Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-06-17
Name.
Name,
Review Of the Market,

Henry Clews' "Neekly Financial Review"
issued today, says: affairs in Wall street are
in oscillating condition. Although the i'm
provement in tone and confidence that set in
last week Is still maintained, yet q series of
small disturbances have one after another come
to the surface, which have prevented the reali-
cation of any fixed and important advance in
the value of securities. Even the most favor
able events seem to have dark side, which
counteracts their influence. The active for
warding Of western produce for export, while
it has stopped the export Of gold. has also had
the effect Of drawing very large amounts Of cur
rency to the interior. and the local money
market has consequently become unsettled.
This demand for currency. however. seems to
have passed its climax, and today's bank state
ment is likely to show decline from last week
in the net loss of currency. The western banks
appear to have now money enough to handle
the grain movement: and as two months must
elapse before the movement from this city to the
west sets in, it is within probability that in the
course of week or two, we may witness some
return of the currency sent to the interior
within the last two weeks; the more as the
west will now be enabled to remit on account
Of postponements OF payments to the east that
have occurred under the late extreme string
epcy of credits. The city banks have found
some compensation for their shipments OF cur
rency westward in liberal receipts Of money
from the south and in gain of cash in settle
ments with the subtreasury. The furry in the
money market is therefore likely to coon abate,
and may possibly be followed by some months
of comparative ease Even should it turn out
that the west wants still further amounts Of
each from this center. the inference should be
anything but discouraging. For such with
drawals mean the marketing of q vast sum Of
products. which will ease the loan markets,
diminish the tension in credits. quicken the
movements OF trade and relieve the foreign
| avchap Inv frs of aaid rrnducfs m
foreign countries
The action o. the clearing house thus places
the disordered credit situation under immedi-
ate control. The Philadelphia banks have taken
a like course. ana should the clearing houses of
the secondary ceaters follow the precedent the
dangers attendant upon the present strained
condition Of commercial credit can hardly fail
| to speedily disappear, leaving behind no doub,
! general caution and some contraction OF
| business, but no longer any real danger.
The past week scores two very importsn,
| gains toward a common recovery of confidence.
To one-the action of me clearing house-we
have already made reference. The other is, in
| a broad sense, still more vitallv important The
canvass. made in different directions, as to the
| disposition Of members Of Congress toward the
silver question leaves scarcely doub. rs to q
bill being passed at the coming special session
repeating the silver purchasing clause in the
| Sherman act. How much further Congress
| may be disposed to go in the way OF amending
| our general currency system. so as 70 make i,
more elastic in the way of automatic expansion
and contraction. remains to be seen, but. sc
far respects this most dangerous feature OF
the silver element of our money, there is hardly
room for doubt about its being promptly
| eliminated.
I'm view OF these facts We anticipate, from
this time forward, q steady recovery OF conf
dence, which will gain in strength with tn,
course of events and the nearer approach of tn
assembling Of Congress This prospect ma,
not produce any immediate eXtravagsnt re
covery in prices Of securities, but il will YER
legitimately strengthen the feeling OF holder
and should hold the pessimist operators i
| check"