Delaware gazette and state journal., 1896-02-13
A Favorable business Outlook.


A Favorable Business Outlook.
The splendid success attending the
bond issue Of 500, 100000 by the
government 1t is everywhere conceded,
has had the effect of imparting very
Foseate hue to the business outlook
throughout the country. And this,
too, in the face of the action of the
Senate in declaring for the free coinage
of silver, and refusing absolutely TO
take any steps towards remedying the
many evils of our national financial
system that have proved such menace
to general business prosperity.
The moral effect of this successful
bond issue, says a dispatch from New
York, is so great that in spite Of every
thing the situation is distinctly and
signally improved. The prices obtained
from the bonds are so much higher
than would have been possible two
months ago, that they are an unmis-
taxable measure of the substantial I'M
provement effected in that time. In
the enthusiasm over the bond issue,
the panic which followed the Vene.
Euelan message, and even the vote in
favor of free silver in the Senate last
Saturday, seem almost like events of a
past decade. The placing of the loan
will put about Sill, 600, 200 of gold in
the Treasury. Not all of this will be
net gold, for some has already been
withdrawn from the Treasury, and
more will be, to pay for the bonds
but there will be a large increase in
the Treasury reserve, which will be
fully restored to the 800, 600, 600 mark
with material margin above it, The
Morgan syndicate, which gets more of
the bonds than any other syndicate,
will pay in absolutely "clean" gold,
that is, gold obtained elsewhere than
by redemptions of the greenbacks
Already large deposits of gold in an
ticipatory payment for the bonds have
been made at the sub. Treasury, and
assay Office. 1t is believed that the
influence on business will be invigo-
rating. The effect in the stock market
is significant. For some time past a
few big operators have been bulling the
market in a narrow and entirely pro-
fessional speculation. The success of
the bond issue was foreseen and largely
discounted. The enormous extent of
the bids and high prices offered were,
however, an entire surprise, and in the
enthusiasm over the result the pro-
fessionals who had been bulIing the
market proceeded TO unload their
stock. They met with a public evil
IDENTITY very willing to relieve them of
the burden. There has been an in
creased popular interest in the market.
Speculation has broadened and become
less artificial and there is a ready ab.
sorption of the stocks offered. Thus,
while there has been considerable
irreguarity in prices, the market has
been strong and almost buoyant.
Upon tine same subject r. &. Dun &
Go. make the following cheering com.
ments:
The wonderful success of the popular
loan alters the face of events, with
S16s, 600, 600 bid by 4, GOO banks or per.
sons, the tremendous strength Of tho
national credit is demonstrated as if
has not been before for many Years
The influence Of this event upon ali
manufacturing and all trade cannot be
lightly estimated. 1t strips the silver
agitation of all its power to hurt. II
puts the Treasury an safe basis for
the time, whether Congress does anv.
thing useful or not. 1t notifies foreign
nations that the United States have
power as well as purpose. 1t unlocks
millions of gold which have been
gathered in preparation, brings di.
rectly several millions of gold from
Europe, and stimulates the anxiety of
foreign investors TO obtain American
securities.
And Bradstreet's Saturday, in the reg
ular review of trade for the current
week, says;
General trade waited the results oi
subscriptions to the bond issue. and
the sentimental effects of the I'M
expectedy favorable outcome have
heen for easier money and imnrnye.
ment. Additional favorable influences
are found in heavier bank clearings
continued tirmness of prices, sustained
demand for iron and steel. and the an.
nouncement from ST Paul, Milwaukee.
Omaha and Des Moines of "A revival in
business with jobbors in staple lines
At the East, Baltimore and pittsburg
report favorable trade conditions, AZ
the South gains in wholesale lines are
announced from Nashville, Memphis,
Atlanta and Birmingham.
And SO the story goes. The country
seems to be on the highway Of pros
nerltyr not BY the grace of Congress,
but in spite Of it.
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An interesting fact in connection