Financial Situation

New York, .Tainniry 7, lK'.i.'ï. The New Year has opeued with a more settlcd feeling In the linancial txu-keta tlian was geneVally expected. The fuiuls called In (rom loan last reek, too lc araflable tor t paymcnti Of dividend and interest, have thls veek l;en dislmised for tkoac pnrO4es, 'wiliile ciwrency lias flowed n reely fnmi t:he interior ; and thus he bamkM have been enabled tu better rupply the wants of borrowre. At he sanie time. Mie receñí exporta oí rld,- largely due to remittances to ay Jannary interest on our oblifíaione held abroad- are aboul coming o a close ; wtiich will sQoo help to restore contidemee in the marlet, the listiirlKince of wliieh has íeen a prinipul cause of late ungettling stock ex■9iiang values. The aimual balancing of account of individuals and corporatioue appears to have Teen generally unusualy satisfaetory as to reeults. Thoiiph the business of 1892 was of an undemonetrative chnracter and excepfrionally free from epeculative excitement, yet the year's aïtregates show te volunie to have been extraordinary and tte net rewilte probably unprecelently profitable. The fact that the yea.r'8 records of business failures in the Unitd States show the amount of Mabilities to have been but little over one-foalf those of either 1891 or 1890, Bpeaks TOlumes for the coneervative and proiitable character of the year's trade. This gratifying reeult hoe been prindpally due to the abundant harvest of 1891 ind the fairly average crope of 1892. The proceeds of that period of extraordinary product ion liave been eraployed in t!he llquidation of a large amount of leferred lndebtcdness, which has infused new life and confidence into every brancíh of business and imparted a healthier tone to credit oporations. The creditors whose olaime have thue been settled have had to seek new in1estment8, and tiheir purt'hases have been one principal cause of the stabilily of seeurities and of the ease wHth which we have t-aken up such an immense amount of lnveetmentfl retoroed from abroad. It is tlhi same general consciousnees of flnancial strength and soundneee that has caueed the startling resulta of the presidential election to be received with such unexpected calmnesti. It is also to tlhie cause that we must attribute the absence of uneaslnesa in the near prospect of a pronounced change in the industrial and commercial policy of the nation. The seemiing small amount that Wall Btreet attaclies to this impending legislation Ís not due to any want of compreheneion of its importance or of the intrruptlons to trade that it will occasion, but to the convictlon that the country is wfell prepared to endure the triaJ of its strength. Wall street entere tihe New Tear with thls very important fact in ite favor - that wliile, as already intimated, a permanent investment has airead been fauna lor the securities returned f rom Bupope, fhe issues of new obligations by railroads, have been in 1892 (as ateo for the two previous years) exceptionally light. It ie true that considerable amounts 'of stock have been put out in eonnection with the incorporation of private firms ; but these are not new ereations, but the mere changing of the form of mlready existing enterpriseH. It is therefore to be presumed that the new creations of corporate capita] have, for the last two or tJiree years, fallen below the normal (Iemand for investments, and that thereíore the floating market supply of eecurities must not be of sirii-ily moderate dimensión.. This ron.-icleration ha.s contrflmted towards sustahiing the market through the trying condition.s of late months, and may rcason.ilily be trusted to afford like support during 1893. With 80 man.y really ubfltantial factors in favor of confidente, it is oaforttmate tiiat anytlüiiK should oecur to weaken thcir legitímate effect upon Wal] Kt root interests. It is unnecessary to inquirí; wliat t rut li tliere may have been in the rumora of a toncertod plan for helping the market and ihe Iwuiks by a large tranBteat issue of United Statea bonds, lor the mere public ment ion of the matter liae quashel the suggestion. 'J'lic incident, hoivcvcr, liias been a misCortune ; for both at home and abroad it ill le oonstrued oh implying a condiition of tbinga calling for extraordinary precautions and sueh a susptciK does injustice to the intrinsic strength of the cxistinji situation and raggeatB Oeuager -liere It does not roally exist. The use of the Éfovernment's autliority to sell bonds to keep up its (gold reaerre is a resort to he availed of only in the face of a virtunlly certaln prospect of a really fatal foreign dra in of gold ; but at present Jio siu-h positive danser confronts us. If there Svere no hope of a peedy siwpensionof punliasi-rs of silver. and none of some uaefol international agreement betqg reacbed on the reis semblins of the uilver conference, tlien tbere miirlu ie Kome Juetlflcatlon for tflio government consulting with resjMinsii.ie financiers a.s to the best tneana of preparing bo deal with a contingency. But bucb la far irom x-iiijr Che real eituatkon. Tliere is a air pO8peet Ol the suspension at casi, oí thc Bllrer u-t of 1890 (uno hm f dwing tliis year ; the probaíllty f such n step ill keep our nirrency on a ])iri(,v nith gold, and nul t" restore European conflflence d our lnv8tmente, bealdee BhonM proec1 us agatagi fnrthcr seriona drains ,f goW. For tihese reaeone, any sm-li oiifcii'iHi's as are csnlored to havo en held between sectetary oí treaewy and certatn gentletncn iï this city wotild 1m' not ouly al best )retiiaturi' Uut ateo BnJsleading and miscttlif.ii. ratlKT than condnetivo to confidence.