The times. [volume] (Richmond, Va.) 1890-1903, 1893-08-06
BENEFICIAL EFFECTS.
THE WOES or SPECTATORS PROVE
A BLESSING 10 THE COUNTRY.
The Import of Gold Brings ReIief-Msny
Securities Sold Abroad-Large Exports
OF Grain and Provisions Expected.

NEW YORK, August 5.-Speclal.-Mr.
Henry Clews has published the following
interesting article on the financial situa-
ton IN the Weekly Financial Review:
At last Wall street begins TO see light.
During the week new factors have en-
tered into the situation Of a character
calculated to afford large and perma-
nent relief TO suffering interests. The mis-
fortunes that have befallen the Chicago
specuIatofs have proved TO be a benefit
TO the whole country. Their Withholding
of grain and other kinds of produce from
the usual course OF export for several
months was largely the cause on the
heavy drain Of gold that introduced the
existing troubles. The stringency when
they so largely helped 10 create has at
last compelled them to realize at rulnous
losses, and their products are SolnS direct
to Europe and forcing back the gold
they had driven out Of the country Al
ready some 100000 of gold is on It's
way hither, and still larger amounts are
expected to follow. This is one OF the re-
liefs that has appeared within the week.
Another helpful condition has arisen OUT
OF the heavy break in securities last week.
The chance Ii afforded Of buying our Dest
securities at 20 10 80 per cent. belo" theH
average price has brought out steady
stream of buying orders from London ana
other European centres, ana the amount
exported though not dehnitely hho"h'
must aggregate many millions III Naiue.
This again has created a large amour.
Of hills on Europe and contributed 10 the
imnortation Of golI. For the ment
This movement has somewhat abatfd'
nartly in consequence of some recovery
i'm the prices OF securities ana pdrty
owing to the Bank OF England having Oi'
qh,,rsdav advanced its rate OF discount
rom IL 10 per cent: but as all the
s,-mptorns show a decided foreign gam
of confidence In our investments, anu 90
mar gain viii be increased py tns sus
penslon Of silver purchases-Which n.sS
now be regarded as all Dut ass 49,
probabilities favor reviVai vi '"eSe
shiuments at an early date. -,.
L. q seems reasonable to anticipate
nat the now PROSTATE condition OF the
eraat speculative interests centeiihs a.
chicago will necessiate furtner Ialse "a
,-.rts ~ Grain and provisions. with THESE
ICES contributing TO swell the or. sue
- - account with Europe and with the
current and necessary future deciinc ia
our imports diminishing the III s.ue' II
A. clear that we are now In the Desinii,no
~ a change IN the Ddldhec Va w.
- that can hardly fail 10 Dring 10
mis- country large ultimate aggresalS ..
Ia we do not venture 70 estimate whae
mar total may be; but among uhose
nearest 10 the heart OF foreign panhins
nrerafions II Is variously estimated al
~, twenty-five to forty millions OF dol
iars In this factor alone, therefore, We
- ample assurance Of an early large
Enforcement Of the reserves OF me
IKE OF itself sufficient 10 cure the
sfringen..y not only at this centre put a,so
a. the interior. Other reliefs are also
coming into play. The banks OF TINS ei'y
arc rnaking arrangements for taxing OUT
shonf ten millions additional circulation,
a a'n,eh within few days will enable them
- sat,sfy the urgent wants OF their eouh-
~ and western correspondents. Inc
~, savincs banks have obviated one
snv~ee 81 danger by notifying their De.
positors that they avail themselves OF
heir legal right to defer payment OF de-
nosIts for thirty to Sky days. having
done this there will no longer be any ex-
c '1 for certain of their number con,inu-
ing 10 hoard large sums OF money oS
witch they have provided against pos
s,bls run OF depositors-
Thus strongly fortified. 1t seems enureiy