The Republican. [volume] (Oakland, Md.) 1877-current, 1895-05-16
FINANCIAL-REVIEW.
Henry CleWs' Weekly Letter on the
Business Outlook.

New YORK, May lin our
last advices we recorded q buying
market following a slight fall in
prices consequent upon sales to
realize speculative profits. During
the first half of the past week there
was again considerable realizing,
with some yielding IN prices. Lon
don, however, proved firmer than
New York, and large purchases
were made for that market; with
the effect of checking the downward
tendency and causing some reaction
in prices. The unsettled condition
of the relations between Japan on
the one side aud Russia, Germany
and France on the other produced
here a certain distrust in the sta
bility of the foreign market, and
favored the disposition to realize
here, lest some threatening diplo-
matte turn should precipitate a
return of securities to New York.
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
which both parties seem to have
been satisfied. Probably, however,
the foreigners were the wiser of the
two; for our own operators do not
appear to have fully weighed the
Importance of the settlement of the
very dangerous Asiatic possibilities
that have been escaped. With this
cloud removed, general improve
ment in financial interests will
appear with renewed yigor, the
effects of which will be felt in Wall
street, in London and on the con-
tinent. The late change in the
tone of business has not been con-
fined to the United States, but has
been shared by all the commercial
nations. There would appear,
indeed, to be stronger reason for a
recovery in Europe than in this
country, inasmuch as there the
depression has existed ever since
the Earrings failure, whilst in this
country it set in only two years ago.
The European liquidation has been
protracted and severe almost beyond
all experience in the history of
commercial reactions. The result
in that part of the world has been
a liquidation so thorough as to
leave behind condition of extra
ordinary sound of credit. There is
therefore good reason for the expec-
tation of a universal revival OF
business, and that view appears to
be now taking hold of the foreign
bourses. In this condition of awak-
ening, all eyes are turned on the
United States. There is some
holding back until 1t becomes set
tied that the revival on this side
the Atlantic is real and destined to
develop into a true and lasting
prosperity. 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 con-
tingency appears to be mainly due
to the fact that the United. States
haye 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.
This confidence has already found
a remarkable strength of expires
sion. During the past week $10,.
100000 of our corporate bonds
have been placed in Europe. This.
added to $66,000,O00 of previous
negotiations, makes SIG, 100000 Of
securities placed abroad since tine
date of the syndicate loan negotia.
ton; and yet the syndicate still
holds 81, 100000 of bonds, any
portion of which stands available