The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-11-26
FINANCIAL REVIEW.
Henry olsws' Weekly Letter on the
Business Condition.
WALL STREET DULL AND DROPPING
As Usual at this Period of tho Year.
Railroads Doing Fair Busines,,
Ye. Some of Them Have co Take
Freight at Low Rates-rhe New
Government Loan.


period Of the year. business In Wall
street is dull and dropping. The flush
OF speculative interest that generally
appears on tho return Of operators
from summer recreation has exhausted
itself, aud there is little disposition to
undertake new ventures on the near
approach OF the season of holiday aud
of annual settlements. The present Is q
good time for buying in preparation for
the usual New Years rise and therefore
even the bulls" are not unwilling ito
see prices easy.
This temper OF affairs has been en-
Outraged by the reduction Of the Chi.
cago. Burlington & Quincy dividend
from per cent TO cent; the effect OF
OF which was fall Of fully two points in
the stock and nearly an equal sympa-
thetic decline in other Granger shares.
The surprise is that this occurrence
should have had such an effect upon
prices. A reduction Of dividends 10
naturally to be expected under such q
state OF business az prevailed for many
months, and n fall in the market value
OF stocks has already taken place IN an.
ticipation OF that probability. The
market, however. IL not In aangulne
mood at the moment, and therefore the
"bears" found it easy to use the Cleve-
land, Burlington & Quincy's reduction
OF dividend as q means Of breaking
prices.
fair business, yet some OF them have
10 take troights at low rates, and, in the
absence OF any special "bull" factor,
there is disposition to let prices drift
rather than make any special effort to
advance them. The reception given to
the now government loan has not yet
materially helped other securities. On
the one hand, there is some diversity Of
opinion as to the necessity OF contract
ing new loan in such an awkward form
to run for so long period as ten years.
On the other hand. the requirement
that the subscription shall be paid in
the form OF gold has emphasized the
discussion about money discrimination.
which only increases tho confusion on
that question aud is giving to 1t an i'm
aginary importance beyond what 1t
really possesses. The effect OF this
constituencies about forms OF money is,
first, to emphasize the importance Of
the treasury getting more gold. and,
next, to increase the difficulty OF its
getting 1t. 1t cannot be said that this
sort OF confusion produces any real ap-
prehension, but It has created certain
uneasiness, and keeps the attentiou OF
the patient on the symptoms OF his dis
ease in a way that Is unfavorable 10 re-
coyery. For 10 the way out OF this con-
dition OF slow financial fever as yet en-
tirely open and clear.
The large subscriptions. to the loan
will help to quiet this unrest and re-
store confidence; but the political doc
tors are prescribing long and tedious
course OF treatment to which the patient
Ia to be subjected as soon as Congress-
assemblies. The administration is
understood to have 1t in contemplation
to recommend broad scheme OF recon-
struction OF our currency system, its
main points being the retirement OF tho
government legal tender paper and It's
substitution by a more elastic system OF
bank issues than that which now ex-
lists. There is perhaps no great divis-
| ion OF opinion about the importance Of
some judicious revision Of our none
tary arrangements, and when Il 10 oil
accomplished the results may prove
very beneficial to the country OF large.
But this prospect introduces another
new element OF change and with change
comes unsettlemeut and postponements
about matters that anxiously await ac-
ton and accomplishment; aud not few
take 1t grumblingly that, having got of
the tariff gridiron, We should now be
pitched upon the hot Goals OF currency
reform. This new source of legislative
uncertainty is one OF the influences that
is now acting unfavorably upon the
stock market, and it must be assigned
as one OF the causes Of the weakness OF
prices during the past week.
Then, again, some dissatisfaction ia
felt that, while there Is no doubt about
the loan being subscribed for abundant
~ in one form of money or another, yet
there Is no assurance that the 30 mill
ions now being borrowed will suffice
either TO maintain the reserve at the
legal minimum or TO provide for the de.
fciencies OF revenue. The rent in the
treasury finances is only patched, not
repaired in such way as TO bold good.
When Congress reassembles. this whole
matter must come up and, with so many
diverse and divisive interests concerned
in it, there is no foreseeing by what
means the public finances will be re-
lieved OF their present sources OF de-
rangement. 1t Is felt on all sides that
the trouble is no longer one Of real diff.
fculty in the handling. and that the
hand OF a strong and resourceful finan-
cier could readily put affairs into nor
NAL shape and end the vague distrust
shat is now holding every form OF enter-
prise in arrest. But such hand seems
lacking.
1t seems i'm possible that this timidity
and hesitation OF management can
much longer keep affairs in their pres.
ent uncertainty. The immediate prob.
lem 10 now to I'LL up the treasury gold
reserve and at the same time secure for
the government q gold form Of income
sufficient TO keep the reserve good
under any contingencies. There should
be no really serious difficulties in tho
way Of solving this question. The sup
ply OF gold in the country 10 many
times over what the problem calls for.
It is within reach of availability for the
purposes Of the treasury; aud II Is
within the power OF the banks to make
available sufficiently for the purpose
contemplated. Tho banks could now
afford to pay ont considerable amount
OF gold to importers for customs duties;
and II the treasury would back them in
go doing by returning to them as much
gold as possible through the clearing
house, tho deadlock would bo broken
and affairs would again run In normal