Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1893-06-09
OUR FINANCIAL LETTER.
Has the Critical Point Been
Passed?
The Reduced Gold Reserve---EngIish
Opinion of the Prices for
wheat which Make the Western Farm
er Open His Eyes.
"a BROAD STREET,
NEW YORK. Innp I. 1909.

~ Opth Ills Hytss
"a BROAD STREET,
New YORK, June :, 1898. I
Whether the crisis of financial affairs
has been passed is yet to be determined.
One thing is certain, however, that the
many bubbles which have been pricked
cannot again be troublesome factor in
the financial world. Liquidation has been
worldwide during the past year, and a re-
bound from the present depression is sure
ly due.
President Cleveland thinks the South
ard West have had sufficient "obiect les
SON. of the workings of the Sherman sill
ver-purchasing law, and intimates that he
will call an extra session of Congress early
in September. The theory is advanced
that an extra session would not be resort
ed to if Mr.. Cleveland was not assured
that there was fair chance of converting
the silver men.
The gold reserve is now the lowest since
specie payments were resumed, and is less
than one-half the amount held at the time
the silver-purchase act became operative.
During the month of May there was de-
crease of over five millions in the metal we
want, and an increase of over five millions
in the metal we don't want. Something
like SO, 600. 900 of specie has been ship
ped abroad since January first of this year,
the larger part of which was gold. Here
are the views of the Anglo American
Times Nondon):
The currency system Of the United States has
been the cause Of much uneasiness IA Europe as
well as in America 1t works toward premium on
gold, desire here o get rid Of second and third
rate American securities to prevent the free in.
vestmeut Of European capital, and in many WAYS
70 derange trade Yet il is also true that in every
trading nation this currency question has arisen
in a form TO give support to the western conten-
ton India feels the strain Of the depreciation of
silver and the appreciation OF gold Australia
has been precipitated into a banking panic. In
all the industrial centres Of England bimetasm
is becoming a burning question. our farmers have
almost reached their last ditch and the President
by postponing the re assembly of the monetary
conference evidently thinks that change may
be wrought in the currency views OF other com
mercial nations which might cause an arrange
ment that would bring general relief and har
monize the differences between East and West.
Wheat is selling around the lowest price
it has reached in the history of the cour-
| try. The reason of the recent break in
wheat, however, was the fact that the Chi
cago brokers were unable to get their
/ wheat carried. Chicago banks do not
seem to be in position to aid in any spec.
ulative deals. The western farmer has
| been smiling at Wall street as he has seen
the price of good securities go down, day
after day, but the ''object lesson of wheat
at these unheard of prices will soon make
| him wonder "where are we at?n The low
price for wheat has naturally stimulated a
better demand for export, and should thes,
exports continue our trade balance will b,
more favorable.
The writer has secured some Brooklyn
bridge data which he thinks will be inter.
esting, and which he will endeavor to in
corporate in his next letter.
w. =. EAGER,
Banker and Broker,