The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-12-31
Henry olsws's Weekly Letter on
the Business Situation.
OF The YEAR ON WALL STREET
This Year Retrospect No. Much Moro
Cheerful Than Las. Yeas's-some
Rays of Hope for 1soo-Uncertainty
of Currency Legislation.
Special Correspondence OfMe intelligence.

mesa. Last years prospect was far from
being chaerfut one; this years is not
much more so. 1893 was year Of un-
welcome causes; 1894 has been one OF
very unsatisfactory effects; 1895. it may
be reasonably hoped. will be ons Of re-
coyery from both.
1t is not often that such a series OF
nntoward events come together within
such comparatively brief period.
Through both years we have suffered
from the effects OF great aud univer-
sal industrial reaction. From causes
dating back to the general introduce
ton OF steam and mechanical improve
ments, the world has been working to-
wards an enormous increase OF
all the forms OF plant, aud it was only
question OF time when that growth oil
productive power would develop into
supply Of products exceeding the world
ability to consume. That position OF
affairs reached Europe in 1890 and first
expressed itself in the Barring failure.
Three years later the crisis reached the
United States, and the scare IL now Gre
ated by our silver imitation was the
match TO start q great explosion. b.
cause the match happened 10 DO cur
rency incident and therefore affected
fret and especially the banks, we re-
yarded the whole trouble as traceab!e
to bad silver legislation; during the
past year, however. we have discovered
.L CLAIMANT nf tho
depression has been radical want OF
proportion between the ability to pro-
duce and the ability to consume.
It 10 through the many and deep
seated arrangements which a disturb
auce OF this complex nature brings that
we have been suffering for the past
year. Concurrently with that condi-
ton, we have undertaken legislation
breaking up the old relations between
our domestic manufacturers aud our
foreign commerce, which has surround
ed our industries with new and per-
picking difficulties. Added to this has
arisen a disturbing gold question. in
volving the ability OF the treasury to
maintain the controvertibility oil its
500 millions Of demand notes. The
banks and the government have be-
come antagonistic competitors for the
metal, and in the conflict the position
OF the treasury has become more and
more involved, and at the end Of the
year its way out OF its difficulties is less
clear than it was at the beginning.
Affairs across the Atlantic have done
nothing TO afford relief on this side OF
the ocean. The death OF the car, the
war between China and Japan aud the
Armenian atrocities have combined to
create a political situation full OF dam
gerous possibilities to the peace OF the
Old World. With the spirit of distrust
thus excited on the European financial
market our interests abroad have sym.
pathized. The position OF the treasury
and the pending adjustments OF the AZ
fairs OF great bankrupt railroad corror-
atoms have afforded nutriment for this
spirit of distrust among our European
creditors, and considerable amounts OF
securities have been returned home,
with consequent large exports OF gold,
which have aggravated our domestic
arrangements.
: 1t ia rarely that such complication
of persistent troubles has befalIeu wall
street interests. None of them are OF
kind to yield much to the ordinary
methods OF artificial relief; most OF
them must wait for the readjustments
OF time and natural reaction. We have
therefore had little recourse but to sit
still and wait until the troubles worked
out their own cure. Such situation
could not fail to create stagnancy OF
capital, postponement OF enterprise, de.
cline OF values, and general caution in
every branch OF business. Such has
actually been the experience in every
interest, from the beginning OF the year
to its close. The marvel is that such a
situation has been reasonably sound ;
failures have been comparatively few /;
and there is nowhere the apprehension
that might be expected under such cir.
cumstances, there have been this year
the usual new creations OF wealth; and
consequently the market Tor invest
ments haa been extraordinarily mac
tive. But, while inactive, it has been
sngulary steady in respect to values,
and the year closes,ii not with expec-
,ations OF any large change from the
present low range OF values, yet with
no apprehension OF further decline.
The setting Of 1894, however, throws
out some rays Of hope for 1895. Among
the various trades there are indications
OF more hopeful feeling for the spring
business. The fact OF comparative
lightness OF failures at the close oil the
year is construed as indicating a sounder
condition OF business than had been
supposed to exist. The earnings OF
the railroads show q tendency towards
Improvement; and the progress towards
settlement OF the affairs OF roads in tho
hands of receivers is suggestive OF an
early removal Of that source OF depres.
sion from the investment market. The
feeling is thus steadily gaining ground
that Wall Street has passed its lowest
stage OF prostration and that the new
wear will introduce q tendency towards
steady recovery.
For the moment, the stock market
shows no features OF special interest.
The new currency bill would become an
important element OF revival. could
there be any confidence in its being so
lar amended us to afford any hope OF
its passing; but on that there is at pres
emit much doubt. Current symptoms
indicate that the gold exports arc not
likely to grow into very large volume,
which, as an element favorable to the
treasury, has an assuring tendency.
NJ