The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-06-12
FINANCIAL REVIEW.
Horny olews's Weekly Letter on
the Money Situation
EFFECT OF Mr.. CLEYELAND'S HINT
That He will Call an Extra Session of
ConGress-It Has Been Favorable to
Our Interests In Foreign Financial
Markets-A Better Tone in London.
Ono Cause of tho Extreme String



New YoRK, June l0-During the past
week there has been an improvement
in the tone Of business in Wall street,
mainly consequent upon the formal in
timation OF President Cleveland that he
will assemble Congress in September
next. AS the President indicates that
the express occasion for Congress meet
ing three months In advance of tho
usual time is the arrangement conse-
quent upon the silver act OF 1890 it is
to be presumed that he will urge the re-
peal OF that law, with such other legis-
lation Us that action might seem to call
for.
The language of Mr., Cleveland in an.
nouncing his purpose can leave no
room for doubt that the administration
earnestly iayors the suspension OF silver
purchases, The fact OF his deteImin'
ing to call an extra.session also affords
presumption that he has reason to
hope that Congress will receive favor
ably his recommendation. tits claimed
to be certain that the senate finance
committee-a majority OF whom have
heretofore been tree silver men-now
embraces safe majority who favor re-
peal OF the Sherman act Of 1890, and
that those senators have so assured the
President. 1t seems reasonable TO as
sumo that the effects OF that act now
80 patent in the distrust, financial dis
organization and failures throughout
tho country, must have brought many
pro-silver Representatives to reconsider
their attitude on tho question; and that
therefore seems to DO good reason to
hope for u satisfactory result OF tho
special session.
Thus far tho, effect OF this official in
tervention has been not only negative
in staying the further progress Of the
prevailing Generalization, but also pos
Tive in restoring confidence in a con-
siderable degree. The elect in tho
specially disturbed districts of the west
is especially important. At Chicago
there has been complete cessation OF
the run OF depositors upon banks and
savings banks, and business there is re-
Stunning comparatively normal aspect.
OF course, the public have, from late
experience, come to regard the effects
OF our silver laundering as so funda'
mentally important that they are UNI
willing to DO entirely satisfied with
hopes OF those errors being corrected,
and it may consequently BIO expected
that credits will DO Kept within conser-
vative limits until the actual meeting
Of congress reveals some tangible indi.
cations Of the prospect.
The Presidents action has had con-
spicuously favorable effect upon our in-
terests in the foreign financial markets.
At London, our securities have shown
a distinct response, which, however, has
not yet had its full effect on prices,
simply because New York failed to re-.
spond Immediately and equally to that
improvement. The effect upon the for
eign exchanges has also been very ap'
parent. Although considerable ship
ments OF gold had been anticipated for
this week, the amounts actually sent
out have proved to be comparatively
light; and it now looks as though tho
outflow were nearing its end. The I'M
expected reduction OF | per cont In tho
Bank OF England rate OF discount comes
in as an important contribution to con-
fidence; for it not only shows q recovery
OF steadiness in London finance but is
favorable to the employment OF foreign
balances at this centre and therefore to
curtailmcnt Of tho foreign demand for
our gold. Another factor tending to
the same result is the large export
movement in grain that has sot In
within the past ten days, which from
all appearances is likely TO assume still
more important dimensions. A point
has been reached at which spectators
have neither tho motive nor the ability
10 hold on to their large stocks OF pro.
duce, and consequently engagements
for export have been made which will
occupy all available ocean freight faCil'
tiles up to the middle of July, This
may be expected to sottle the question
of future shipments OF gold, II it does
not suggest probability OF retluX OF
that metal to this contre at no very dis
tant day.
There can be no question that the
Withholding OF an enormous amount oil
produce from its natural course OF OK
port has been one important cause oil
tho extreme sringency OF money at the
interior. Now, tho forwarding OF these
products to the scaboNrd is causing O
largo drain OF currency to the west
tho Chicago rate OF exchange on New
York being 81 rs discount; which will
prove quick source OF monetary RELIEF
In the agricultural sections. OF course
one incident Of that movement will
provo to be n considerable reduction Of
tIfe reserves OF tho New York banks
but that can DO woll afforded with the
present large surplus OF cash over lega
requirements; and especially as the
same cause that Is drawing money Il
the interior will Correspondingly pro
vent the withdrawal OF gold for export
Upon tho whole, we take 1t that the
situation has entered upon stage o.
very decided intrinsic improvement
and we anticipate that this recovery
will become much moro apparent with
each succeeding day for prolonged
period. HENRY CLEws.
The Wool Trade.
/ BrdllstyttiA