legitimate effeC
upon Wall Street interests. 1t is ur
necessary to inquire what truth ther
may have been in the rumors of
concerted plan for helping the marke
. and the banks by a large transfer
issue of United States bonds, for tn
mere public mention of the matte
has quashed the suggestion. The il
cident, however, has been a misfol
tune; for both at home and abroad
will be construed as Implying a cor
ditiOn of things calling for extraord
nary precautions; and such a susp
cion does injustice to the intrinsi
strength of the existing situation an
suggests danger where it does n,
really exist. The use of the Cover
ment's authority to sell bonds to kee
up its gold reserve is resort to
awaited of only in the face of a Writ
ally certain prospect of q really fat
foreign drain of gold; but at pr
sent no such positive danger col