Daily capital journal. (Salem, Or.) 1896-1899, 1897-05-07
WALL STREET.

Dullness aud steadiness Of prices
have been the characteristics Of busi-
ness in Wall Street during the past
week. The situation is generally
hopeful and holders of securtier show
no disposition to sell; but on the one
hand there is variety of uncertain
ties oyerhanging the market, such
as the Greco.Turkish war, the cloudy
outlook for the grain and cotton
crops, the starting of gold exports
and the restraint on certain indust-
ries pending tariff legislation, while
on the other hand, there is an ab-
sence of any decisive factors tending
towards higher prices; and the net
result is a neutral situation of quiet
but confident waiting for some influ-
ential "bull" happening that will
start up Il buying movement, the
"bears" meanwhile contenting them
selves with brief and cautious turns.
OUTLOOK HOPEFULLY
The general condition of the coun-
try must, with fair allowance for
special incidental circumstances, be
regarded as presenting hopeful out
LOOK. or course, until the new tariff
bill is disposed of, manufacturers
must be, to some extent, held in check.
AMI imports MY be expected to be
llrye. These conditions are abnormal
and produce some temporary derange-
meats and good deal of grumbling;
but, when the tariff takes effect, the
imports will moderate and there will
be a sudden increase Of activity in the
industries to compensate for the now
postponed production. In the mean
time, the retail trade appears to be,
for the most part, in healthy condi-
tiol; and the jobbing trades therefore
clnnot have n. uch reason to complain
except about the obstacles 10 arrang-
int for their supplies for the fall
trade.
The crops are in an uncertain posi-
tion. The heavy rains have been un-
favorable to the growth of wheat; but
the stage has not been passed at
which fine weather might convert the
feeble plant into fair crop. Cotton
is in an uncertain position. The
floods haye placed much acreage be-
yond the possibility OF planting this
season; but on the other hand, the
less flooded lands have received
manuring from the floods which will
contribute to fine growth.
GOLD EXPORTS.
The sudden starting upof exports OF
gold, though not entirely unexpected,
has rather surprised Wall Street by the
largeness of the amounts of the ship
ments, the sums shipped and engaged
for Shipment up to next Tuesday being
100000.
The official returns show the inn
ports and exports, for the nine months
ending March 3lst to have been as fol-
lows:
Exports. Imports.
Merchandise, 1922, zoe, 900 S498, 800, 600
Gold ,... 100000 79,6OO, 600
Silver .... 46,600,000 100000
Gold and sill
ver, ores. 80. 100000 16,3O0,OO0
Totals 1885,, 100000 s6OS, 100000
Balance of eX-
ports -. 28l, 100000 .........
The movement in merchandise
and the precious metals thus shows
an excess of exports over imports
amounting to s2sL,6Oo,OOO. If we
charge ourselves with s12O, 900 as
the net debtor sum aecruing on in
terest payments, travellers, credits,
freight and passenger charges, im-
migrant money, outlays of foreign ves-
sells in our porte, etc.,-which is GER
tainly highly liberal allowsnce,- =
there.will still remain over 100000
600 due to us on this Bine months
balance. If this balance has been
eXtinguished, there is no way in
which it can have been except through
the return home OF our securities and
the withdrawal of foreign capital
finding transient employment in var
ious ways in this country.