The evening world., 1894-03-29
WALL STREET PLEASED.
Veto of the Bland Bill Generally
Indorsed by the Financiers.

Wall street was rejoIcel at the news
Of the veto OF the Bland bill. although
there vas some difference OF opinion on
the part Of the Presidents recommenda-
tiOns regarding the raising Of money by
an issue 0. bonds so long as there exists
feeling at all friendly to fat money.
on all the exchanges the news OF the
veto was received with some demonstra-
tions Of enthusiasm. and the brokers and
bankers feel that the clouds on the flnan-
cal horizon are beginning to clear away.
John a. Stewart, President OF the
United States Trust Company, said:
Il am pleased. but not surprised. II
was as sure two weeks ago that Presi-
den, Cleveland would veto the Bland bill
as / am now. He has too sound IDEAS on
money matters to do otherwise. This
veto will make clear TO the whole world
our position on the currency OF this
country"
President Brayton Ives. whose speech
against the Bland bill before the Cham
ber OF Commerce ten days ago. created
such enthusiasm. said
while l am naturally pleased to know
that the veto is fact | am somewhat
disappointed at the tone OF the message
as reported. II seems TO me that the
President has departed somewhat from
the strict and sound ideas Of currency
which have hitherto distinguished him.
ana as the dispatches say, he has in
tended to concehe something to the alvo-
Gates OF fiat money In the South and
West.
with reference to the proposition
that the gold reserve should b. strength
ened, | think 1t will be found difficult for
the Government to obtain gold through
the sale OF bonds 70 long as there Is
any avowed leaning towards nat money
or so-called seigniOrage ON the part Of
the Government"
Banker Henry Clews said: The veto
stamp on the Seigniorage bin is safe
barrier against the intrusion OF the
slver-tongucd Representative in CON
ereHs during the remainder OF Mr.
/ ,levelands Administration at least. and
leaves the way clear for silver con-
ference Of nations. which will only be
| fore held out by this country have been
| abandoned.
silver would derive no advantage by
| any Ole nation coming to it's rescue.
sInsle-handcd What Is needed Is the
cooperation Of America England Ger
| many ana France. and whatever action
| they d"cid. upon, all other countries
| VIII be sure to accept and adopt.
There - every evidence that Europe
| VIII want an outlet for It's constantly
laccumuating wealth, and with CoIiilrnca
restored, which The veto of the Seigniur-
age bill viii cause. what other field is
| open for the investment of ready mar
! ketabr securities but this"
| London and the Continent, therefore
may be expected to send large orders IL
| this Side for our stocks and bonds for a
| long period 10 come, before the demand
Is satisfied. This means higher prices
and competition In buying which cannot
fan to make a very active marke
throughout the summer, especially II our
| crops are up to the average"
Zimmerman Forshay. brokers.
| said:
The action OF hte President is thor
oughly consistent and such as has been
expected all along. We do not see how
he could do differently. after his we'll
known position on the silver question.
As to the effect the veto will have on the
silver market We can only say that to-
day silver - quoted at 90 bid and Gl
asked, against a quotation Of IS rs yes.
terday."