The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-09-30
FINANCIAL REVIEW,
Henry olsws's Weekly Letter on
the Business Outlook.
THE GOLD EXPORTS have CEASED
In Natural Way, which is Mattor
of EnoOuruEOmCut-rhOrO Is, How.
ever Danger of Return OF tho
DraIns-rhO General Situation on
Wall Street.



NEw HoRI, Sept, 2S-Wal street NJ,
fairs present no new aspocIa OF striking
importance. Tho gold exports have
ceased, excepting that over 100000
was sent out in connection with Aus,
TRAN Conversion" requirements, and
outside Of ordinary exchange opera,
tionL It Is very generally taken for
granted that, for tho next three or four
months, tho supply OF produce bills Will
take caro- Of our Rccruing foreign in
debtOdnessi and, judging from normal
experience, it would not be surprising
il there should be imports Of gold dur.
ing that interval. This change in the
position Of our foreign exchanges has
not produced any worry marked effect
upon securities, perhaps mainly be.
cause tho Improvement in tho situation
was anticipated.
1t isa matter OF encouragement that
tho outflow Of gold has CeaSed in u
natural way aud without any direct iu-
PREVENTION by tho syndicate, THIS shows
that affairs are regainiug u natural
couTla and opens tho way for more
formal remedial measures that need to
follow. We have now bSloTe Ne, 10 ali
appearances, thr0s or four months vi
easy exchanges, during which tho treas,
ury lie not Liable to DO exposed ia
further drain upon itS reserve. The
interval affords favorable opportunity
Tor bringing about all the conditions
needful to guarantee the treasury Il
steady gold income equal 10 It's T0quire'
mOnlA. The idea OF bringing together
the banks and the treasury under their
former Tslationg. 30 that each will pay
enough gold to tho other TO satisfy their
respectiys requirements, is becoming
very generally regarded as the most
direct and natural method OF putting au
end TO tho gold famine; but it 10 ioit
that tho pr0Ient holdings OF the treas.
ury and the city banks do not warrant
tho change being undertaken at
thia momsnt. Though the stock
Of gold in the country Is nearly equal 10
an average aud really ample for these
purposes, yet during tho late demoral.
ization II has become scattered through.
out the country, and needs TO DO gather.
ed again TO this centre. The widespread
readiness OF the holders 10 exchange
this gold for legal tenders, places it
within easy reach oil the treasury and
the banks; aud il We add to this any
foreign supplies that may arrive aud
the home production Of about -, 900, 900
per month, 1t will be seen that the re.
sumption OF gold payments between the
government and the banks, by the DO.
ginning Of 1896, should DO within tho
possibility OF achievement. Ihere are
important tnanciera who have thar eve
upon this treatment OF the situation and
who are not likoly to neglect any CD.
portuniIisS Of promoting il which may
arise during the next three months.
These, however, arc contingent
achievements, and although they may
warrant q hopeful feeling in finance and
trade yet, being possibilities rather
than uncertainties, IL must be expected
that the future will be regarded with
reservations. No mat.or what remedies
may be proposed or hoped Tor. So long
as mona are positively accomplished
there remains the danger Of return Of
drains upon the treasury, with all their
bad consequences. This fact must act
as n wet blanket upon the market for
cur investments both at home aud
abroad aud speculation for higher
values must he in acme measure 70.
strained. But while this factor may
prevent any active upward movement,
it Is not likely TO cause any lai in
prices, because tho feeling as TO tue
future Is prspouiOrantly hopeful, and
outside tue treasury situation every
thing augurs we'll for . prosperous cou.
dition Of business.
The course OF tho local money market
10 watched with more than usual inter.
est. Currency still continues to flow to
tho west and south in large volume, and
II looks % II the bank reserves may be
considerably further reduced before the
movement eliminates. The chief in.
teteIt in this tendency centres In tho
fact that rise OF ono to two points in
the rate for loans would, iu the present
sluggish state Of tho European money
market, bs calculated to cantn foreign
baIancV1 10 rsSt hero instead Of boing
sent hemc, the OBJECT Of which would DO
to dcptcH tho rate Of exchange aud
thereby promote importatlOns OF gold,
so grsHtly nesiel under tho eSist.ng
conditions.
The situation ia stocl;s il calculated
to Greats an active and tiuCiuIting trad .
Ing market, rsLhor than to dsvslop any
large outside movement for tho pros.
sHi. The position Of railroad sbaroI
iayorsBttength 10 thoIo properties. Tho
Rrsin roads snow steady gain in earn.
inGs, and the rnod condition Of tho
largo crop Of corn IL especially favorable
10 the lnlurO Of companies dependent
on that cereal. Tho c1al companies are
benefited by tho uDwA'l tendency in
nricrs and by the favorable prospects Of
an onfEy settlement oil their diletencaa
The ssbiemoutS OF railroad GoupanoS in
pr0CepS Of reconstruction Hrn stu sub.
Irct to delays aud ob,truCiingg. which
hold In check speculative operations In
their securities. Taking tho situation as
y whole, Whiio Il ptoseniH no special in.
Gucumontp calculated to draw In the
general public, II IL nevertheless sound
aud steadily improving, and purchaser
on daclno for brief turn nrd llkolY TO
yield lair profits. IIEsRr CLEw@
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ANitsItirtN- Is rEitITL