The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1893-12-26
~ Clews, IN

NEW YORK, Dec 25.-Henry Clews, IN
his weekly financial circular, says:
s'The year in Wall street draws to It's
close with the usual disposition to COLI
tract operations and close up accounts
To that extent, this season always aHorus
opportunity for bear operations: and th1s
year those opportunities are perhaps un-
usually attractive. The industrials are IN
AN unusually exposed position. N0t only
have they suffered from the general de-
preston Of trade, but it is problematlcai
as 10 how far they are likely to be aHected
by the new tariff, and the uncertainty on
that point keeps them constantly exposed
to attack. The oscillations in this group
of stocks tend 10 keep the general llst more
or less unsettled: and this fact, together
with the interruptions incident 10 the
holiday season, has somewhat impaired
the general tone of the market. There Is,
nevertheless, a steady undertone OF conn-
dencs in tie better class of railroad STOCKS,
which is supported by the still active de-
mand for bonds. 1t is generally conceded
that the pros yects of the railroads for the
next few months do not warrant the ex-
pectation of large earnings; but thaC pros
peci has an Offset in the large economZ-
ingo operating, repair ana CONSTRUCTION
outlays, in the growing conservatism Oh
management, and In the fact that the net
earnings show an improving ratio as coiil-
pared with the gross.
.Rumors of certain city banks having
suffered in connection with the Beecher-
Scbenck troubles, and the closing OF tne
St Nicholas bank, developed on thursday
and Friday a somewhat unsettled feeling
1t was previously known, however, that
the institutions had suffered serious losses;
and the effect of the surprise was cor
respondingy eased. Coming, however,
with the contracting incidents attending
the close of the year, these occurrences
have had a depressing effect for the mo-
ment; but the event Is scarcely calculated
TO have any serious results. 1t Is perhaps
not surprising that some such develop
menis should follow the late serious crisis.
Pending the resort of the clearing house
10 the Use OF certificates, 1t was found that
this bank was in a feeble condition; but 1t
was out of the question to leave lt TO its
tate under the prevailing excitement. The
stronger banks now feel that there Is no
longer the same necessity for them TO
carry an impaired institution, and hence
this concern was left to self-support, which
resulted in its coming to grief In the
higher banking circles, this disaster has
been for some time regarded as impend-
dlstrusJ will now have the effect of
strengthening the general banking situ-
alton.
There is a halt in the renewed export
of gold. For the moment, Germany,
whittier all the shipments have gone, APP
pears to have satisfied her wants; and
there are no symptoms OF any important
further Immediate cOnsignments. At the
same time, 1t Is an almost inyariabIe rule
IOE gold 10 ont this SpftlP-
ment OF annual balapcings, and it would
not be surprising should some further
moderate amounts be sent. The condi-
tlon OF the trade movement is not sug-
gestiVe of continuous outflow. 1t is
true, that our exports of produce
are light; but we have considerable sur
plus stock of grain; ana, what is more i'm
portant, the importations of merchandise
are undergoing very severe contraction
and are likely to remain far below the av-
erage volume until the new tariff takes eff
tect. lie might be rather fortunate than
otherwise to part with SIS, 900, coo or $40. COO
OO0 of our gold. The effect at homo would be
TO reduce the unhealthy surplus of money;
and abroad to produce an ease in the
money markets calculated to develop de-
mand alike for our securities and our pro-
ducts.
The tariff question continues to keep
business in an unsettled condition, and
may be expected 10 do so until the new
duties are finally fixed. Consequently, the
best that can be expected, for the next few
weeks, is a hand-to- mouth business Dis
couraging rs this prospect may seem, it is
not without some alleviatious. \ market
of exhausted stocks has always certain ad-
vantages over glutted one. Makers and
holders OF merchandise, in such conditions.
have IL In their power to support prices
and to make profits, though it be upon
largely reduced scales. Nor is it to be
overlooked that the tariff prospects and
the depression OF business are combining
TO exclude competition from foreign goods.
and hence the large falling off ia the cur
rent imports. There can be no doubt that.
IN most branches of trade, the production
still continues much behind the consump-
ton. This oreshadows an ultimate ex-
hausticn OF iobbers' and retailers stocks
to a point that will leave large vacuum to
be filled, in the filling of which manufac-
turers should be in a position to obtain
fair prices. 1t Is therefore 10 be expected
that so soon as the new duties are settled.
there will he a considerable revival of in
ous;rial activity. That re-startug of pro-
ductIon will give more general employ
ment 10 labor, and the working million
VIII gradually resume its wonted position
rs an element of demand, and the country
VIII step by step regain its wonted pros
rerity. During the intervening period of
inactivity, business can only remain
severely contracted; but the country will
feel that iG can afford to wait provided
there Is a hopeful prospect beyond"