The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1893-03-11
AFFAIRs IN WALL ST.

Regarding the financial situation II
wall-Sreet. Henry Clews gives out
f! the following for publication:
! Aff.irs in Wall-St. are 10 an entirely
abnormal condition. The value OF in
vestments IL in only secondary sense
regulated by intrinsic conditions. Out
side influences Of an extraordinary
character are the controlling factors
and rs those influences are OF q ttful,
uncertain and even serious charac 81,
they are producing considerable de-
moralizaticn and afford unusual oppor-
tunities for the attacks OF "bear" spec
ulators.
The virtual disruption OF the Rea ling
combination and the placing OF that
company again in the hanls OF receiv-
ers has been serious addition to the
demon llizltion arising from the exter-
nal influences above referrel to. To q
certain extent, it has been shock to
confidence in railroad securities; for 1t
shows that, in spite OF the nnquestion-
able Improvement in railroad admins
tration within late years, there is still
danger of large companies being
plunged into embarrassment through
the unbalanced ambition of managers
to undertake extensions and RESPONSE
bilities for which their resources are in
adequate. The downfall OF Reading
has Sc 'iously affected wide range OF
properties which have become in one
way or another involved in MIR. Nc
Leoi's schemes of annexation, and this
fact niagnifes the effect, Of the adverse
Influences with which the market is
having, to contend.
The sensitive state of feeling thus
produced very naturally spreads to
other kin Is of securities wllicn do not
,njoy the full confidence of the market.
A. large proportion of the industrial"
scrip must he ranked in that exposed
,;ns,. The val OF those issues is as
,et very violently fiuctu ting. The
indus rails" are at the moment, the
'ea ~ weak point in the mar ct. But
or this factor aud the apprehension OF
more active money, the feeling would
De much more buoyan' than it IS; for,
II re 'pect to the general run of legiti-
nate Investments, there is general
,o recurrence of opinion that, intrinsic
lily. they are in u lie tlthy condition.
The monetary arrangements. to
which the present unhealthy state of
he market j, mainly attributable, show
i tie or no improvement. The official
statement of the country's imports for
he month of January has occasioned
some surprise. Contrary to common
the imports of merehan-
lise>y ere 80 ,000, 600 in excess of those
asst year, while the exports show q de
re Use of $33,000,000; the net result
being that the first month of 1898 ex-
Iibits all excess of $16,000,000 OF i'm
ports over exports, while last Year the
exports exceeded the imports by $37,-
100000. These facts show that the
arge exports of gold since January l
IRE much less due to the special de-
laud for gold from France and Aus
ria than has been generally supposed;
hat. in fact. the loss gold Is more
lue to causes connected with commerce
han to the wide spread monetary de-
that are inducing foreign
BANKS to replenish their stock Of gold.
This is rot an entirely uuwelcome con-
illusion: Tor irregularities in CONNER
,ial movements are u.nally followed by
reactions; and it may
u, te possibly turn out that the pros
bective exports OF gold ordinarily Incl
lent to the spriug months will be di-
ninished by the excessive outflow of
The last two months.