The Republican. [volume] (Oakland, Md.) 1877-current, 1895-09-26
FINANCIAL REVIEW.
Henry CIeW's Weekly Letter on the
Business Situation.

gold exports and uncertainty as to {
what may be done to maintain the
treasury gold reserve. 1t has been
somewhat of a shock that the "free
gold" in the treasury has fallen
materially below the official mini
mum and without pensatlon
from the syndicate. There have
been several contributions of gold
from various points to the interior
which have had an assuring effect
so far as they show the disposition
of financial institutions outside of
New York to help the treasury
according to their ability and this |
assurance is worth the more because
the amount of gold scattered among
banks and trust companies at inte-
rior points is unpredentedly large;
and could the gold which has been
thus diverted from its former usual
resting place in the metropolitan
banks and the sub-treasury be sys-
tematlcally gathered together, so as
to afford mass of 80 or 40 millions,
to aid the banks and the treasury
in resuming gold payments with
each other as formerly, then this
scattered treasure might most ma
terially help towards a permanent
remedy of the treasury difficulties.
But these casual and partial contri-
buttons from the sources alluded to
are quickly lost to sight in the ex-
port maelstrom and their benefit is
only small moral gain.
The really disconcerting fact is
that there is still an absence of any
sort of imitation as to what steps
are likely to be taken for staying
the new current shipments of specie
and to provide for the outflow that
usually sets in early in the new
! wear. Under such circumstances,
opinion has inclined to the conclu-
sion that the government is likely
, to issue, sooner or later, a new loan,
! and the more so because the Presl-
: dent is known to be resolved to
! take that course should the reserve
fall to seventy-fve millions. Such
} a course, no matter how necessary,
l would be regarded as a serious mis-
. fortune and could not fail to have
r a chilling effect in every department
! of business. The possibility has
r already had its effect, and yet dis
: enlargement is tempered with the
: hope that, at the eleventh hour
t some means may be found fol
e applying a real and permanen
remedy.
+ This week, the syndicate ant
!. their friends are understood to hav'
: co-operated for keeping down thu
9 gold shipments as low as possible
a and no doubt have done their bes
n in that direction. In the meantime
S there is little export of cotton, an(
: wheat, though advancing in price
) is for that very reason the les
It likely to be shipped; Chicago, how
n ever, is nota oily increasing it's sup
|, ply of grain export bills, and rate
u of exchange are easier in conse
Is quence. There is substantial
d reason for expecting that the expor
,e of specie may soon be checked,
f. not stopped, through the course Q
n the money market. The shipment
rs of gold and the forwarding of larg
q amounts of currency to the Yves
$. and south are together reducing tn
TT reverses of the city banks to a
10 extent that may early put up tn
re rate for call loans to 4a5 per cen
is This, with gold flowing freely int
the bank of England and 2 pc
:. cent. discount at bank and / pc
~ cent. on call loans, will quickly dIl
pose London bankers to allow fund
re to accumulate here instead of cor
Y, tinuing to accept our gold in settle
r ments. Upon the whole, therefor
s the indications of the moment SUE
OF gest a strong probability of an earl
lg abatement of the exports of golC
S, and this produced a marke
s. improvement of feeling in stoc
as towards the end of the week. c
IN the intentions of the svndicat