The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-02-26
FINANCIAL REVIEW.
Horny Clows'u Woolily L,ttor on
tho business Outlook.
SPECULATION IN THE INDUSTRIlLS
Continues on Wall Strcot-unccrtnIn.
~ Regarding Tariff Legislation n
Disturbing Cause.-The Opposition
tothr Income Tay-Attltudc of tho
Paris Bomrso Toward American So.
curitICs.

tothc Income InH-Attltule Of tho
Paris lIourso Toward American Sc.
curitiCs,
S,ocioi Correspondence Of The hialilcYr.
NEw YoEH, Fob. 9l.-ln Wall street,
speculative business continues to ccntro
principally in tho class OF Otocks known
rs "tho indusIrials." Tho continued
uncertainty as TO what may DO tho final
stains, in tho new tariff. OF certain nrii.
Cles which these TRUSTS control natural.
ly gives TO this group OF stocks m active
speculative interest. This Is especially
SO in respect to sugar, tho duty on
which stt!l remains undecided. II seems
to DO reasonably sure that the sonnte
will 20 strongly favor some duty on tho
article that the house may consent to its
removal from tho FREQ list; md tho best
informed opinion inclncs to tho cxpcc.
tation that the duty on raw will finally
range around one cent per mound. The
thing on which Congress is likely to
dillcr Is tho duty on tho refined article.
Tho eastern members OF both houses
seem 10 prCponderato in favor of small
protective duty on this grade. suiI-
cicnt 10 prevent importations; and
tho south also is likely to favor
that course for obvious reasons
OF interest, But the west, which grows
increasingly rampant against any form
OF protection, may DO expcc;cd to on
pose any form or degree Of favor to tho
sugar trust. Tho difficulty Of the sub.
committee OF tho senate finance com.
mites i'll rcadhinG n report ia suspected
TO cover some possibilities OF serious
disagreement. Senators are said 10 find
much more positive public hostility
TO incorporating the income tax in tho
Wilson bill than they expected to ell
counter; and, i'll some quarters it is
deemed possible that the upper house
may venture on tho experiment OF re-
turning tho bill to the house minus
that odious and unpopular clause. The
longer the measure remains in the sem
ate, the greater the danger OF miscar.
riage from this cause is likely to be.
come; for there can be 10 question
that the public hostility to tho tax,
though tho whole section from Chicago
TO baltimore and baltimore TO Port
land, Me-, is most bitter and intense,
and would alone suffice to consign to
oblivion the party responsible ior the
outrage OF adopting such tax. 1t re-
mains to be seen what these clouds on
horizon may betoken; but Wall street
has its eye upon them as involving pos.
sibIltics imnortant to speculation.
In the railroad list, there is little now
to attract the attention OF either invest
ucnt or speculation. The scarcity OF
freight is calculated TO encourage cut
ting oil rates." and somethin. OF that
kind Is now and then attempted, but
on so small q scale that i. does no. APP
preciab!y affect general prices. As 4
rule, quotations are steady and the
bears" find little inducements to at
tempt raids.
Information comes from Paris to the
effect that the bourse has in contempla-
ton arrangements for putting on its
regular call liberal representation OF
American securities. Certain issues OF
our government are now called on the
bourse; but the proposal to Mt once cx-
tend the list to selection OF the bonds
and stocks oil some OF our best railroads,
and alta later period to broaden the list
so us 10 make it an important feature OF
the Paris market. The dis;rust created
by onr silver leanings is shown in Il dis
position to exclude from the bourse all
those OF our securities the interest or
dividends OF which arc no, payable cX-
pressly in gold; but this point does not
4eem 10 have been finally determined.
TINS movement appears 10 have arisen,
on tho one hand, from marked scarcity
oil transferable Investments in France
aud consequent low rates of interest,
and. on the other hand, from the i'm
presslons made upon notable French
capitalists on their visit 10 tho Worlds
Fair. So far as may DO inferred from
the standing oil the promoters OF this
movement and from the reception it
has met with on tho bourse, il gems
likely that tho plan will be put in exec
cutlon at an early day. Ii so, its bear
Ing upon both Investment and spccula-
tive interests ut New York cannot bu.
be highly important, For it is not
alone matter OF creating IN early mar.
ket Tor Paris supply OF securities, but
i: will widen the European market for
our investments, and help to establish
4 much broader arbitrage interchange
in them as between the several foreign
financial centres.
The rates for foreign exchange con-
time to rule, and under ordinary rcla.
tons between the home and foreign
money markets, gold wonld now be
flowing TO Europe. Under existing con
ditions, however, neither England nor
tho continent wants moro gold; but
would prefer to allow American bal
amccs to run until the rate OF interest
improves. There is little probability
therefore OF any noteworthy shipments
OF specie being made; and we're it other.
wise, tho effect here, with our abundant
supply OF lido money, would be rather
wholesome than otherwise.
HENRY CLEwS.
Man wants but little here below.
llt wants that liffln 49,