The Republican. [volume] (Oakland, Md.) 1877-current, 1895-11-21
FINANCIAL REVIEW.
Henry Clews's Weekly Letter on the
Business Outlook.

street has improved during the past
week. Partly, thu recovery has
been due to the political assurances
afforded by Lord Salisbury's Man
sion House speech which, leaving
Turkish internal affairs still in
desperate condition, left no room
for apprehension of serious political
differences between the great pow
ers. The effect of these utterances
upon the European Bourses was
prompt restoration of confidence,
which has been especially apparent
in American securities.
Another factor contributing to
the recovery has been the compar-
alive absence of further serious
EN- barrassments in connection with
the wild speculation in "Kaffirs. D."
1t seems probable that now those
stocks have come under the control
of the leaders, who have no doubt
gathered immense wealth from
these operations; and in that case
further disaster may be confined to
few minor operators whose ill-for
tunes could not be of much impor-
lance to the general market for
securities.
In addition to these improve
ments in European conditions, the
railroad situation has shown more
hopeful prospect. In spite of the
light movement of grain and cotton
to the seaboard, the railroads begin
to exhibit a deci led improvement
in earnings. When cotton and
wheat come to be exported IN the
volume usual at this season of the
year, their traffic will be largely
increased, and earnings will show a
further gain upon their already
liberal volume. The southwestern
lines have been suffering from an
expected light crop of cotton and
from its being withheld from mar
ket; now, however, opinion begins
to favor somewhat larger yield
than has been expected and the
price has fallen to a point much
nearer the views of foreign takers;
so that it is reasonable to look for
an early liberal export of the staple
with consequent gain in the bust
ness of the roads of that section.
The corn crop also is now but be.
ginning to move. The agricultural
bureau now estimates the yield at
2, lao, 100000 bushels or 936, 000,-
| 900 bushels above that of last year.
1t is impossible that such an in
crease in one of our bulklest prod.
ucts can fail to largely increase the
income of the roads situated in the
corn belt.
These improved conditions have
arisen concurrently with largely
oversold condition of the stock
market, and the result has been a
rush to cover short sales, which has
caused a general rise in the railroad
list. So far, however the improved
turn in affairs has had little effect
upon the outside element in specu-
lation. The transactions have
been chiefly confined to board oper-
ators, and outsiders seem disposed
to wait until the recovering tend
ency becomes more marked and
positive.
But while the factors above cited
are tending to restore confidence
and have caused an advance in
prices, the upward tendency is held
in check by the revival of gold
exports. 1t is a sufficient explana-
ton of this extraordinary exception
to the common rule of importing
gold at this season that it results
on the one hand from heavy impor-
tations of merchandise, and on the
other from the persistent holding
back of the staple articles of export.
1t is to be conceded that the deten-
ton of produce from export is sure
to be followed by shipments so large
as possibly to turn the flow of gold
towards this country. The latter
fact may favor replenishment of
! the stock of gold IN the metropoli-