San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1896-01-24
FINANCIAL REVIEW.

FlNANClAL REVIEW.
Reported for the LI9HT by Henry Clews
NEW YORK, Jan. 2l.-[Special =
The Wall Street markets remain
generally quiet. There is now al
most an entire absence Of the spirit
Of distrust evoked by the Venezue-
la affair; and it is taken for grant
ed that the disposition on both
sides to settle the matter through
arbitration, or by conference be-
tween Great Britain and VeneZue-
Ia, will prevent further distur.
Dances Of public confidence. There
is also disappearance of the Lon
don distrust toward our invest
ments which forced home sdch
large amounts Of stocks and bonds
Immediately after the presidents
message; and, beyond an indisposi-
ton to subscribe for the new
bonds, nothing unusual remains in
our financial relations with Great
Britain.
In the Stock Exchange the prin-
cipal obstacle to business lies in
the uncertainty as to the inciden-
tai bearings of the subscription to
the new loan. There has been a
considerable contraction of bank
loans $20,000,000 for the two weeks
ending January 10th in anticipa-
ton Of a possible stringency in
money when the subscriptions
to the bonds have to be paid, and
also due to the fact that a large
amount of loans mature at the end
of this month; but the prepara-
tions already made for these con-
tingencies are generally regarded
as largely sufficing 10 protect the
market against any important
embarrassment under these pros
pective conditions. The change
in the terms Of payment for the
bonds announced by Secretary Car
lisle,--namely, 20 per cent on &C.
ceptance Of the bids and 10 per
cent on each 10 days after,-will
materially ease the pressure Of the
operation upon the money market.
The payments will by this means
be extended over four months !;
and, though 1t has not yet been
promised by the secretary, it seems
reasonable to expect that, II any
embarrassing stringency should
arise, portion OF the payments
will be authorized to be placed in
the depository banks" to the
credit OF the United States treas
ury. Upon the whole, therefore,
the probabilities may be regarded
as against any embarrassing
stringency being caused by the
loan operations in the Stock Mar
ket until these contingencies are
past. AS to prices, however, the
feeling is one Of confidence, and
even the "bears" show little desire
to put themselves "short" on the
market.
There is every indication that the
subscriptions to the United States
loan to be opened Feb. 9Th will
easily take up the entire 100000.
600 bonds offered. The bonds
syndicate, realizing this fact, con
cluded to step out, which to say
the least, Is a magnanimous act
The announcement Of the dissolu
ton of the syndicate however, re.
veals the fact that the syndicate
had received subscriptions amount
ing to $200,000,000, which amount
was pledged to be paid into the
United States Treasury as re
quired, thus showing TIE supply o.
gold in this country ready to gc
into government bonds at a re.
munerative rate, and which must
be surprise not only at home but
abroad. After this exhibition o.
OF gold in this country ready II
60 into government bonds at {
remunerative rate, and which
must be a surprise not only a
home but abroad. After this ex
hibition OF gold strength, 1t will
scarcely be fair for European bank
ers and others to continue theil
predictions that the United Slater
government will be unable Il
maintain gold payments. II any