San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1895-05-09


ate estimate that, within the las
: few weeks, more than $20,000,00C
possibly S25,000,000 of our stock
and bonds have been transferred
: to foreign holders. The first effec
OF thisis to relieve the home marke
OF that considerable amount OF SO
curities; which has a very direc
tendency to strengthen prices, anC
so far naturally accounts for the
late advance. A second effect Ii
10 create an important resource fol
the drawing of foreign exchange
When to these transformers o1
bonds and shares is added the pre-.
vious takings OF United States
bonds by London, it is apparent
that the consequent addition made
to the creditor side Of the interna-
tional balance sheet must have
been large enough to not only pre-
vent further shipments of gold but
also to make an influx OF the yell
low metal by no means improbable.
These operations have eased the
task Of the Loan Syndicate inI-
mensely and remove all possible
question about its ability to amply
protect the Treasury finances.
The firm, steady and sustained
step Of the financial interests I'M
der the recovery that has been in
progress for the last two months
conveys a large measure Of solid
assurance. Throughout, there has
been no relapse, no timid rights,
no pessimistic misgivings. The
attitude of all interests has been
such as to suggest a conviction
that the country now stands on
solid ground, that the depression
has not only got past its causes
but also beyond it's principal eff
fects, and that an exhibition of
rational confidence is all that is
needed for a common cooperation
in the pursuits OF business. Some |
was excited by the sud-
den and large rise in certain lead
ing staples Of trade, lest 1t should |,
mean a breaking loose Of pure
speculative spirit backed by no
in the real state OF
business. Facts, however, have |
now proved that the rise was for |
the most part legitimate and ma
tural. This conclusion is strength
ened by evidence that the upward |
in values is extending to |
the domestic markets quite gener-
ally, and is also taking effect |
abroad, and by the further circum-
stance that the rise in wages evil
dences an increase in the demand
for labor. From all these points of
view, the indications are clear that |
we are now fairly on the way to-
wards real and sustained return
to national prosperity. Generally,
we start upou this recovery with |
sounder conditions than those ex-
listing when the panic struck US.
Credits have been purged; weak |
spots have been probed and re-
paired; economies have been in
troduced and, taking the country |
as whole, it may be claimed that |
there is no other nation better
equipped for the contest Of inter
national commercial rivalry.
The growing excitement over the |
silver agitation does not attract |
any great interest in Wall street.
The men of finance indeed, gener-
ally, take matters Of legislation
quite coolly, not caring to shape |
their course, but rather aiming to
turn prospects and results to pro-
fit as they arise. At present, this |
question is regarded as Of little |
either to speculation or |
investment; for whatever may be |
the fiercen 4ss of sentiment among
the Southern and Western rabble,
the men of Wall street are not pre-
pared to believe that single-hand-
ed free coinage can ever be legal
lied in the United States.
The weakness in sterling eX-
change, due to foreign buying of
our securities, together with the
improved crop outlook caused by
gentle rains in the Western wheat
and corn belt sections, have been
the encouraging features this week.
The wider range Of securities dealt
in is the best evidence Of the gen.
uineness of the recent upward
movement in the stock market,
and the confidence in the future,
which it denotes, is now shared by
almost everybody. Optimists are
increasing. 1t is true the stock
market has had a pronounced ad.
vance, but it must be remembered
that it had tremendous fall and
therefore there was ample room
for the chanpe for tho better that