The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-04-16
FINANCIAL REVIEW.
Horny CLOVIS Weekly Lottcr on
tho Busiuosa Situation.
STATE OF COMPARATIVE DULLuESS
On Wall Street During tho Past
Wcck-CauScs OF tho Quiet Dis.
notwithstanding Regarding tho
Passage of tho Tariff Dlil-Tcn.
doncy Toward a Renewal OF tho
Exports of Gold.


soteiaI CorsIoe;tdtaee OF he intelligence.
NEW ioRE, April li.-During tho
past week, Wall street has lapaed into a
state Of comparative dullness. In tho
absence OF any important outside sup.
port and with u lull in transactions
with London,th pools have temporarily
retired from active participation in tho
market and seem to DO waiting for
something to turn up calculated TO OK.
cite 0 interest. E
The cauaes Of this lull in speculative
operations lie plainly on tho surface.
Tho most obvious ono Is that tho gross
earnings Of tho railroads contine below
those OF q year ago; bosides, compari-
sons will 500 have TO DO made with
last years gains from tho Worlds Fair
traffic. Another cause OF tho quiet OH
the exchange lies in tho uncertainty rs
to crop prospects,. 1t Is true, tho
bureaus April report OF tho condition
Of wheat and ryo 10 very favorable,
showing n material percentage OF i'm
provement over tho estimates Of q year
ago; but tho great storm OF this week,
covering nearly the whole wheat area,
has affected prospects to an extent
which cannot yet be estimated; and,
until that factor is more definitely
measured. there will DO an clement OF
suspense in business %atIairs.
Perhaps the most influential cause OF
the prevailing dizziness comes from tho
condition OF legislation in Congress.
The tariff bill, from having been nppar-
emily certain OF enactment, is now
thrown into much doubt. 1t is quite
uncertain whether the senate will ac-
ceps the income tax ~appcndago to tho
tariff, and it is equally doubtful
whether the house would consent to tho
elimination OF that feature. There
seems to DO little chance OF the senate
reaching n vote on the question before
the middle OF May, and after that there
is likely 10 come n dilatory dickcring
between tho two houses. Moreover, il
Is tnow becoming a question among
congressman whether even tho Piesi.
dent might accept the bill, provided it
came to him with the income tax clause
annexed. 1t thus seems possible that
this measure may remain unsettled un-
til the beginning or middle OF June, and
there is no Judging whether in the end
tho bill will be defeated or enacted.
This uncertainty brings new confusion
into the importing interest and tho
whole range OF home industries.
There ia no longer any sufficient basis
oil probability to warrant the under
taking OF extensive operations for tho
fall trade, and tho business in manufac-
tured goods must BIO continued upon
the haud-to-mouth scale from which
trade has been suffering more or less
for the last nine months. It remains TO
be seen how far public opinion will tol-
crate this trifiing delay. 1t is but d
game OF politics, and largely n personal
one ut that. The people know how to
speak TO their representatives when
their patience has been too long trifed
with and it ia for them to say whether
1t IS not worth their while to send up u
protest to the senate that will bring tho
men who are jauntily amusing them-
selves with n game OF party policy to q
prompt conclusion. In tho meantime,
the large financial resources centering
In Wall street are kept in suspense;
plans for new enterprises have to be
~plgeon-holed until these legislative
t%ritiers are through with their exhibit
ton OF factional ioncing; and manIfac-
Jurors and merchants are kept on tho
gridiron OF doubt waiting for they know
not what.
Wall street, however, accepts this
situation with modification rather than
apprehension. 1t is to tho men of
finance n loss OF time and q postpone.
ment OF opportunities, rather than a
really threatening disaster. 1t does not
affect their confidence in the general
condition OF the country nor in its abil-
lty to throw oft the depression as soon
as these legislative restrictions arc re-
moved, northeir assurance OF q national
revival OF enterprise SO soon as business
is released from the grip of a lot OF leg
islative eXperinenters. The end Of
these distractions is in sight; and, with
the abundance of loanablo capital now
seeking employment, operators will pre-
fer to hold onto their securities andthcir
plans, rather than surrender either at 4
loss. In tho meantime. it is not the
best policy OF the men OF Wall street to
keep silence while thus waiting. They
have o voice that can make itself re-
spected when rightly used.
The bank note caucus of Tuesday last
has scarcely caused q ripple in financial
circles. In declaring for an uncopdi-
tlonal repeal OF the 10 per cent tax on
state bank circulation, it went beyond
what even the present Maynard Con-
Gress is likely to grant. An opportunity
for tho factions therein represented ac-
copting repeal coupled with conditions
OF control that would amply guarantee
tho notes OF those banks will be pre-
scnted to them. II that should be ac-
copied, an important gain in tho recon.
structlon OF ocr currency system might
DO accomplished, if those conditions arc
rejected the currency situation is likely
to remain in its present inilexible state.
The probability, however, is that no
such improvement will be found until
the elections have assigned to populism
and s%cctionalism their proper place in.
national legislation.
There is some tendency towards n re-
newaI OF the exports OF gold. The state
Of international balances, however, is
not likely to permit OF any important
improvement OF that character; and,
should the outflow prove larger than is
anticipated, it could have no adverse
effect upon u present over-glutted
money market, while by making money
cheaper abroad it would tend to create
u London demand for our securities.
HENRY CLEws.
Tho Wool Trade.