The herald., 1895-05-17
LOCAL Field OF COMMERCE
Points OF Henry Clews' Weekly
Financial Review
THE BUSINESS AWAKENING
The European Demand for American
Investments
The Symptoms Indicate That the Recovery
in Business Is Genuine and Destined
to Be Lasting
THE BUSINESS AWAKE Ming

Henry Clews' Weekly Financial Re-
view: In our last advces we recorded a
ouying market. following slight fall in
prices consequent upon sales to realize
speculative profits, During the first half
of the past week there was again consid-
cradle realizing, with some yielding in
prices. London, however, proved f1rmer
than New York, and large purchases were
made for that market The unsettled
conditions of the relations OF Japan on
the one side and Russia. Germany ana
France on the other produced mere Ger
tain distrust in the stibility OF the foreign
market and favored the disposition TO
realize here, lest some threatening dlplo..
matte turn should prccipltate return OF
securities to NewYork.
The announcement on Tuesday however
that satisfactory terms had been arranged
between Japan and China and between
Japan and Russia Immediately started
up the European demand and hence Lon
don was buying while New York holders
were selling--a course With wnlch DOtn
parties seem to have been satisfied. The
late change in the tone of business has
not been confined to the United States,
but has been shared by all the CONNER
cial nations. The European liquidation
has been protracted and severe almost be.
yond all the experience in the history of
commercial relations. The result in that
part of the world has been liquidation
SO thorough as to leave behind condi-
ton of extraordinary soundness OF credit.
There is therefore good reason for the ex-
pectation of universal revival of busi-
ness and that view appears to be now
taking hold of the foreign bourses. In
this condition of awakening, all eyes are
turned on the United States. All advices
from financial sources indicate that. when
that point has been settled, there will be
an extraordinary demand for American
investments. The importance attached
TO this contingency appears to be mainly
due to tie fact that the United States
have become such commanding factor
in the trade of the world and also TO the
growth of confidence in our Investments,
as compared with other sources from
which new issues may come.
4 This confidence has already found re-
markahle strength OF expression. Dur
ing the past week $40, 900. 900 of our cor
poratc bonds have been placed in Europe.
This added to $G6. 900, 900 of previous me-
yotiations. makes S76. 000, 200 of securities
placed abroad since the date of the syndi-
cate loan negotiations; and yet the syndl-
cate still holds $l1 .000, 900 OF bonds. any
portion of which stands available for
shipmenl. ii any evidence were needed
of sharp turn of European confidence
towards American investments, surely
th.s eno''d suffice. There IS good
reason 10, this large abatement of dis
ti'lst. lt is tfue tnat. Wltnln tne laSt rev
months there has been very conspicu-
ous agi,ation in favor of national free
coirage in .he south AMI the west, which
has cat .sed some uneasi ness at the east ;
yet thai excitement eX ist- only among
the ieas intelligent and least interested
classes. and has llad the wholesome effect
of arouslng the more influential ciJizens
to action calculated to enightcn public
opinicI upon The true practical merits OF
the question. We have now
rcached AZ advanced stage Of the spring
business ahd il, some branches of trade
yh" seasc3.'. demand = ahaiinI; but yet
thore IS rcti,ing 10 show any Impairment
OF me spirit If confidence and the i'm
proyeme:'t III onciress TINT set in at the
earlier stage Ths crop reports are gen.
crafty encouraging. ana. in wheat, indicate
n ,1,obsble increase ovei the crop OF 1894.
The :or trade arnost alone among the
Industries, remains dull. which seems TO
Z tbs effect OF makers HAVING demanded
al advance IN prices which buyers are
not vet willing 10 pay; the gross earn
ngs IF the railroads. in spite Of the light
ness Of grain freight. are showing very
general increase; and these symptoms in
dicatc that tie recovery in business is
genuine and destined to rermanency.