The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-03-27
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Special Correspondence Of hs IRt<lligetce,
New YoRK, March 25,-Henry CLOVIS
4 Co. q circular for the week says; In
the Wall street markets there has been,
through the last week, distinct tend
ency towards recovery oil tone and
strength. Reaction and compensations
have naturally done their work, and
the result appears in an important re-
covery OF confidence, The large outflow
OF currency to the west and other
points which came so suddenly and UNI
expectedly has as suddenly abated, and
tho Indications now are that, 40 soon as
We have turned the lat OF April, money
will flow back to this centre in Consid-
cradle volume. Borrowers therefore
feel assured that, so far as concerns the
local money market, it is now only a
matter OF bridging over for the next
two weeks; which is an assurance worth
much as q contribution towards conf
dence.
There is a drawback to this encour-
aSement, however, in the fact that
fall in the local rates for loans might re-
strict the present disposition to temper
arily employ foreign funds here, which
might cause revival OF the exports OF
gold. That liability is real one and
no good purpose can be- served by
ignoring it, No doubt the late decrease
in the exports Of specie has been large.
ly due to our temporary borrowings OF
foreign capital; and to that oxtent the
stoppage OF gold shipments has been
postponement rather than cessation
OF the movement Besides, We are now
entering n four months period during
which, in normal times.w We usually ship
several millions OF gold per month and,
in respect to that prospect, the only
question is whether there are any in
iluences likely TO vary these remittances
from the usual average amount.
In respect TO that question, there 0re
certain facts that deserve special con.
sideration. In the first place, during
January and February, the export OF
our leading exportNble products was
hindered IN an extraordinary degree by
speculative Withholding OF those articles
from the market. In the next place,
this sweled our shipments OF gold for
those two months to possibly the extent
OF $20,000,000 over what they would
have been had the exports OF produce
taken their usual course. And, In the
next place, the country is now flooded
and the money market oppressed with
an altogether extraordinary surplus OF
products awaiting export, and which, it
M N ON ~
in large volume. Tho comparative
magnitude OF this surplus Is shown by
the tact that the visible supply Of wheat
is now 3s,000,0O0 bushels greater than
that OF year ago following the extra
ordinary crop OF 1891, and OF corn
100000 bushels greater; while the mar
ket value OF the home visible supply OF
cotton is about S5,000,000 above that OF
year ago, Notwithstanding its smaller
quantity. The difference in value OF
tho visible supply Of these three articles
combined, compared with year ago, is
fully equal to the normal average not
export of gold from this time to June
lst. This is a fact that demands much
credit in considering the probable move.
nent OF gold during the spring months.
The most important offset against
this substantial factor il the fact that
Austria has completed her loan for the
reconstruction OF her currency system,
and that the procurement OF gold for
that purpose will take effect immediate
ly. Tho balance now remaining to be
turned over by tho Rothschilds to the
Austrian government on account OF this
operation Is about A5,0O0,0O0.