The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-08-28
SURE IMPROVEMENT.
Henry olews's Weekly Letter on
the Business Situation.
CONDITION. OF AFFAIRS
Much Better Than Appears on the
suUtaoe-A Great Deal Being Ae,
eomplished Toward the Removal of
Embarrassing Features-The Spell
ofstrlngenoy Expected to be Broken
soon-What is Hoped of Congress.
lptcial Correspondence ofthe Inteufo.n1.y.

Special CoTEspoHdenee Ofthe IHteIligsReer,
NEW York, August 26,--During the
past week the stock market has fairly
held the frmness OF undertone ex-
hibited the previous week, The
market, however, is SO narrow and so
entirely in the hands OF the profes.
sional traders that it easily reflects any
change Of attitude among operators and
at the same time affords special in
ducements to the creation Of luctua.
tons, Tho stubborn tirmness of prices
has induced a reduction OF the "short"
interest, An unavoidable influence,
however, has come from Boston in the
shape Of large realizinGs upon General
Electric, with q resulting decline in
that stock. Largo sales OF Northern
Pacific issues also tended to weaken
prices momentarily. The sensitiveness
about time loans still continues. The
various influences, though compare.
lively unimportant both in detail and
in aggregate, have proved sufficient to
affect highly sensitive market and to
cause realizings upon the rallies. Even
the good effect of gain OF $4,500,0O0
in the reserve averages OF the banks
only made tho occasion more favorable
for the taking OF profits.
Tho course of the silver discussion in
Congress does not, at the moment,
prove to DO an important influence in
the stock market. Not at all because
its great significance is underrated; but
because, in its present stage, the issue
is not calculated to affect immediate
values. Wall street perhaps estimates
the probabilities Us five to one in favor
OF the unconditional repeal OF the silver
purchase clause; and that calculation
undoubtedly gives backbone to the
market. But there is much diversity
OF opinion as to what may prove to be
the first effect OF the repeal upon the
financial markets. That 1t will result
in great and general revival Of conf.
dence there can DO and there is little
question. But the present crisis is SO
extraordinary in It's nature and its
workings that men are cautious in esti'
mating how much effect may be ex.
pected from such radical relief as this
would be; and moreover. in the present
public mood, such premium is put
upon doubts that the solitary chance Of
an uniavorable decision by Congress
has much more influence than it ought
In other words, Wall street is in tenn.
per to take little for granted and to dis
count mere hopes. Besides, there is no
definite opinion US to what may be the
immediate effect of the repeal upon the
money market.
The currency machinery has been 30
fundamentally derauged that it is not
easy TO say what time it may take to
draw out the millions OF money held in
hoard, Dor how long to restore the dis.
tribution OF currency into its normal
channels, nor yet how far the usual fall
demand for cash to move the crops
may affect the restoration OF the none.
tary equilib ium. Hence, whilst repeal
would unquestionably cause universal
and immediate return of confidence,
yet it is not impossible that some time
might elapse before the various finan-
clal entanglements were Strengthened
out and the loan market become settled
and easy. -
Congress seems to BIO steadily work
ing its way towards solution OF the
silver question in conformity with the
wishes OF the great majority OF the peo-
pie. II was hardly to be expected that
members would forego such an oppor.
tunity OF exhibiting their oratorical
powers, and hence there has been q
great deal OF waste time over discussion
in the house; but there is no longer any
doubt that the outcome in the lower
chamber will be safe il not very large
majority in favor of conditional repeal.
In the senate, there Is likely to be
similar triAing with the public impati-
ence for verdict; but tho result in that
branch OF Congress may be regarded Us
being virtually beyond doubt in favor
of the national interest. The discussion
OF this question brings out q diversity
Of suggestions fora remodeling OF our
currency and banking systems, none OF
which seema likely to result in any i'm
mediate changes. Their chief signif-
canoe lies in the fact that they reflect a
widely prevailing dissatisfaction with
luuCu Oh OuI inOuptoiy aIiA puhhAnk 80
ranRements under the law as II now
stands. This may suggest the necessity
OF a consideration OF these questions at
no distant day; but, as yet, they have
not become "burning" issues, and
therefore are not likely to hold Congress
in session after the silver question has
been settled, but to DO deferred until at
least tho tariff and internal revenue
legislation has been disposed Of.
The condition OF monetary affairs Is
improving, and to greater extent
than appears on the surface. So long
as tho banks have to restrict their cash
payments and currency Is selling ct q
premium appearances must DO unsatis-
| factory; but, although these features
still remain, a great deal Is being accom-
plished towards their removal. The
arrival OF about thirty-eight millions
OF gold from Europe, aud still more on
the way, and tho issue OF twenty mil.
lions OF bank circulation, all Of which
has been accomplished within tho last
month. cannot possibly fail to work out
an immense relief. The banks Of this
city must now DO on tho verge OF o
restoration OF their reserves to the legal
limit aud there can DO no doubt that
tho country banks arc holding much
moro than tho average amount OF cash.
When these facts become officially dc.
clarod, tho spell OF the strlngency will
be broken and confidence aud ease will
pain rapidly In tho meantime, there
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