The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-08-21
Special Correspondence Of n, Innaigeuoe,.

FHS SeSSAN HAbANuko hps buuWh httAV
change during the past week, in either
volume orprlces, There has been how.
ever distinct improvement in tone.
The feeling has become more settled,
and adverse occurrences have little eli
feet upon holders OF securities. The
putting of Northern Pacific under re-
ownership, which might naturally have
been expected to affect the market very
adversely, had but thrilling effect upon
prices. The market, in short, seems to
have reached "hard-pau," and stocks
are SO well held that neither accidents
nor "bear" attacks produce any impor'
tant impression on values. In this re-
spect, the market may be said to- besin
4 relatively strong position; and alsoin
the further sense that prices for rail-
road shares range far below what would
be warranted by the finances OF the
companies. 1t is true that the current
earnings show considerable decline,
owing to the universal depression OF
business; but the fall in prices has gone
immeasurably beyond what that loss OF
business would call for, whilst working
expenses are being severely cut down
by all the roads. At current, prices,
therefore. stocks remain an unusually
tempting investment purchase, and peo'
pie OF private means continue to take
them of the market, thereby strength
eninG the position OF holders at large.
Under these circumstances the stock
exchange interest may he considered rs
having passed the worst phcse oil this
extraordinarily protracted panic, and
Is waiting composedly Tor the return OF
confidence in other interests, most OF
which are still enduring acute prostra-
ton.
The general situation may be said TO
be on the mend; but the recovery is SO
slight as to be scarcely observable from
day to day. There is certainly less APP
prehension than existed week or two
ago. The number OF bank failures and
Of mercantile suspensions Is declining,
and about Us many banks are resuming
operations as are closing their doors.
There cannot be said to be any i'm
portant general distrust as the solvency
OF mercantile firms, and such fears as
exist in that quarter is mainly against
the possibility OF sound houses becom-
ing embarrassed through the continued
extraordinary scarcity OF money. Tho
trouble among the banks seems to be
less acute than it was a week ago.
There has perhaps been no material
abatement in the applications for cur
rency from the interior banks; but, as
those demands now meet with but a
restricted response, the city banks may
be presumed to be getting their re-
sources into better shape. This result
Is apparent in some increase Of dis
counting prime paper and a disposition
TO lend more on call.
There Is also evidence OF an abate-
ment Of the extreme scarcity Of cur
rency, and the opinion seems very gen.
eral that the premium on money has
brought into circulation considerable
amount Of boarded funds. The con-
tinued arrivals of gold from Europe
have made large contribution to the
local stock OF money, which must have
favorable effect through restoring the
reserves OF the banks; butus the banks
may be reasonably expected to first OF
all husband their resources in. view OF
their weakened condition in which
they are now placed, these new sup
pliCs OF money have not yet had the
effect OF extinguishing the premium on
currency, though they have materially
reduced it.
The chief interest and dependence,
however, centres in the action Of Con-
gress on silver. All eyes are fixed with
intense anxiety upon the capitol. The
first posture in financial circles has
been that OF waiting to see what esti-
mate congressman put upon the situa.
ton. Tho impression so far received
has been one of intense chagrin and
disappointment. AZ q rule, the repre-.
sentatives OF the people seem to have
no more serious idea than that they are
assembled to debate over again an al
ready over.argued and settled question,
and to make a display OF their oratorical
prowess. In neither house does 1t seem
to be realized that Congress is summon.
cd to execute promptly specific and
expressly defined behest from four
fifths OF the people OF the United States.
Few members seem to understand that
the country is brought to the present
seriously depressed state by Its silver
policy and that their sole business, as
unmiatakably prescribed by a vast
majority OF the nation, is to prohibit at
ance tho increase OF silver money under
the so-colied Sherman law.
The disposition shown during the
past two weeks to consider alternatives
and compromises in place OF this
simple repeal remedy, and the triAing
with the public demand especially in
the senute, arc producinga discourage
ment that will rapidly resoit itself into
profound national evaporation; aud
II now remains to DO seen how far tho
senate will really dare 10 carry its
defiance OF tho public will. That COM
mand now needs to DO expressed with
forco oil personal representation from
the leading centres Of tho country that
will bring reckless senators to their
senses; and tho signs are gathering
that, In q few days, the popular do
mand will BIO uttered with q majesty
that will compel the respect Of those
who now dare to seq their own theories
md petty sectional interests In hos
tIlIty TO the highest national welfare.
Tho time for debate aud speOch.mak'
Ing display IL past The conllagra.
ton flames all around us, and
we want no flddllng heroes 10 insult
tho public suffering. The hour has
come when tho supreme sovereignty Of
tho American people must DO absolute
" obeycd and u there should prove 10