The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1891-03-02
weekly FINANCIAL REVIEW
From tho Banking House of Henry 0leu

From the banking House of Henry olews
S Go.
Special DlSplteh 10 he LHtelli0eHeer.
NEW YORK, Feb. 2s.-The causes that have de.
pressed the stock market for the last three weeks
still continue In force. The disposition to defer
speculation until alter the adjournment OF Con-
gress In general and the volume OF transactions
has fallen to about one.thIrd the average
amount. February Is uSuallya dull month: and
the hardening Of tbs monty market Usually &C.
ours Ia March aud eliminates in the FIRST week
Of April. While. therefore, the market Is likely
10 exhibit more spirit after the fourth OF March,
yet 1t Is not unlikely that we may have TO walt
until the beginning OF April for any really active
and well sustained movement 10 stocks.
The SteallnCss with which prices have been
ness IL q symptom that deserves attention. II
implies absence OF weak points aud the prevail
Ance Of confidence. II evidences Eound state
and expectation Of higher values The fact that
the January earnings show an average gain OF
per cent has largely contributed to this healthy
tone Rock Island and Chicsgo, Burlington &
Quincy are suffering from the ShOrtness OF the
corn crop aud that Chicago Is selling the Changers
like cause; but II Is also true that the failure OF
that crop was draining tho traffic In January,
when the roads ut large exhibited notwIth stand
Ing q very fair business; aud II Is q reasonable
the loss on this SouFcO Of freight In the hrst
month Of the year, why may We not expect such
computations IN the later mOnth57 1t seems
not impOkBlb that the effect OF the loss OF corn
conspicuous items are apt 10 be.
The railroad interest appears 10 have touched
It's lowest point OF depression about the period
| OF the late panic. CompsIItiOn aud Granger
legislation and agitation had then done their
wont and the injury arising from the corn crop
was estimated at It's maximum; and these fac
tons were taken at their full value when the
panic level Of prices was reached. Since that
time important changes benehciRlly AFT c!ing
the railroads have occurred. From the same
cause, the construction Of branches by existing
roads has been placed under check, with the
result Of lessening the diversion OF earnings
break in tho ranks oil the Farmers Alliance
| Is threatened by the large element OF wa2e.eArn.
GIs, who find that repression OF the railroad
means the Discharge OF employees and the feduc'
ton OF wages. The higher courts, even in the
Granger States, are beginning 10 teach leHit latOrl
| that laws which do not Afford fair compenEa,
| tIon 10 the common carrier are Ia the nature oil
| unconstitutional connseation. These facts very
plainly Indicate that n point has been reached
at which legislative oppression Of the railroads
Is beginning 10 give place TO ulster policy;
Another element calculated 70 affect railroad
Investments iavonbly Is the failure OF the free
coinage scheme under circumstances which
tOrcshadow It's early dismissal from public At
tont on as political Issue, As that Issue stlndI
to-day, II affords little real reason for RpprGhen
sion 81 any departure from tho gold standard o.
values In the United States; and when this fac
comes 10 he duly appreciated III Europe, II car
hardly fall 10 false American Investments II
the estimation Of foreign investors and relievI
tue New YORK mUrket Of It's present surplus o
stocks
The currency movement at the banks result
In net loss Of about g. $50 900 for the week. th
exchanges with the sui! Treasury showing los
Of 81 100000, aud the interior movement a gait
Of $1,000. The sum Of sG0O. goo Of gold has beer
exported; but the present supply OF sterling eN
change IL agRIngt the probability OF Bhipmcpt
being continued. HENRY CLEws,