The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-03-13
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Cumulate gold; and nothing further is
heard OF efforts by the Austrian govern
ment to augment its supply OF that
metal. This indicates an abatement, ii
not q suspension, OF one important
cause of the last two months drain
upon our stock OF gold; which amounts
to an important relief oil the local sltua-
ton.
Another evidence OF Improvement
has appeared in the shipment OF quite
important amounts OF stocks and bonds
TO the London market. This is to be
welcomed not merely for the sake OF its
increasing tho supply OF billin London,
but still more as evidence that the fall
ure OF Congress to repeal the Sherman
silver act has not SO much disturbed
foreign confidence in ourinvestments as
had been feared. No doubt tho bulk OF
these purchases have been Of gold-bear-
ing securities, but that discrimination
implies that the misgiying5 among for
eign investors apply principally to obli-
cations that might, under certain cir
cumstance connected with silver, be-
come payable in that metal. We can
not expect Foreigners to take freely the
latter class OF Investments until the
country has protected itself against the
possibility Of mourning further commit
ments TO the silver danger, put IL Is
something to have these evidences OF u
Willingness to take securities legally
payable in gold, for, after all, tho bulk
OF our corporate mortgages are made
expressly payable in that form OF
money. To this extent We are pro-
teCted against inordinato returns OF So
curities to tho home market and arc as.
sured OF an outlet for them in.pertods OF
depression or disturbance on this side
Of tho Atlantic.
Another point OF improvement in the
situation has arisen from an increase
in tho exports OF products. The late
large shipments OF gold have been
largely caused by the lightness oil the
exports OF produce since January l..
The decrease, however, has not been
due to any lack OF surplus commodities
for shipments; on the contrary, the
visible supply of wheat and corn eX-
ceeds that we held at the same season
following the unprecedented crops OF
1901. Tho accumulation OF grain is duo
to our market being held by speculn-
tion above tho European level. The eN-
port OF cotton has been restrained by
similar causes.
1t is only n question OF time when
speculative holders must be compelled
to accept the European range OF values;
and the stringency in money and the
caution among lenders may be expected
to apply hat compulsion at no distant
day. While, therefore, 1t must be eX-
pecled that for tho next few weeks we
shall stand exposed to tho export oil
more gold, yet it seems reasonable to
expect that such shipments Will be
materially lessened by exports from
this extraordinary surplus OF products.
Under all the circumstances, therefore,
it is likely to turn out that the unusual
exports OF specie during the last two
months were in q largo measure anticl-
patory OF what invariably takes place
in the spring months. Tho marked
falling off in the export Of gold during
the last two weeks has been due princi:
pally to tho cessation oil tho direct and
special demand from France, to the eN'
port OF securities to London, to the re.
vival OF the shipments Of produce, and
to the advancing rates OF interest on
this market having made it more profit
able to employ foreign balances here
than to send them home.
All the aforementioned factors show
that the period OF violent disturbance
has passed its climax, and that a reac.
ton has set in towards more normal
conditions; and these changes will soon
warrant the recovery in tho tono Of
business at tho stock exchange. Theie
are, however, factors yet undetermined
which may be expected to hold the i'm.
proving tendency in restraint moro OF
less for an indefinite period. Among
these, we may mention the uncertainty
as to whether Congress will be con.
yened in extra session before the regu.
lar period to deal with certain specially
urgent questions, and the absence from
President Cloyeland's inaugural address
Of n definite intimations as 10 what
measures he would favor or condemn in
respect to silver, hank currency, tho
treasury gold reserve and the tariff. 1
may DO presumed that tho President
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