The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-11-14
90 eoreLrond.nos q D. InlelIlgal..r.

NEW YoRE, Nov. l2.-Wall street has
devoted the past week to the election
and its returns. The sweeping MAORI
ties for the "outs" are naturally accept
ed as investing the election with much
more than ordinary importance; for
they not only call forimportant changes
in the commercial policy OF the coun'
try, but, by reason of their extraordi'
nary numerical strength, convey SC
much the stronger probability that
such changes may prove irrcversible
for long period at least In any event.
tho change IN the Presidency and in
both houses Of Congress leaves no
room for doubt that, within at most two
years, our manufacturers will enter
upon radically changed relations with
those OF foreign countries.
This result may have been expected
in some quarters, and by most it must
have been regarded as more or less pos
siblc, and that fact prevents the new
prospect from being an unqualified eur
prise; but, when the possibility has be-
come fixed certainty, men look at the
new future with more seriousness, and
every one feels that an entirely new set
OF business conditions confronts them.
Owing TO the differences in party and
economic standpoints from which the
new situation is viewed, there is much
difference in opinion as TO the outcome
and the drift OF affairs during the
interim preceding the promised new
legislation; and this conflict OF view
begels some confusion and uncertainty.
As usual, under the uncertainties
attending new &c. Of conditions, Wall
street is disposed to discount tho worst
probabilities, but also counts upon n
second operation based on the reaction
that comes later from appreciation Of
the favorable factors in the problem.
Very naturally, therefore, there was
considerable selling OF stocks on Tues
day and general moderate decline in
prices. For obvious reasons, the dis
elimination was most marked against
the trust" and industrial" issues.
The reduction OF duties on the pro-
ducts OF those corporations will expose
them to direct foreign COMPETE
ton against which their shield of
monopoly will BIO unavailing; and, TO
say nothing OF the possibility
OF a, more serious fate, the present
large profits of these institutions
can hardly fail to be sooner or later
very seriously reduced. During recent
large operations in these specialties,
considerable amounts have been shift
ed upon the class of small holders,
which makes them now the more ex-
posed to the attacks Of the "bears." The
coal stocks have also suffered, but not
to the same extent as the industrials.
In respect 10 these, the question is
mooted-what would be the effect of
the repeal OF the existing duty OF 20
cents per ton on bituminous coal? and
some doubt is felt whether the new
complexion OF politics may not effect
the disposition OF the courts on pro-
ceedings pending against Reading.
Railroad stocks have suffered rather
from sympathy with the selling OF the
specalties referred to, than from any
supposltion that the new prospect
threatens them. Although, on so large
question, it is premature as yet 10
form any definite conclusions, yet it
comes up among the first thoughts that
the reduction OF wages and the cheap
ening OF iron, steel and fuel, which may
he expected from lower scale OF tariff
duties, should largely economist the
operating and construction work OF the
railroads, as well rs facilitate the build
ing OF new roads, which for the last four
years has been sharply curtailed, and
is likely to continue so until the tariff IS
actually reduced.
These are the few first thoughts ex-
pressed in Wall street operations in the
few days Immediately following the
election. The new situation introduced
is, however, a very wide one 1t means
coming change in the position and
prospective value OF nearly everything
bought and sold within our domain,
and first thoughts therefore afford II
very imperfect Indication OF what the
after thoughts may DO. Radical changes
are impending in every branch OF bust
ness, and national recon struction is be-
fore u. The next two years therefore
must be period OF anxiety to some,
but perhaps equally OF hopes to others.
The misfortune is that manufacturers
may have TO wait for at least eighteen
months unless an early special session
OF the new congress is called, which
does not seem improbable) before they
can know what are to be the conditions
Of tariff under which they will have to
conduct their business, which is OF
course calculated to create demoraliz-
alton. On the other hand, there must
be. on a wide range OF products, a dis
position to defer purchases until tue
lower duties and lower prices take
effect. Manufacturers, however, have
generally one certainty before them
that duties will be reduced and it is
therefore to be expected that
tbsv will use every endeavor
TO anticipate the future conditions
BY producing at reduced costs and
thereby encouraging consumption. The
situation will have its announcements
rs well as its discouragements. Con-
sumers OF imported raw materials will
have the near prospect OF getting them
Tree OF duty, and openings for extend.
ing our export trade may be expected
TO throw open to US important new
markets for a wide range OF manufact-
ured products. still, balancing In the
most favorable sense the disnppoint-
ments and apprehensions Of one class
with the hopeful expectations OF an.
other, and oven concoding that the final
outcome OF the great change may prove
az beneficial Gs it's promoters predict, it
is not to be concealed that the beat We
can reasonably expect, for tho next
eighteen months or two years, is un-
usual caution in every branch OF bu,i-
ness, the deferment OF new enterprises,
~, oasaat;np al AVIAN dinu iyi,1nptria |