The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-11-20

| NEW YORK, nov. lS.-ln the absence
OF important visible factors Wall street
is on the lookout for new elements al.
lectlng prices. The "bulls" have found
some support, during the week, in the
improving earnings OF tho railroads, the
symptoms OF a steady recovery in bust
ness, the growing plethora of money,
and the prospect OF an early completion
OF the plans for reconstructIng the
finances OF some OF the great bankrupt
railroads. The "bcars" are availing
themselves OF the lull in speculation for
forcing reaction from the recent adj
vance in prices; but with only moderate
success, their great obstacle being the
facility for carrying stocks that is afford
cd by the abundAncy OF money.
For tho moment, however, the condi-
tions OF Chief interest centre at Wash
ington. Among these are the pros
poets Of tariff legislation and Of meas
ures relating to the currency. So far
MS respects tho former, broad indica-
tons arc now forthcoming as to the
general scope OF the changes OF duties
contemplated by the committee on
ways and means; and they may be re-
garded as being OF distinctly assuring
character. When the committee re-
ports, the public verdict is likely to DO
that the changes are much less radical
than has been generally anticipated.
Considering that the existing duties
upon very large amounts OF imported
goods exceed the strict requirements OF
protection, and that most industries
will receive important advantages from
putting their raw materials upon the
free list, it may be conceded that the
net result. 10 the manufacturer from the
proposed changes OF duty will be much
| less aerious than has been generally eX-
pected. And when to this fact is added
| the further one, that already the prices
| OF raw material are declining and that
wages have fallen aud are likely to do
SO still more generally during the win
ter, we have distinct basis for q hope
that the new light thus thrown upon
the situation may coon lead to more or
less resumption OF work among our
now stagnant industries.
Wall street naturally attaches a spe-
| cial importance to the matter OF curren-
! cy legislation. 1t is generally conceded
that, as the suspension OF silver pur-
chases involves large stoppage OF new
supplies OF money, there is an lmpera-
tive necessity for providing without de-
lay some other form OF circulation to fill
the gap. There is no second opinion,
that the only dependence for that sup
ply must be entirely upon bank notes.
Rut it is not clear, in the light of past
experience, how We can safely trust to
the national banking system for any
such increase Of its issues as the new
circumstances would require. Tho sys-
TEN OF bond guarantee has compelled
contraction OF the issues to less than
hall their former volume, and the oft
repeated suggestion OF authorizing the
banks to put out notes up to
the par value OF the bonds is
an induCement altogether too small
| to bring out any appreciabie in
crease in this form OF circulation.
Ii it be suggested that the system OF
bond guarantee be enlarged or some
more elastic form OF protection. the pro-
sive objection that the powerful opin-
ions and preiudices against such radi-
cal change OF the nation system would
in all probability be found to defeat
that resort for relief. Under these cir
cumstauces, the proposal to permit the
issue OF notes by the state banks may
receive more or less serious considera-
ton ut the hands OF Congress. I'M
duestionably, the state banks, with
their $3OO,000,000 OF capital, constitute
source OF note currency oil some inn
portance. The thing to predetermined.
however, before utilizing that resort, is
whether the notes to be thence supplied
could be secured in such way us to
adequately protect the noteholdcrs and
| insure their circulating always at par.
This is really the central question i'll
this problem, and Wall street seems
| disposed to wait for what Congress has
to propose on this point before deter
mining its verdict upon the subject OF
state bank notes.
The stock market is in waiting atti-
tude. For the present the bears have
gained an ascendency which they seem
disinclined to relinquish. The ten
deUcy towards lower prices has met
! with no resistance from large holders;
lower prices, and partly because others
are unprepared for any aggressive move
ment upwards. Wall street mas not yet
entirely lost tho pessmism which the
late panic created in the business world.
Commerce and industry are reviving,
however, but the improvement thus far
is perhaps greater in tone than in vol
ume. Moreover, the close oil the year
is approaching, previous to which there
is always period OF stock taking and
introspection that is uufayorable to the
consideration OF new enterprises. In
the mercantile world the usual inuc-
tivity belonging to November and De-
cember is being aggravated by tho late
panic, and recovery is delayed by an
exaggerated fear OF tariff revision.
Tho trade balance OF October was
largely i'll our favor, exports having eX-
ceeded imports by S3G,000,000. In No.
yember. thus lar. there has been q simi-
lar preponderanco OF exports. Under
| ordinary circumstances We ought
therefore 20 be importing gold freely, rs
was expected few weeks ago, but only
small arrivals OF 0peCio have been re-
ported, and the exchange market is still
adverse to any imports OF consequence.
From our own standpoint, however, the
situation is steadily improving. ii the
after.etIacts of panic are still visible in
numerous failures, small volume OF
business, etc, it must bc remembered
that all these drawbacks have been dis
counted and that conditions are daily
mending. Prices of commodities arc
universally low, and supplies are small;
conditions which cannot inst without