The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-03-19
FINANCIAL REVIEW.
Horny Clows's Weekly Lettor on
tho Business Situation.
BLAND BILLS DEPRESSING EFFECT
Fears That tho Political Influence
That Forced IL Through tho Senate
VIII Cause tho President To Sign II.
Tho Silver Question HovIvIng-Tho
Situation, as a Whole, Is on the
Mend.


SptclW correspondence o. inc HheHIlshssr.
New IoRE. March l7.-During tho
past week, tho course OF the stock mar
kct has indicated that the rising tide Of
speculation is gradually gaining force.
There has been moro buying md at
better prices and transactions have OK.
tended from tho industrialA to tho rail-
road list.
Tho Bland bill, which VA passed. on
Thursday by tho senate. had u tenn.
porary depressing effect Hitherto, it
has been regarded M n matter Of no
really serious moment; for 1t has been
taken for granted that tho President
would veto tho measure. 1t now Gems,
however, that the kind OF political in
tluenCe that occurred tho passage OF the
bill in the house and has carried it
through tho senate has been brought to
bear npon the President also. What
may be tho effect Of this pressure upon
Mr.. Cleveland is BY no means certain ut
the moment; but it is safe to say that
he has not met these Establishments
with tho prompt negative that has been
expected. Among those who lave
gained his ear, ihereis no question that
lie is at least undecided, and his final
action will probably upon the balance
OF forces as between public protest und
party C%onpulsion. This introduces n
temporary clement OF suspense into
Wall street, which may possibly hold
tho improving tendencies in check.
At the moment, tho silver question
seems 10 be cnergizing itself for another
OF It's desperate spasma; we hope its
last; but it is still capable OF causing
more than q little mischief. In New
England there has been Il gathering OF
the scattered bi.inltcllic forces; tho Or
ganiZatien has tho misfortune, however,
Of being composed chiefly OF doctrin-
aires. The London chamber OF com.
MERGE, in obedience to tho urgency Of
India and China trades, has appealed
TO the government TO promote tho rcas-
seembling OF the Brussels monetary
conference, with 4 view to considering
means for restoring silver. Whether
the cabinet will consent to adding an
other insoluble question TO its other uu-
manageable embarrassments remains
to be seen. Such is the situation OF sill
yer and such the growing ~aggravation
OF that situation. that no outcome seems
possible except the conclusion TINT the
disorder Is impossible oil adjustment
excepting through the powerful aus
pices OF an international agreement.
The supply OF the metal has become alb
solutely uumanageabic; and the depre-
citation has become so great that no con-
sentative government alone could be ex-
pected TO accept the impossible task Of
restoring its value. These movements
naturally strengthen the hopes OF our
home silver faction, and give them an
influence iu legislation they would not
otherwise have. In case OF the Bland
bill finally becoming q law, its effects
would probably result in its repeal by 4
succeeding Congress and a consequent
reinforcement Of public option against
further duplicating the national credit
through favoringdcbased money.
There has been, during the week,
some slight revival of London buying
our securities; but it seems to have
been incident to tho condition OF the
exchanges, and has little real signiii-
cance. There can be no doubt that the
tendency OF the Bland bill has had n
depressing effect upon our securities
a%broad-as had anything that tends to
weaken the assurances afforded by the
repeal act. London is evidently i'll tho
beginning OF an active speculative
movement; for several colonial securi-
ties and tho Turkish and Egyptian
loans have advanced to prices above
the highest OF tho last ten years; and
pct American issues. i'll spite OF their
cheapness, have so lar remained neg
lccted, and Investments i'll them have
been mainly confined to collaborating
mortgages.
The gold export movement moves at
n slow rate. 1t is 10 DO expected that,
ut this season, we must ship that metal
but it will probably be found that tho
outgo is less than usual for the spring
mouths. Tho February exports OF
merchandise show IN increase OF s., 200.
600 owe those OF q year previous. The
imports for tho month exhibit n dc.
crease OF S24,OO0,O00; which added to
the gain in exports makes the February
trade balance nearly $50, 900, 900 moro
in our favor than it was twelve months
previous. 1t is to be remembered,
however, that, during the first quarter
OF 1898, we had IN almost unequaled
adverse trade balance against us, which
resulted in the extraordinary export OF
gold that preceded the panic. We can
well enough afford TO spare any gold
that is likely TO 20 out now, without
serious consequences, as our banks hold
an unusual supply.
Tho situation, ms q whole, is one that
must be construed as on the mend.
Outside the influences connected with
Washington, affairs have . distinctly
hopeful prospect. General trade is re.
viving, manufacturers are ~regaining
confidence and rcsuming work on tho
old scale. tho condition OF our foreign
trade is strictly conservative. and there
is no doubt OF money remaining easy
for tho remainder OF tho year. But
there is likely to DO n disposition 10
operate within moderate limits until
the Bland bill is out OF tho way.