The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-09-17
FINANCIAL REVIEW.
Henry olsws's Weekly Letter on
the Business Situation.
A REACTION FROM THE ACTIVITY
On the Stock E1change-EGoc. of tho
UnfavorabIe Corn orop-Govorn-
ment reports Not Regarded as Re-
liable - Wall Street = Prospective
Currency Legislation.


speetdl cOrepoadeaes u ne LnteltSAer.
NV YoEK, Sept 15.-There has
been some reaction from tho activity
on the stock exchange Immediately
following tho ending Of tariff legislation /;
but nevertheless the improved tone Of
the market and the increased strength
Of values are fully maintained. It
seems too early indeed TO expect any
really large and continuous speculative
movement at tho present stage Of re-
coyery. Confidence has been sufficient
ly strengthened to prevent selling ut
the present range Of prices; but wo
must wait for a fuller development oil
the general effects Of tho revival, and
especially for 4 more continuous In
crease In the earnings OF the railroads.
before there Is an Influx Of buyers sutIi-
cient 10 produce really active specula-
tive condition. Naturally enough. after
such period OF depression and unsht-
tlement, there ia more or less Of eau.
ticus temper in every direction; and
this shows itself in disposition 10 take
moderate profits.
There 10, however. none Of that alb
sence OF means for speculative transac.
tions that usually prove to be one OF
tho most stubborn atter.efects OF panic.
On tho contrary. tho extraordinary ease
In money has brought into the market
an unusually large amount OF funds for
employment In stocks so soon as the
conditions become ripe for general
and material rise 10 values; and, at a
later stage, the purchases OF this class
OF operators are likely to develop very
active campaign. In the meantime,
however. there is good basis for pur-
chases on the breaks in prices, and the
policy OF quick turns for moderate pro-
its is likely TO bring satisfactory results.
The market has tho disadvantage OF be-
ing much narrowed through the large
amount OF securities held in suspense
by tho reconstruction Of go many large
railroad com panios. Some OF these re-
adjustments are now nearing q settle.
ment; and there Is naturally dispo-
silion among prncticed operators TO dc.
fer transactions until tho market is
stimulated by these securities returning
to their usual activity.
The government crop report on corn
had ut first IN unfavorable effect upon
the market. On second thought, how
ever, the estimates arc discreditod as
far too low. The recent unfavorable
weather has no doubt put tho former
highest estimates beyond all hope Of
realization; but nobody, except hand
full OF bears" is prepared to accept an
estimate OF !, 100, 100000 bushels, which
is about what the bureaus statement
amounts to. Itisvory unfortunate that
department backed by all the prestige
OF the United States government should
systematically put forth estimates upon
crops amounting 10 close upon $780,
100000 In value, which arc generally
found to be under the truth and mis-
leading. The most charitable snpposi-
ton 10 that tho bureau Of agriculture Is
unavoidably exposed to errors or mis-
representa- on tho part OF Its
agents, which make 1t impossible to in
sure accuracy; but II that be the fact
and It probably,-there is all the more
reason why that department should
dispense with the superfluity OF statis'
tician.
Wall street is already beginning to
occupy itself with the prospects Of the
coming congressional elections. The
main matter around which interest
centers ia the currency question. 1t is
taken for granted that that issue must
come up for settlement, even though
the session OF Congress be tho short
one; and much interest turns on the
aueslion-how far the disposition Of tho
next Congress may DO changed on the
currency question? Tho possibility
that both parties. owing to party COM
petition, may bid for tho votes OF the
Populists Is tho main cause OF any un'
easiness on this account 1t Is, how.
ever, very possible that the influence oil
any more Populist theories may be
thwarted by Congress taking up tho
question next December and putting II
through before the 4th OF March.
There has been no congressional ac-
ton TO show very clearly how congres.
aional opinion stands upon the curren'
cy issue; but among members or the
house who have been best situated to
form Judgment. there IL q strong hope
that It may be found possible to carry
through, before next March, measure
that will set at rest tho silver and the
fiat money crazss through putting our
bank currency system upon q broader
and moro liberal and yet absolutel y &C.
euro basis, and by substituting 1t for
tho 5OO,0OO,00O OF government notes
which now constitute tho weak feature
OF our monetary system. II this can DO
done, tho monetary complexion Of tho
new Congress will BIO matter OF Sec
ondary importance. It rests very much
with The mon OF finance-whose expert
ence affords the best qualifications Tor
guiding opinions on this question-to
show the way towards an early and
wise settlement Of this "exed question.
Thoro are ways in which they can make
their guidance influential; and in pro-
portion rs thoy discreetly uso their
power will be the chances OF u final
placing Of the currency settlement be-
yond the reach OF both silver maniacs
and Populists. HENRY oLEws'