The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-12-03
FINANCIAL REVIEW.
Henry olews' Weekly Letter on
the Business Outlook.
WALL STREET REMAINS STEGN4AT.
The Success OF the Government Loan
Raised No EIcitcment-some Wei.
come Observation-Disclosures of Conf.
dence Among Investors-Remark-
able Largcness of the subscrip-
lions to tho Loan.

NEW YORK, Dec. l.-Wall street still
remains comparatively staSnaut. Even
the great success OF the Treasury loan
has failed to raise a ripple OF excite
ment and has produced no visible effect
upon prices There have been times
and conditions when such an exhilerat-
ing event would have inspired specu-
lative "boom;" but operators have been
comparatively insensiblo to this nego-
tiation. in spite Of its assuring sugSes-
lions.
It is easy TO draw mistaken differences
from this apparent Indifference in Wall
street sentiment. The men OF the stock
exchange appreciate as well as others
the gratifying significance of national
loan being bid for, under the present
unsettled circumstances, 10 an amount
three times tho sum offered; and il they
have not gone wild over the fact, it is
because there have been concurrent cir
cumstances that made the moment in
opportune for any important specula'
tive effort. The spirit OF the street has
been chilled by another blast OF dis
couragement from the Granger region.
Following the Chicago, Burlington &
Quincy, the steady and sturdy Chicago
& Northwestern has reduced its divi-
dend; and among the roads OF that sec.
tion the feeling is one OF some discour-
agement at the spirit shown in politics
and by judges and juries against the
railroad interest.
The annual statement OF Erie, one OF
the worst in the history OF its opera
tons, has also been unexpectedly dis
couraging. A point 10 now being
reached in railroad affairs which re-
yeals the full effect OF the great depres-
sion that has befallen every interest;
aad although this has been foreseen
and largely discounted in the fall OF
prices, yet it Is not surprising, II some
shock is felt when the full-blown results
sppear in official figures and reductions
OF dividens by leading roads. Beyond
these influences, there is the decline OF
speculation, II not also some measure oil
realizing, that is always incident to the
approach OF the close Of tho year; and
this influence is likely 10 be the more
apparent now because the years re-
sults OF business cannot be expected to
prove exhilarating. Under these cir
cumstances, it is not surprising that the
success OF the loan produced so little ell
feet upon the stock market.
Nevertheless, viewed as test OF
financial conditions, the subscription
for thrice the amount OF bonds offered
affords some welcome revelations. The
fact shows that the common talk here
and abroad about distrust in the govern
ment credit Is more matter oil surface
criticism and momentary pessimism
than OF real want OF confidence. 1t
means that. while there is no DISPOSE
ton to ignore that some serious derange-
ments and unsound conditions exist in
our national finances, yet there is no
lack OF public confidence that these
faults will be soon remedied. In fact,
it is realized that, as q nation, We are in
the midst OF manifold process OF re-
construction, which naturally involves
some confusion and much misappre-
hension; yet it is at the same time seen
that the drift is towards the lncorpora-
ton in our affairs OF what is new and
better in the methods and conditions
of the times; and this fact implies an
advantage to financial operations which
will soon find due expression.
The success OF the loan has an impor:.
tant effect as evidencing a revival OF
confidence among investors. 1t shows
that the owners OF the mass OF capital
so long kept idle are becoming satisfied
that the depression in the value OF
sound securities has reached bottom.
When the government has l50 millions
offered at 8 per cent, it is a fair pre-
sumption that there Is large amount OF
money, awaiting to enter Investments Of
other kinds at 4 TO per cent The
holders of this capital have row plain
standard OF what they may get, and so
far the way is cleared to the negotiation
OF corporate securities.
The largeness OF the subscriptions to
the loan is the more remarkable in view
OF the fact that it was intended to repair
a misfortune in tho public finances;
that it 10 the second Of the kind within
nine months; and that there is some
public misgiviug whether it may not
have to be followed by still further Dor
rowing. Public feeling has run high in
connection with the discussion otqnes-
tions OF fiscal and monetary policy; and
tho query is fairly before the country
In what kind OF money shall the com.
mon mass OF our long obligations be
payable! This question was directly
pertinent to the new bonds, and it was
distinctly understood that, under the
authorizing act, the bonds were subject
10 payment in silverc coin as we'll as gold.
Yet, in the face OF thia fret, our people
have been willing to take three times
tho amount OF the obligation offered.
That is a very unmistakabIe expression
OF intelligent conviction that ten years
hence the government will be as GER
tainly upon gold paying basis as 1t
ever has been. This is an answer OF no
little importance to the foreign inves-
tors who have too hastily inferred from
our heated discussion OF monetary ques-
tons that thore is some real dan
ger OF the country drifting upon
the silver basis. 1t is natural enough,
perhaps, that our exposure OF tho dan.
gers OF silver money should be taken at
their worst significance by foreign OBJ
servers; but it is hardly supposabe
that our European critics can fail to
correct their extrNvagant conclusions
by the expression OF capitalistic opinion
afforded by this significant negotiation.
They cannot be insensible to tho fact
tina we, the most competent judges, do
not share their apprehensions; nor to
tho further fact that whatever assist
ance the government may temporarily
need, to keep its finances fortified by an
ADEQUATE stock OF gold, will DO readily
supplied by the banks and the people.