The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-11-19
FINANCIAL REVIEW.
Henry CLOVIS Weekly Letter on
the Business Situation.
THE new GOVERNMENT BOND ISSUE
And It's Enec,-rhe Necessity for the
Lone MIsfortune-Mr. cIoyeIand's
slowness oritIcIsed-Low Prices of
wbea. and Corn.

sDeeta! Correspondence of0e Iaieltszl.n.
New YoRK, Nov. l7.-Although the
immediate effect Of the bond issue was
realization Of profits made in anticlpa-
ton Of the event itself. It's ultimate
effect will be to strengthen confidence
both at home and abroad. Nobody
contradict. the fact that the necessity OF
the loan is a misfortune; but the deter
mination OF the government to protect
the national credit by the best possible
expedient, until the deeper causes for
distrust OF our currency system can be
remedied, is the strongest sort Of argu-
mentor confidence, Mr. Cleveland has
been lavish enough in promises to this
end; yet his action in the matter has
not been prompt enough to meet the
preferences OF the banking community.
Europe, howeves, can now rest assured
that our currency will be maintained
upon a gold basis, and this will do
much towards overcoming the prejudice
OF foreign holders. who have very nat
urally feared that interest and principal
oil our securities OF our money might
some day become payable only in de-
based money. AS for business interests,
sufficient time has not yet elapsed to
actually feel the results OF the late
election. Everybody now believes that
silverism, populism and tariff agitation
are questions OF the past; or at least
that the country Ia assured OF q rest
from such disturbances for some time
to come. Industry will thus receive en-
couragement towards renewed exertion,
and while from the nature OF the case
recovery must be slow, 1t will be GER
tain and vastly more substantial than
could have been possible except for the
popular verdict Of November 6. One Of
the most satisfactory features Of the
times is the universal aversion dis
played to any revival in tho shape OF q
"boom."
In some quarters there is a disposi-
ton to exaggerate the effects OF low
prices for wheat and cotton upon the
agricultural interests. 1t is.overlooked
that both wheat and cotton can be
raised much more cheaply than former
ly, and that it cost less 10 handle and
transport these articles than ever be-
fore. In some portions OF the south
cotton con be grown probably with
profit even at the present depressed
price, and in other sections where low
prices press hard some compensation is
had from better fertilizers and better
methods ofcultivation. Again, we have
q great abundance of these low priced
commodities, which brings their aggre-
gate value up to normal volume. Con-
sumers are benefited by these low
prices, and have more to spend in other
directions. About 30, 1000, 900 bushels Of
wheat have already been fed to cattle
with advantage, not wasted, and good
authorities estimate that as much again
will be used before the next crop.
When all these and other Offsets are
considered, it will be seen that the
present condition OF the American far
mer, while bad enough, 10 not quite so
wretched as many would have us be.
lieve. Through all these long months
OF panic and distress we have had fewer
complaints from the farming than from
the manufacturing districts; and as the
farmers in common with others are
sharing the ceeapened cost OF living, we
cannot believe that they are worse Oft
than other divisions OF labor
AS for the industrial situation. that
is hopeful. Our textile mills are not
fully employed, but they are turning
out larger product at better profits
than six months ago. The boot and
shoe trade has been very active in low
priced goods for several months. The
iron trade revives very slowly, still there
Is an unusual degree OF confidence in
the future, and many OF the western
establishments which are most favora-
bly, circumstanced- as to locality aud
plant are running close to their full
capacity. The stock exchange Ia not
blind TO all these factors. Investors
show general confidence in the future,
and while often not able to buy, stub.
bornly refuse to sell; in fact, the tenac-
ity with which stocks and bonds are
held is unusual. Money Is plentiful and
easily obtained for enterprises OF merit;
but railroad stocks and bonds are nat
urally neglected while earnings con.
tinue so poor. Better business. how
ever, will soon result in Improvement in
this respect; hence railroad shares will
quickly share and possibly anticipate
the brighter prospects now in view.