The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-12-04
spectaL c0re.pona:noe ofMc Inegtg.noer.


interests still continue buoyant, but
neither decidedly active nor excited.
The prevailing mood is that Of expect
aacy, but without any common effort to
force the improvement anticipated. The
near approach OF session Of Congress
unusually important for the questions
to be considered, naturally has ten
dency to hold operations in suspense
and that kind of influence confines, for
the moment, the speculative transac-
tons to brief terms.
The advance publication Of the Will
son tariff bill, a. agreed upon in COM
mittee, has enabled Wall street to
form it's first impressions rs to the bear
ings OF that important subjec. Of legis-
lation. The industrial stocks most con-
spicuously reflected the effects OF the
bill :; and that group exhibited general
decline, followed, however, by an early
recovery, consequent upon over-sales,
aud duo in part also TO previous intima-
tons OF the changes OF duty having
caused short" sales, which were COW
| erod on the bill being made public. The
retention OF raw sugar on tho free list,
with small charge upon refined to off
SGT foreign bounties, ia construed as on
the whole not so unfavort6Ie to the
Sugar trust as it first appeared; mas.
much as it encourages the largest posi-
bic consumption. Judging from the
tone OF prices outside the "industrials,"
the general bill does not appear to have
excited any distrust unfavorable TO in
vestments; 1t must, however, be taken
into account that any adverse bearing OF
the new tariff has already been dis
counted; aud perhaps all that can be
properly said is that the publication OF
the details do not change materially
the estimates that had been pre-
yiousiy formed. The reductions OF
duty in the leading schedules are
lees extreme in many instances
than had been expected among manu-
iaciurers; and considering that, on the
one hand, the old duties raisethe prices
Of imports much above what home pro-
ducers are selling ut, and, on the other
hand, that producers will have in many
cases important advantages from cheap
or raw materials, the impression gains
ground that the new duties may not so
seriously affect manufacturers as has
been feared. Certainly, there 10 no.
where any evidence that the bill is
viewed as more deranging to industrial
interest than it was expected to be;
perhaps, rs u rule, it is regarded as less
threatening. This element, atNny rate,
has now had its effect on Wall street,
and it has not been such as to mater
iallv affect confidence in Investments.
The industrial" stock may be kept un-
settled until the bill is finally disposed
of by Congress, rs the proposed duties
OH sugar, lead and cordage are likely to
be holly contested in both house and
senate: but, beyond that, the future es-
innate OF the bearing OF tariff legislation
upon stock exchange interests is not
likely to undergo much change. and
this will therefore cease to be an i'm
portant clement OF fluctuations in
prices.
Wall street, however, has at the mo-
ment two other occasions Tor waiting
policy. The utteranCes OF the Presi-
dents message, expressing the attitude
Vi the administration upon points OF
policy about which there is some con-
liict OF opinion in the majority party, is
looked for with more than usual inter-
est; and, should the document COM
mend itself to public opinion, it might
prove to be an important contribution
to the recover Of confidence from the
shock it has lately suffered. The pros
poets OF currency legislation also are
watched with deep interest; for it is felt
Al, -, fhn la
accumulntons OF idle money in the
banks, another twelve months might
| quite possibly see it all distributed and
new supplies needed; which, as matters
now stand, there is no trustworthy
means OF getting. The plan now under
| consideration provides for nOte issues
upon conditions that would insure Sc
cnrity, elasticity and redemption with
out pledge Of bonds. is gaining in inter
est, tho more so us it appears to be re.
ceiviEg support from high banking
opinion, and is understood to be regard
ed favorably by the administration.
The plan contemplates, among other
provisions, making the notes first
claim upon the entire assets Of the bank
and also upon an extra liability OF
stockholders equal to the amount OF the
capital stock; It also provides for n tax
upon the notes, TO create redemption
fund available for the payment Of the
notes OF any insolvent bank; other
clauses are proposed for enforcing
quick redemption OF the notes and also
to secure periodical examination OF the
banks and the publication OF statements
OF condition. This proposition appears
to be rapidly growing in favor, and as
matters now stand it seems moro likely
20 be adopted than any other. But, in
the present divided state OF party opin-
ion on the question, there is some rea-
son to doubt whether this subject may
be disposed OF during the coming ses-
sion-an uncertainty which is to be
greatly regretted, as one OF the things
that can be least OF all afforded is q still
unsettled state OF our monetary system.
Outside the foregoing factors depend
ent upon now legislation, the situation
continues to steady improve. From all
parts OF the country reports show
ness. The reduced condition of stocks
of goods is forcing buyers into the
markets, and though purchases are
made cautiously the volume OF trade is
assuming much larger dimensions. The
exchanges OF the clearing houses are
gaining largely upon those Of late
months, and tue banks arc extending
their discount operations. The manu-.
featuring interests now better under
stand the conditions under which the
new tariff viii place them, and arc
therefore more free to resume work in
rcanorsN 10 tho increasing demand for