The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-03-23
STATE OF TRADE
As Shown Through the Weekly
Review of Henry clews.
WALL STREET WAS DISTURBED
by the Cali OF the Treasury for Twenty
Per Cent of the Proceeds or the Late
Loan Deposited with the Bania-Eur-
opean Politics Faetor-Priees Have
peellnsd for sseur.tlss-Esper.. show
slight Rate ofInsrss.s-Th sta,s OF the
Wool Market

NEW YORK. March 2i.-wall street
has been somewhat disturbed. during
the past week. by tho call OF tho treas
ury for 20 per cent of the proceeds OF
the late loan deposited with the banks.
The banks were In well-fortlaed posi-
ton to meet the demand: but II is per-
haps not surprising II they have been
willing to make the most of the cir
cumstanee. For the last two weeks,
commercial failures have been more
frequent, which has increased the eau
ton towards discounts; and the usual
April transfers OF money to the inter-
Tor. for effectlng the settlements due
at that. period. will soon be here; add TO
which the fact that the banks do not
usually disregard fair occasions for I'D
vancing their rate Of interest; these
considerations have made possible an
advance in the rate for call loans, and
have put q check on time loans. and
caused some contraction In the dis
counting OF commercial paper. The
bear" element In speculation have not
failed TO turn these circumstances TO
account, and have especially sought to
encourage distrtist as TO the condition
Of commercial credit and TO excite APP
prehensIon OF further failures among
merchants, At the moment, the banks
have no special Interest In discourage
ing these tactics. as they help the up
ward tendency in the rate OF interest;
but, at the same time. there Is In bank
ing circles no real apprehension OF any
approaching stringency, and the FEEL
ing Is general that, when the funds re-
turn which may be withdrawn for the
April settlements, the money market
will settle into an easy condition and
so remain until, ut least. the autumn
outflow OF currency sets In.
1t is not surprising that this new tenn
porary factor In the market has been
attended with some selling of stocks
and that the bears" have made II an
occasion for putting out free lines OF
"shorts." The bulls" have not re-
garded these conditions as favorable
10 buying, and have therefore offered
no resistance TO the attacks OF their OPP
ponents. but hope TO md their oppor-
tunity when the time comes for cover
Ing the short" sales.
The market has also been sensitive
10 the new moves on the chess board
OF European politics. From such vague
accounts as the diplomats are willing
10 let out, II seems that international
relations, and therefore international
policies, are undergoing some highly i'm
portRnt changes. The press accounts
appear TO take It for granted that, at
last, Great Britain has really entered
into partnership with the Dreibund- IN
respect TO what matters, or to what
extent, she has committed herself 10
the jolnt policy OF Germany. Austro-
Hungary and Italy, nothing Is yet GER
tain. But as her purpose seems to DC
mainly TO provide an Offset to the
threatening attitude OF the Franco
Russian alliance, and as colonial poll
cies now enter largely into all the cur
rent international disputes. II would
seem highly probable that II there DC
new alliance, II may cover an earnest
and comprehensive common poncy' An
agreement between England and the
three great powers OF Central Europe,
would seem 10 AFFORD an invaluable
griarantee OF future peace on the Eu-
ropean continent: but, for the moment,
and until the policies Of the quadruple
alliance come to be known and eStima-
ted, there Is ample reason why the
fnanclers of Europe should maintain
an observant attitude and await the up
shot. Hence, this new course OF events
| has caused a halt In business on the
| foreign bourses: prices have declined
| for national securities. and Americans
| have suffered in sympathy with these
/ conditions There Is good reason TO
hope. however, that II this reported new
alliance Is an accomplished fact, II may
prove 20 be the beginning OF general
| European revival OF confidence; from
which this country. as one In the family
Of nations, could not fail to reap us
share OF advantage.
one factor that should contribute to
n recovery OF confidence Is the marked
Improvement In the relation between
our imports and exports OF merchandise
which has occurred within the last two
or three months. The exports have
shown a large rate of increase. while
the imports have, on the average. ma
teriaIly declined; the result being con-
ditiou OF the balance OF foreign trade
much more In our favor thHn for any
time during the last two years. This
means a cessation OF the over impor-
tation which has been Cutting our mar
kets and encouraging distruSt OF credits
In certain branches Of trade: while II
shows a healthier condition Of the ex-
port markets and OF the agricultural IN
terest
Moreover, It has an indirect, but i'm:
portant bearing upon the condition OF
the treasury finances. II means, so far
as Il IL due to the commercial move
ment, a probable reduction in the ex-
ports OF specie; and as II Is the exports
OF gold which constitute the chief nee
essity for drawing II from the treasury,
the less gold Is needed for export pur-
poses, the less VIII be the amount OF
notes presented at the sub-treasury FOR
redemption. The probability so fnr as
IL represents better regulated condl-
tIon OF our foreign interests. Is a mat
ter OF congratulation. And yet there
are considerations which make the con-
ysrHIons OF notes far from being the
unmltlgated evil they have been con.
sidered. The notes converted are held
IN the treasury tso long as they are not
needed 10 supply deficiencies OF reve-
nuel, and can be extingulshed without
ohstacle or further outlay, whenever
Congress chooses TO so order. There are.
al present, tiO5 100000 net Of the kinds
IN legal tender In the hands OF the gov
eminent. The treasury also holds ti2S.-
OO0. 900 OF free" gold: and has silver
bullion, held against the notes OF 1889.
which at It's present market value Is
worth over $4,000. 900. These Two sums,
nRgregating $gls,O00.0OO. are onsets
aRaInEt purpose OF llquldAting them.
TGus. the humiliation OF 1898, 900 OF
legal tenders Is already provided for;
ana only SiG0, 900. 900 remains for other
treatment or Offset. II will thus be
seen how much better position the
dnanclers are In. for dealing with the
legal tender question, than Is generally
sunpoHed. In this situation OF ahairs,
II becomes n very Interesting Question
how long Il will take for the treasury
10 gain control OF this balance OF $780,
OO0. 900 notes through the current pro-
cess OF conversions? IL the exchanges
OF notes for gold were continued Mt the
average rate Of the two last years,