The Wichita daily eagle., 1893-05-02
WALL STREET VIEWS.

NEW YORK, May 1.-Henry Clews, in hi:
weekly financial circular, says:
1.-The gold question still continues to be
the main factor affecting Wall street in.
terests. President ClevelaDd's firm deciar
alton that the payment of all government
obligations in gold shall be maintained
under any circumstances had an ASSURING :
effect. 1t at least set at rest one serious
uncertainty, and that had the tonic effect
of bracing up he stock market and check.
ing the attacks OF the bears, which We're
becoming daily more vigorous.
''At the moment, the preponderant dis
position is to rest and wait. There are sc
many matters affecting he situation and
the early future that cannot at present be
hesitate about committing themselves to
large transactions. A hesitatlng market
is always dull one; aud. ii the uncertain
ty becomes protracted, 1t may easily be-
come a yielding one.
The intrinsic features OF railroad Sc
curities are decidedly favorable to holding,
though hardly to be considered as war
ranting free buying under the prevailing
decentralization. The 'fndusrial,' are still
suffering from the distruss arising from
unnatural conditions upon which they rest
and which must stand against their ac-
ceptance as investments. Within the
present month, a new element has ap-
peared unfavorable to speculative buying.
A certain d ullneSs almost amounting to
depression has come over the merchan-
disc markets. Partly, it has arisen from
the late excessive importatlons OF foreign
goods; partly, from the prospective tariff
legislation having made distributors dis
inclined to carry larger stocks than are
absolutely necessary: partly, from fall
ing off in the interior demand for good;
and partly from the growing >tringency
in the loan market having compelled some
contraction of credit operations Any
important change in this condition OF
things is hardly to be expected until con-
gress affords some definite indications OF
what is to be the new scale of duties.
Until that point is reached, manufactur-
ers and merchants can only be expected to
run their business upon the hand to-
mouth principle; and relief from this sort
of obstruction may hardly be hoped for
meanwhile.
The reconstructlons and consultations
going on in certain important groups of
railroads may soon enlarge speculative
operations.
The crop prospects are rs yet too unde-
veloped to constitute factor of influence.
And yet, little later, very much must
depend upon that feature in the situation
Should the prospects as to grain favor an
other 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
exportable surplus would probably con-
tinue to bs tenaciously clung to, and the
exports of gold would be correspondingly
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 requirements for
export may still continue for some time
longer, although on diminished scale.
and little real relief can be expected until
the speculative blockade in the exports of
produce is broken. The efforts to find re-
lief through some sort of arrangement be-
tween the treasury and the banks have
thus far developed nothing practical. The
relation between the banks and the govern
ment is becoming better understood, and
the conviction gains ground that there is
no cause for aiarm The government, if
fairly dealt with by the banks. will have
no difficulty in maintaining its reserves
and paying ali its demand obligati on' III
gold. To borrowing gold by the issue It
bonds there is the objection that 1t need
lessly establishes very undesirable pre-
cedent. To an exchange of banks
gold for treasury legal tenders, there
should be no serious objection; 1t simply
makes the treasury the disburser of the
banks gold for export, instead of they
themselves performing the operation. l.
seems as though the banks can hardly af-
ford to allow the demoraliZing admission
to go out before the world that they or
the government are unable to meet any
drain of gold to which they are likely to
be subject; and the conviction is gaining
ground that neither can they afford to per
s;st in a course which shows them ready
to drain the treasury stock proper when
ever it may suit temporary purpose
Public opinion has become very sensitive
about the steady drain upon the treasury
reseree which the banks have been indi
rectiy enforcing, and signs indicate that
this policy may be soon tempered, if not
abandoned. If the banks will let the inn
ports of goods aud the exporters of gold
have all the gold they want, daylight will
dawn upon the situation