The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-01-29
FINANCIAL REVIEW.
Henry clews's Weekly Letter on
IN tho Business Situation.
LITTLE CHANGE ON WALL STREET
Tho Process of Recovery From tho
Industrial Depression Sets in-Im.
provomcnt In Mercantile Interests
In tho Northwest and Southwest.
e Grain Trade Is Falr-Thc General
0utInnIr f.'' .t#
,teial .tOrv,poatleRce Of tAo Inl4lIgenOs,.

Soeidi ,[orHspoadtHct Of Tho Intelligtacer.
NEw YoRK, Jan. 27.-The Wall atrcct
markets show littlo change from their
lato features. Transactions arc light
and tho speculative movement ia MIR.
row; but tho undertone OF prices re.
mains firm. When prices yield, thcrc
nro fow sellers; nor do advances bring
out my Important amounts OF stock. In
brief, holders aro not sellers at present
prices, and appear to BIO satisfied to hold
on until conditions invor higher values.
Tho feeling Is very general that the do
prcssion OF business has passed ita
climax, and tho prevailing symptoms
show that, both in the industries and
in trade, tho proccss OF recovery has
distinctly sCt in. .s.
This turn Of tho lido Is most conspi.
cuous in tho northwest and southwest.
In those sections. tho mercantile inter-
csts Bhow u distinct improvement,
which expresses itself In tho markets
Of this city in an increased number OF
buyers. as well as In an ability TO buy
larger parcels, and in better collections
and fewer requests for extensions OF
payments. Unfortunately, on arriving
here. these interior buyers find still q
discouraged feeling, much complaint
and lack OF lirmness in prices notwith-
standing tho extraordinary lowness OF
tho stocks OF goods; and under those
circumstances they deem 1t prudent to
buy less than thoy really want, with
consequent encouragement TO our local
merchants. A few days ago, q series OF
concessions were madc In staple cotton
goods, which, instead OF encouraging
sales, have frightened buyers and pro.
iuced a general check on business in
that branch OF trade. 1t would seem as
though manufacturers and commission
merchants have allowed their fears at
the effects of tariff changes to get the
better of their sober judgment, with
the result OF their overlooking tho
favorable points in the, situation and
placing themselves ut tho mercy oil cus-
toners, who, under such circumstances,
buy much less than they really want.
And yet the fact that the long idle fac.
tories are so generally rosuming work
implies that manufacturers are aware
Of tho exhausted state OF stocks. and
believe that the markets are prepared
TO take fair amount Of goods. AS this
city is the headquarters for manufac-
turers as VOL as for distributors, 1t is
not surprising that the dispirited feeling
among the former should find express
sion here more than elsewhere; and q
little more experience is likely to con-
vince producers that it does not pay to
infect their customers with their own
misgivinGs. When ,hatpoint;areaehed,
there is likely to be marked change
from the feeling and the volume of
trade which exist at the moment.
Mr.. Philip D. Armour is quoted as
saying, at is timc to begin to hedge on
bear views. Trade has picked up so
much in the last ten days, l feel myself
like hedging on tho view OF the situa-
ton l took fortnight ago. There have
been more signs OF returning confidence
this last week than have seen for a
long time. Tho general mercantile
trade has very much more OF the old
time look to it than | have seen for
many month";" This is. important
Testimony, from competent judge OF
affairs in the west; and the improve
mentEt to which Mr.. Armour testities
cannot long fail to make it's impression
at tho centre. What Mr.. Armour re-
ports for Chicago appears to apply
equally to tho southwest. A recent dis
patch from st. Louis to q local CONNER
cial journal (Dun's Rcuicw) states, I'm
tho general business here there is abso.
!utely nothing left OF the business de-
preston. The grain trade has suffered
from cut rates to tho east, which took
grain OF all kinds around tho city on
through bills Of lading. Yet elevator
receipts have been very fair. Jobbers
and manufacturers. particularly in shoe
and grocery lines, report good orders
and unusually free remittanCes. Tho
correspondence OF travelling men is gen.
orally very confident and hopeful, par
ticularly in dry goods" 1t is thus very
clear that our local pessimists have
over-colored their bilious pictures OF the
situation, and they arc like. to- have
to do some recanting OF their prophecy
ing against their own interest. In tho
meantime, however, tho west will DO
shrcwd enough to tako New York Mt its,
word and profit by Its underestimate OF
tho situation. This change OF feeling at
the interior is producing an improved
tone in the Granger securities and nm
early recovery. in tho earnings Of that
group OF railroads is looked for. s.
The action OF Congress on tho sugar
duty4has been leading feature in the
stock market. Tho vote in the commit
tee OF the whole in favor OF making the
article duty free naturally caused some
selling OF the trust stock, but tho price
was Affected much less than might have
boon expected under the circumstances.
There is an impression in some quarters
that legislation on this article is intlu.
enced by speculation, and those whs en-
terrain that view regard the vote as in
tended to afford an opportunity for COW
ering previous "short" sales and also OF
buying for rise onfthe prospect Of sub
scquent action reversing the house vote
and atfording protection to tho trust"
The way the stock acted under the vote
seems TO give some support to this
view. IN ~! r y ~ ~
The drift OF London feeling seems to
DO turning in favor Of this market. Tho
bad effects Of the numerous receiver
ships OF our roads in which foreigners
are interested seem to have done their
worst; and investors arc coming round
10 the conclusion that, in. the world
q o \ a