The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-07-25
FINANCIAL REVIEW.
Henry olows's Weekly Letter on
the Money Situation.
THE WEEK SHOWS IMPROVEMENT
After tho Recent Dulluess...Encot of
tho Defeat of the Silver Bill by Con-
gress aud the Iron Lockout-.-Tbe
Gold Exports---The outlook is for
Stronger Market.

| Special Correspondence o. ne IhteIt9e1teR.
New York, July 2S.-The past week
has shown some improvement, after
the dullness that has characterized tho
expired portion of the summer. Pre-
yiously professionals and outsiders alike
had seen nothing to interest them, and
they consequently gave full fling to
rural recreatiops. They seemed to take
the view that there was lack Of ma
tured inducements to speculation, and
were therefore disposed defor opera
tons until the haryests more fully re-
veal what is in store for the country
during the coming year. This courae
was the more readily followed because
London has been in. much the same
mood. In short, on all the worlds. &.
nancial markets, there has been this
disposition to postponement, in the
feeling that the situation, though not
without many hopeful features, was
scarcely ripe for large operations, The
last few days, however, have witnessed
achange for tho better.
It is no light cause ot"assuTerce that
the silver question se6mst to have fallen
into control OF the conservative sentt.
ment OF the country. The vote Of the
! house OF representatives, controlled as
1t was almost entirely by political con-
siderations, was plain evidence that
neither party dared to commit itself to
unrestricted free coinage; and behind
this fact lies the stronger protection
thst each Of the presidential candidates
is absolutely committed against the free
coinage heEeaies which makes any fur.
Their concessions to the silver faction in
the highest degree unlikelyfor the next
five years, In view OF this prospect, it
it seems unnecessary and unwise that
some os tho banks should raise any OBJ
lection to paying out gold certificates
to depositors desiring to export that
metal. If the gold is due to Europe, it
must go, and no contrivance of that
sort could prevent it. The banks may
have the right to refuse payment in,
gold certificates, but they cannot refuse
payment in greenbacks, which are a
claim for gold that the government
surely would not hesitate to honor.
There is such athing as conservatism
without wisdom, and this attitude Of a
few banks is sample of it. Atpresent,
We have not reached the point at which
our stock OF gold is in actual danger,
and it can serve no good purpose to ex-
hibit such premature fears.
The shock to public confidence i'm
parted by the outbreaks OF operatives
at the Carnegie works and the mines in
Idaho has been repaired blythe prompt.
ness with which the authority Of the
law has been asserted and the leaders
been held responsible for their acts.
These too frequent occurrences OF law.
lessness by misled operatives show,
however, the necessity OF maintaining
the militia force Of the state, as well as
that of the Federal army, at ahigh
standard OF efficiency.
Money, though somewhat firmer, in
consequence OF the exports Of gold, is
very easy, and promises to remain so
for some time to come. Attention has
been called by the press to the wide
current difference between the deposits
and loans Of the banks, which is un-
doubtedly a legitimate indication Of fu-
ture ease in money.
Taking the situation as whole, and
in spite of drawbacks, the outlook is
certainly for stronger market. The
chief elements Of improvement are the
check given the silver mania, the prac-
tical cessation OF gold exports and an
early adjournment OF Congress. Even
should further shipments OF gold be
made, they need cause little concern,
because larger offerings Of produce bills
will soon be forthcoming. The supply
OF these has lately been diminished by
the anti-option bill, which influenced
foreign buying and thus stimulated
gold shipmenrs, instead OF agricultural
products. London is also becoming
moro confident, European selling Of our
stocks having practically ceased, aud 1t
wolld not be surprising II the security
movement should soon turn outwards
once more. Again, 1t is to be remem-
bered that adverse influences have been
freely discounted. Many stocks are
now ceiling considerably lower than a
few months ago, while others, which
have materially strengthened their po-
sition, have failed thus fur to score any
advance The bears are utterly unable
to dislodge stocks in any quantities:
hence recent stagnation. With low
prices, good earnings and easy money,
we have the best basis for higher prices.
Adverse influences are always present,
but the immediate future presents as
few of them as could be expected at any
period, HENRY CLEws.