The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1893-04-04
WALL SHEET REVIEWED.

WALL STREET REVIEWED
New YORK, April 3.-Henry Clews, in
| bis weekly financial circular, says:
I'm Wall street the process of recovery
| from the recent financial arrangements
| and depression is still maintained. The
recovery is not rapid nor very marked; but
! it is nevertheless substantial and real: and
would be more so, We're it not for the un-
settling influences Of certain industrial
properties. together with Reading The
former class are subject to a severe scruti-
ny at the hands Of lenders of money, aud a
cloud is cast upon their future by the
growing hostility OF public opinion to
every form of monopoly and the prospect
that the law will be enforced against com
binations much more vigorously than it
has been. These exceptionally situated
stocks afford material for bear raids and
keep the market subject to surprises aud
reactions; but, at the same time, these
conditions produce fluctuations in prices
that are conductive to speculative trans
actions.
Apart from these influences. the ten
denotes are toward better condition of
the market. The railroads generally are
In a satisfactory condition, and their pros
pects are more than ordinarily encourag-
ing. The stocks of produce awaiting ship
meut to the seaboard are exceptionally
large, and the break in the price of wheat
indicates that large tonnage OF that
staple may soon come forward for ex-
port Speculation has for some months
acted as blockade to western traffic, and
the indications are that the pressure in the
money market may soon compel specu-
lative holders to release their grasp on
western products and cotton and set them
in movement eastward. Still more I'M
portant to the net profits OF the railroads
is the early opening of several months of
travel connected with the worlds fair,
which Will be a valuable boon to the rail
roads of every section, and not only to the
trunk lines but equally to their feeders.
This year may therefore be reasonably
expected to prove one OF unprecedented
net earnings. So far. these prospects have
had no other effect upon prices than TO
D trtially check the decline arising fro N
the special financial arrangements of tine
last four months; and therefore the
market stands in a position calculated to
result in a material Improvement i'll Q
value of railroad investments.
1.-The market, however, cannot yet be re-
gsrded as safs against the influences Of
the deranged financial situation. That
situation is steadily improving; but there
are contingencies, which so long as they
remain possible must prevent complete
recovery of confidence. The money
market, though working into a better
state and likely to become much easier
sfter the first half of April, is still
stringent and unfavorable to contracting
time loans. We have entered the season
when exports of gold must be expected as
matter of course, and ir can only be
conjectured what proportions they may
h,,r ko,u vii Lai In,
better position to meet 1t when the current
of money from the interior turns this way,
as soon 1t will do.
"There are, however. certain factors
which affect favorably the possibilities of
any adverse outcome from gold exports.
In view of the abnormally large stocks of
exportable products, it seems almost in
evitable that our exports must materially
increase from this time forward; and, if
the exports should be proportioned TO the
over-supplies, the outflow Of gold might
easily fall below the usual average. In
other words, as the exports Of products
have been deferred beyond the usual period
and the exports Of gold have been CORE
spondingly increased for the last three
months, it is reasonable to suppose. all
other things being equal, that during the
next three months the merchandise ex
ports will largely take the place OF gold
shipments.
Again, the apprehensons connected
with the low condition of the treasury gold
reserve are fast subsiding. There is no
doubt that the secretary of the treasury
has made arrangements through which he
can procure any needed amount Of gold on
immediate demand, either from home or
foreign sources; which disposes of the pos
sibility of any further trouble in that
quarter AS, however, the treasury hold.
ings of "free gold" are increasing and the
revenues of the government are un
expectedly large, the balance of probabili
ties is against the treasury needing TO get
gold through borrowing. Another favorable !
has arisen in the evident dis
position of foreign bankers to employ lib |
eral balances at this center so long as the |
rate of interest remains so much higher !
here than in Europe. This disposition is |
The more likely to continue from the fact |
that the general conditions influencing
European markets are calculated TO keep
large amounts of capital ont of fixed in- |
vestment.
so far as respects the foreign markets |
for our securities, the prospect seems to be |
1u the whole encouraging. AT London |
here has been revival of speculative in |
,erest in them which is well maintained. |
and the Investment movement seems to |
still balance in our favor. Evidently for |
,lgn investors are disposed to take favor |
,ble view of the probabilities of our sus- |
pending purchases of silver SO soon as |
congress can deal with that question; and |
that probability is strengthened by the fact |
IA at the latest formal canvass OF the atti- |
Jude of members OF congress on the ques- |
iop shows stronger sentiment In favor |
IF repeating the Sherman act than has |
been supposed TO exist.
Taking the situation as whole, we /
conclude that while it is not at present |
,ne that warrants over saDguine eyDecta- !
ions, yet it does warrant the expectation |
IF steady improvement in tone aud an /
,d vance in prices, but rs the bears are /
,till wearing their war paint reactions /
must be expected"
FAILURES.
CHICAGO. April 81. L. Snodgrass & |