The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-07-24
Special correspoadencs Of&e nlellqeaetr,


Special correDOHdsncs Ofths LNtellqeReEr,
New York, July 22.-The financial
markets continue disturbed and excited.
So far as respects money, there has
been some improvement; but it has
been rather in the spirit prevailing
among the banks than in any increase
in the funds available for loans or dis
counts. From some points, currency
has been flowing inward but the new
disturbances at Denver, Kansas City
and ST, Louis have caused outward re.
mittances that have probably offset
those gains. The banks, however, are
confident Of their ability to control the
situation aud remain eXpectapt OF an
early turn in the current OF affairs.
They attach no serious importance to
the troubles among the far Western
small banks, rs it il found that those
institutions are generally in q sound
condition and may be expected to re-
sumo payment SO soon as the temper
AIRY panic among depositors subsidies.
The 'run" on the Denver banks appears
to be chiefly due to the exciting har-
argues OF certain local demagogues and
silver fanatics, and therefore must SUBJ
| side on the sober second thought; while
there will remain the advantage OF it's
weakening the pro.silver element in
Congress during the coming debate on
the Sherman act, The silver States are
having a taste OF tho fruits OF their pol.
icy and will hencoforth better under
stand what that policy means.
The stock market has been unsettled
and widely tluctuating. The clears"
have summoned their whole force Of
attack, employing every o of
rumor and canard and assailing al
most every important stock on the list
IN detail. With allies in London, they
have also attacked our securities in tho
transatlantic markets, causing heavy
declines there and London sales in this
city. Their forces have been handled
in concert and with great skill, and
some heavy declines have resulted from
large "short" sales, from which, how
ever, there have been quick recoveries
upVu puIGIlhoSn W bONSl tlLS uAl9as Luz
unsettled condition Of tho London mar
ket aud the bank troubles in the west
have encouraged the "pear' side, and
that they have not made d deeper i'm.
preston on the market is clear evi.
dence OF its intrinsic strength. Pur-
chases for Investment are certainly on
the increase, and boarded money is
gradually being turned into the dtvi-
dend.paying stocks.
Quotations arc low enough to justify
large marginal purchases, but tho diti.
Guilty OF borrowing money on time ut
present precludes such operations on
any considerable scale. The experience
OF the past week, however, demon.
stratea the ability Of holders Of the
leading railroad stocks to protect their
interests, and bears may find it pru.
dent to moderate selling that brings no
profit. The general conditions affecting
the market admit tho hope OF q favora.
Bile turn in affairs. Although general
business is still suffering, it Is rather,
however, from apprehension than from
any generally unsound condition OF
affairs. Tho number OF failures has
been few compared with the radical
nature OF the disturbance, and those
that have happened have shown an
entirely exceptional ratio OF assets to
liabilities. As q rule, there ia no seri.
GUS dlstrust among banks against COM
mercial paper; tho restraint on dis
counts are due to the difficulty OF keep
ing up the reserves 10 tho legal limit;
and when the scare subsidies and the
now boarded money begins to flow rap
idly back into the banks, there will be
no difficulty in the mercantile comma
nifty getting all tho accommodation
needed and Wall street will then get
plenty Of time money also. Tho new
troubles among the western banks have,
for tho time being, put q stop to the
reaux OF currency that set in some ton
days ago; but, in tho abseuce OF new
outbreaks Of lhat character, the move.
ment may he expected to reappear. 1t
is the natural course Of such q disturb
anCe as we are now experiencing 10 be
| followed by u luii, in which currency
accumulates in the banks and a period
OF extreme ease in money sets in. We
| seem to be now verRing upon that turn
In affairs, and all that is needful to its
appearing ia a cessation Of startling &C.
Cidents.
The one thing, outside Of the needful
silver legislation, that would, above aii
otlIors, hasten this r%ecuperativo move
ment would be the return to the banks
of tho many millions Of money now
boarded by the savings banks and other
| institutions. The continued retention
OF this money from banking tends to
foster distrust, and it prevents the
banks from assuming a position Of
strength Mat would put q now face on
the situation. 1t Is purely a blind and
selfish timidity that is keeping this
money from use and thereby crippling
tho banking resources on which tho
whole country IL directly or indirectly
dependent, Do not tho administrators
| OF those funds think II t'me they ro-
Taxed their paralyzing grasp2
Tho silver question has now but q
partial influence upon the course Of af-
iairs, for the reason that II is taken for
| uroutod that all danger from that source
will DO eliminated by the early action Of
Congress upon the Sherman act. II
begins, however, TO DO moro clearly up.
precinted that, following that action,
something should be promptly donO to
givo greater elasticity to our bank cir.
culation. With a Wow to that end,
recently suggested to tho comptroller oil
tho currency that tho national banking
laws should 60 80 amended as 10 admit
NJ nptps being issued up to tho full par
amount OF tho bonds deposited and
Tint also tho banks should DO permitted
10 issuu n further amount OF circulation
up to 75 per cent, Of their surplus. The
sirnlus funds over capital Of all tho M.