The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-07-23
FINANCIAL REVIEW.
Henry Clovis Weekly Lsstos or
the Business situation.
STOCK MARKET Was VERY BULLlSH
and tho Cause OF It-It tho rarirBul
is Defeated an Immediate Stimulus
Must Rssul. TO Domestic Interests.
Effect of tho Grea. s.rlks-some Of
It's Resai,s-ooId Shipments
aaeet1i cryypoa1e,e1 ., A. r1.,1f9no,.

aptetH CoFrtspoafeaeg Of ne Intelligence.
New YoRK, July 2L-During tho past
week, inactivity IN Wall stree. affairs
has been the rulo and not the excop.
ton. The amount OF transactions in
stocks has been very limited; the pro-
iessIonal operators think dull market
good occasion for summer recreation
and havo availed Of the opportunity.
There can DO no question that the pro-
ponderant feeling In tho stock make,
10 decidedly 'bulllsh." This tendency
IL not u mere transient whim. Il is
the result OF q 18ed conviction that, at
present pficaa aud under eSiatlug con-
ditlons,. the leading stocks are a cheap
investment. This feeling has boon
steadily gaining ground for somo time
past, and hence the difficulty the
"boars" have found In making any i'm
preston on prices. No systematic CT
fort has been made 10 turn this feeling
to account, lEAt because certainties
have stood in the way, and n0xt Boz
cause II has seemed likely that when
those obstacles wcro removed, prices
would rise almost without auy effort on
tho part OF holders. Tho larger hold
ers Of stoke AFRO therefore willing 70
rest on, their holdings, waiting until
summer nbsentees return from the
country, with tho prospect that, in the
meantime, conditions will continue 70
improve and that September may find
the market ready for. brisk upward
movement.
Il must DO concluded that como very
material improvements in the general
condition OF affairs havo lately occurred.
We arc close on the Termination Of the
twelve months Of suspense connected
with tariff legislation. Whether tho
present crisis in that question ends in
the enactment OF the bill or its defeat,
matters little to tho welfare Of business.
II the bill becomes law, preparations
have already been made IN our indnA-
triesfor giving effect TO the lower duties
with the minimum Of disturbance 10
manufacturers. II II Is defeated, both
Bides will conccde that, at least, no pre-.
sent injury, but rather IN immediate
stimulous, muuE result 70 domestic in.
terests at large. From this point Of
view, Wall street takes comparatively
llt.le interest In the failure Of tho joint
committee Of the two houses to roach
an agreement on this measure
Tho end Of the Debs strlke has con.
tributed to great strengthening OF con-
fidence In tho future Of tho transporta.
ton interests. Tho constant attitude
Of threat held by some Of the uatons
and tile increasing violence Of their
strikes hos been steadily growing ele-
ment Of distrust in this class Of invest.
ments, not only at home but also In tho
foreign markets for our securities.
These unioua have now put forth all
the forcc thoy could summon in order
to measure their strength with that OF
the railroads. Thoy declared In a1-
vance that failure would moan not only
present defeat but also the anal over
throw Of at least tho strike ne q method
OF warfare. They arc defeated most
utterly; and tina. In way which makes
Il certain that tho unions can mover
dominate tho railroads except through
the overthrow Of the armed power not
only Of the citios and tho States but
also Of the United States. This sostie-
ment 10 OF immeasurable value not only
TO tho railroads but also to tho entire
vast interests dependent upon the rail-
roads for the sntc and regular transport
tation OF products, which havc so re-
peatediy suffered from the growing
yIolenccs OF employees led by iniudicious
leaders. II Is thus ielt that July has
brought n great amelioratlon OF tho
working conditions Of our l75, 900 miles
OF railroad.
The soldexport bugbear has vauiahed.
Legitimate shipmenta to Europe have
virtually ceased, and tho rates for
sterling exchange have begun TO show
a downward tendency. Money has be-
come such d complete drug" ut the
European centres that tho banks there
want no more gold and prefer that their
American balances should remain hero
whom New York will pay trilo moro
interest than eau DO earned at homo.
From London, advicos report marked
increase of interest in American securi-
ties. arising from their low prices as
compared with othor Investments. aud
also from tho failure Of the labor power
as against the railroads. aud also from
the near setsioment Of tho tariff iogts-
Iation, which naturally Is thore. con-
atructed ms pregnant with 0 great: future
OF our commerce and a consequent
benefit to our railroads..
Tho forthcoming reports Of the rail.
roads show material falling OF in
pross earnings, which Is no moro than
might DO expected from tho strike
utonnn1ca of trafTic. Allowing for this
spccial losa aud for tho Interruptions TO
traffic for now some weeks connected
with the coal Gtrikes, the gross earnings
for the expired portion OF this year
mus. DO regarded as better than could
have been expected under tho cxtStin:
depression, and warrant tho contention
held by many that tho state OF business
Al tho interior has not been go unsatis.
factory as Il has boon found al the sea-
boa,d citics. HENRY CLEwa.