New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-03-30
WALL STREETS FLY IN THE OINTMENT.
TIE PRESIDENTS VETO GRATIFYING. But HIS
MESSAGE SOMEWHAT D1sAPPoINTING-
FEAR THAT SILVER AGITATION
WILL BE ENCOURAGED.

MESSAGE SOMEWHAT DISAPPOINTING
FEAR THAT SILVER AGITATION
WILL BE ENCOURAGED.
The veto of the Bland bill by President Cleveland
cordially approved in Wall Street. 1t had heen
expected because OF the record heretofore made
by him on financial subjects. The message ac-
companying the veto was less favoraby re-
ceived. Its text was not available to the
Street at an hour which permitted intelligent com
ment to be made publicly by bankers. The sum-
mary sent the wires was a disappointment 10
financial circles. and such details were received
later did not tend to alay dissatisfaction
The stock market quickly reflected the sentiment
OF the banking community as soon as the tenor
OF the Presidents message became known
curious feature OF the market was the almost total
suspension Of the buying for foreign account "hich
has been the conspicuous support or speculation
in the last few days. 1t was strongly suspected
that some ntlmaton of the tone OF the PRESIDENT
remarks had gone by cable 10 London on w cdnes-
day night. The announcement OF the veto. which
came soon after noon. had no immediate effect on
values II had been expected by the financial wori'
and to this expectation could be credi'' tne US
no rush TO realize profits when the news reached
the city. and the bears began covering snort con-
tracts e.ectng slight rally. Inc Ttai atlItu,.'
OF the market a waiting one The tone ot me
message was recognized as being ne amp nmpoIt ,
mary came from Westminster prices BEGAN no to
over the tape Of the news agencies there was a
distinct increase in activity at the expensr Of
values The market ended active and weak Win
general declines from the previous DAY c'ose eN-
caeding in many instances ! per cent
The opinion of most bankers and brokers VINO nag
heard the substance OF the message was one OF
regret that the President had not taken a bolder
stand The veto warmly commended ana re-
garied as a barrier against any immediate injurious
egislat!on But the President. IL was sald, htn
thrown big a sop to the silver fanatics IN inc
Democratic party. The language OF the message was
looked upon too ambiguous on several points.
The president Of one prominent trus. company IN
by saving: 1T should not take 300 words To XII
this BILL" The length OF the message In other words.
was recognized too much OF DIFFERENCE 20 the
pressure Of silver Democrats. Bankers fear that
The language of the message may give encourage
rnent to representatives OF the South ana West IN
Congress 20 prepare another Silver bill that Will
keep open the agitation OF the question. Some bank
ers criticised the Presidents adoption or the iea OF
a fictitious "seignOrage' which might be put IN
some money form. provided the gold reserve OF the
Treasury was increased by the sale Of Government
bonds II was feared that the Presidents words
might be interpreted az virtual admission OF the
vicious principle at the bottom OF the Bland bill
The banking community had hoped for a ringing.
sound-money declaration that would put an cnd TO
the Efforts Of the free coinage silver men until the
people had an opportunity at the next Congress
elections TO pass upon the question In light OF the
experiences Of last year. The message fell short
of this standard and leaves the agitation OF the
question of silver imitation sim open. On this &c
count the views OF bankers, while cordial In
their appreciation Of the value Of the veto. reflect
disappointment and regret at some of the features
of the accompanying message.