The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-04-09
FINANCIAL REVIEW.
Henry olOws's Weekly Lottor on
tho Business Outlook.
EFFECT OF THE TARIFF AGITATION
And tho voto ogtho soisn'oraEo Bill.
Continued silver Crusade Has an
UnsettlinG Effect Upon Confidence.
Tho Distant Future Frightening
Despite Present ConditIons-ln tho
Long Run Prices Must Advance.

sPeidl Correspondence Of he inteligncT.
New Yom;, April 7.-Durlng tho
past week, business ut tho stock OK.
change has boon influenced to somo OK.
tent by realizing transactions. Stocks
bought in anticipation Of tho voto OF
the Bland bill have been sold out, by
both homo and London holders aud, in
tho absence OF any now stimulus, some
OF tho large operators have been waiting
for prices to drop previous to buying
in again. There has been the more
readiness to take this course because
Congress had to take action upon tho
Presidents veto, and it was not unan.
imously regarded us entirely certain
that the bill would fail to become a
law through two-thirds vote. Dis
enlargement in some quarters has
arisen also from the growing conviction
that tho tariff discussion Is likely to be
prolonged until near tho end OF May,
which may havc tho oiiec. OF keeping
certain branches OF business for the fall
trade in suspense, and therefore act IN
iaVorably upon some mercantile inter-
ests. Ono favorable indication from
Washington is that nothing further is
likely to be seriously attempted in the
way OF urging free coinage upon Con-
gross. Senator Stewards bill is re-
Satded as likely to be shelved in com.
mittee or allowed TO rest ION the table,"
and it seems possible that the silver
party may deem it imprudent to incur
further odium by wasting time on
measures which thu President will not
allow to become law. Should Mr.. Bland
carry out his threat to introduce free
coinage bill, it is likely to DO dealt with
verysummarily, as tho house is anxious
to get at other business.
Nevertheless, the continued silver
crusade has a silently unsettling effect
upon confidence. There can be no doubt
that. in the west, southwest and south,
the feeling in favor OF increased issues
oil silver Is gaining ground rather than
!abating; and, unless something is done
10 molly that feeling, it may later on
assume more threatening dimensions.
Among two-thirds OF this inilationist
class, however, the demand means more
money rather than more silver. They
arc asking for more silver because, in
demanding that expressly they have
the influential backing OF tho mining in
terest proper. But at the same time,
they would BIO equally willing to accept
some other form OF currency instead,
providing it were placed within their
reach. 1t is therefore OF the utmost i'm.
portance that Congress should, during
tho present session, pass bill author
lzing issues OF bank currency, upon q
basis Of guarantee which while abso-
lutely secure would not be oppressive
or prohibitary OF Issues, capable OF ex-
pansion according to the requirements
of business, and available to the state
banks on the same terms Us to the ma
tional. Such a plan is now ready for in
PRODUCTION to the house, and there is q
probability OF its being not only sup
ported by party leaders but also favored
by the administration. Tho passage OF
such measure, though not at the mo.
ment needed for currency necessities,
would yot have the effect OF getting the
constantly disturbing money question
out Of the way, and-which is even still
more important-also OF depriving the
silver asitators OF two-thirds OF their
present support, and finally Of remov-
ing this dangerous issue from the field
OF politics.
While thcl immediate course OF the
market probably suggests discrimina.
ton in buying, still the distant future
is frightening. A more hopeful spirit
pervadcs business circles, and as soon
as general trade resumes normal activity
railroad earnings must improve. Thus
far net earnings have been sustained
only by the strictest economies, and in
this respect at least the depression has
proved n timely lesson to railroad man
ayers. The advance in wheat will Gre
ate better feeling in the northwest,
because the damage by the late cold
snap was not serious, and is not likely
to cause any material shortage. The
advance in silver is also calculated 10
lessen the gloomy spirits OF the west.
When Congress settles the tariff Ques-
ton business will unquestionably expe-
rience sharp revival, but this longed-
for result is still about two months dis
tant at tho earliest. Meanwhile, the
market will have its setbacks, but they
will not BIO serious, and in tho long run
prices must advance HENRY CLEws.