The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-05-28
FINANCIAL REVIEW.
Horny Clows's WoolIly Lottor Oh
tho BUSINESS Outlook,
VERY LITTLE CHANGE IN AFFAIRS
ON Wall Street During tho Past
WeclS-rho Practical Certainty That
tho Tariff Agitation WIN Soon Do
Ended ltclicvcs 3Inttcrs-Effcct of
tlc LGDnr Tromblrs-UnCnrtaiuty as
10 the Future Course of Prices.
Sptctal cornnona,ac. Of Ia Mnna.scr.

Spertdi Correspondence ottd Taktig.sct.
NGw ioRN, May 2G.-Anuirs In Wall
street hive shown little change during
tho past woek. There havO been no
now happenings to vary tho course OF
events, and transactions have been
confined principally to tho "indus-
trials" influenced by tho chances and
rumors Of tariff legislation, with small
Fkirmishing operations by tho bear"
room traders. So far as respects tho
general situation, therc has boon no
distinct change. PFlEcs have ehown
some recovery from tho slight declines
Of tho previous week; and, taken as n
whole. tho market indicates no do
parturo from the settled disposition OF
the larger holders to cling to their
stocks until final action on tho tarilI 70.
lievcs the general stasnancy OF business.
Fortunately, there is ut last some def.
mite reason to hope for Il comparatively
early end TO tho partisan d~iCkcring
which haa 80 long kept tariff legislation
10 suspense. The declarations oil Mr..
GOrmau in tho senate OIL Wednesday
and the result OF the tGst vote on MIR.
Teller's motion TO table tho bill show
that tho Democratic sonators have at
last reached an agreement which will
enable them to pass the measure by q
fair majority. II tho representations
published arc correct. as to tho oxtont
OF tho changes made in the bill from its
house form, there would seem to DO lit
tie or no w~cll-grounded reason for
doubt about an agreement being
reached in joint coufOronce between tho
Two houses. The agreement too will
probably DO found to contain some vel.
come CONCESSIONS to i'm portant indus-
tries, and to that extent the now tariff
will DO le.s threatening 10 manufacture
ers than has been feared.
Thus, one OF the great uncertainties
oil the situation may be considered us
having been settled 1t is now as sure
CO anything in tho future can be that
We are to have a new tariff. This clears
tho way to some further immediate re-
sumption OF business; for, in respect to
q wide range OF articles, it ia already
approximately known what tho changes
in duties will be; and manufacturers
and importcrd can incur little risk from
uncertainties in such cases, but mag
proceed forthwith to such operations US
the state OF the markets may scom to
justify. in anticipation OF the final en-
actment OF tho bill. This means quito
uu important extent OF relief from the
prevailing suspense; those interests,
however, upon which rates OF duty must
remain undetermined until tho two
houses have reached an agreement
seem doomed TO the tortures of another
month on the factionll gridiron.
At present then it seems sute to AS
sume that by the frat Of Juiythe coun-
try will know exactly the condition
upon which its manufacturing and i'm
porting operations will have TO BIZ con.
Quoted. The now reduced interval OF
suspense can be endured; but after
that will come O process OF readjust-
ment under those conditions. The ex-
tent OF pressure to be endured under
that phaae will depend principally upon
the spirit shown by labor towatds en-
ploycIs. II workmen assume that they
can exact tho old rates OF wages and ut
the oame timo benefit by tho lower
prices necessitatcd by diminished
duties, they will simply necessitato u
struggle by which tho industries will DO
crippled and trade subjected TO con-
tinucd depression, while tho men them
selves will have TO suffer from idleness
until they concede 10 tho necessities
growing out OF the new situation. I'm
fortunately, tho trades unions are show
ing too much disposition to pursue this
scltiah and impossible policy. But, on
the other hand, they are fortunately
taking this attitude when their labor
Gun be most easily dispensed with, and
it is therefore likely tha., by the time
when manufacturing will have begun
10 recover, they will better recognize
the sacrifices that fairly and inevitably
fall upon them in common with em-
p~loyors. The probabilities therefore
seem to admit OF Il reasonable hope
that the resistance TO Il revival Of bust
ness arising from tho wase-carning in
terest will not provo seriously embar-
RAISING to the coming industrial ro-
vival.
The II great check to tho recovery
in mercantile circles is the uncertainty
as to the future course OF prices. The
effect Of tina: doubt is to cause traders
to buy in the smallest possible quanti-
ties and to keep the smallest possible
stocks; anu this process produces dis.
appointment ut tho apparent smallness
OF transactiona,-a feeling however.
which IL not fully warranted il COMPARE
sons nre made on months totals Instead
OF individual parcels. When this dis
trust OF values ceases,-as it must when
tho now duties como into oporation,-
ono worry important cause Of the pre-.
vaiIins depression will disappear.
HENRY CLEws.