The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1892-11-15
WAL STREET VIEWS.

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NEW York. Nov. 14-Henry Ciews. In
his weekly fiDapcial circular, discussing
the probable effects upon business Of the
change of administration. says:
"This result may have been expected in
some quarters. and by most it must have
been regarded rs more Or less possible, and
that fact prevents the new prospect from
being an unqualified surprise; but, when
the possibility has become a fixed GER
tainty. men look at the new future with
more seriousness. and every one feels that
an entirely new set OF business conditions
coufronts them Owing to the differences
in party and economic stand-points from
which the new situation is viewed. there
is much difference in opinion as to the out
come and the drift of affairs during the in
terim preceding the promised new legis-
ton; and this conflict of view bsgets some
confusion and uncertainty. As usual,
under the uncertainties attending new
set of conditions, Wall street is disposed
to discount the worst proba abilities, but
also counts upon second opera
ton based on the reaction that comes
later from appreciation of the favorable
factors in the problem. Very naturally,
therefore, there was considerable selling
crate decline in prices. For obvious
reasons. the discrimination was most
marked against the trust" aud indus
triaP' issues. The reduction of duties on
the products of those corporations will ex-
pose them TO a direct foreign competition
against which their shield of monopoly
will be unavailing; and, to say nothing of
the possibility of 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, consider
able amounts have been shifted upon the
class of small holders, which makes them
now the more exposed TO the attacks of
the ''bears." The coal stocks have also
suffered, but not to the same ex-
tent as the industrials. In respect
to these the question is mooted
what would be the effect of the
repeal of tue existing duty of IS cents per
ton on bitumnous coal? aud some doubt
is felt whether the new complexion OF
politics may not affect the disposition of
the courts on proceedings pending against
Reading. Railroad stocks have suffered
rather from sympathy with the selling Of
the speciaitIes referred to, than from any
supposition that the new prospect threat
ems them. Although, on so large ques-
tloD, it Is premature as yet to form any
definite conclusions, yet it comes up
among the first thoughts that the reduc-
tion Of wages and tine cheapening of iron,
steel and fuel, which may be expected
from a lower scale of tariff duties, should
largely economise the operating and con-
structiou work of the railroads. as well as
facilitate the building of new roads. which
for the last four years has been sharply
curtailed, aud is likely to continue SO
until the tariff is actually reduced.
'These are the few first-thoughts ex-
~ V..1 e l...
few days Immediately following the cleo
ton. The new situation introduced is
however a very wide one.-It means a
coming change in the position and PROS
pective value of nearly everything bought
and sold within our domain, and first
thoughts therefore afford very imperfect
indication of what the after-thoughts may
be. Radical changes are impending in
every branch of business, and national
reconstruction is before US. The next two
years therefore must be period of anxiety
to some, but perhaps equally OF hope to
others. The misfortune is that manufac-
tureres may have to wait for at least eight
cen months (unless an early special session
or the new congress is called, which seems
improbable) before they can know what
are to be the conditions Of tariff under
which they will have to conduct
their business, which ls, of course.
calculated to create decentralization. On
the other hand. there must be, on a wide
range of products, disposition 10 defer
purchases until duties and lower prices
take effect Manufacturers, however,
have generally one certainty before them
that duties will be reduced; and 1t is there
fore to be expected that they will use
every endeavor to anticipate the future
conditions by producing at reduced costs
and thereby encouraging consumption.
The situation will have its announcements
as well AS its disbursements. Consum-
ers of imported raw materials will have
the near prospect Of getting them free of
duty, and openings for extending our ex-
port trade may be expected to throw open
to US important new markets for wide
range of manufactured products. Still,
balancing in the most favor
able sense the oisappolnt-
ments aud apprehepsions of one class with
the hopeful expectations of another, and
even coDceding that the nnal outcome OF
the great change may prove as beneficial
as It's promoters predict, it Is not to be
that the best that we can reason
ably expect. for the next eighteen months
or two years. is unusual caution in every
branch of business, the deferment OF new
the cessation of extending iu-
dustrlal plant, continuous pressure on
prices and haud-to-mouth condition of
business 1t Is to be remembered, how
ever, that these conditions will be mainly
confined 10 the industrial portion of our
the agricultural half III
the meantime will reap the benefits of
two successive years OF great harvests,
and, it is to be inferred from their votes,
will be exhilarated by the prospect OF
cheaper living aud cheaper labor.