The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-01-15
FINANCIAL REVIEW.
Henry Clews's Weekly Letter on
the Business Situation.
A QUIET. WEEK on, WALL STREET.
A Revival of Buying Looked for Soon.
Dependent on Congressional Action.
Contraction of Sales of nianufac-
turers Double that of Merchants.
Effect of Tariff Agitation.

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|
| Special Correspondence OF The I1eiEiqencer.
! New YORK, Jan. 13.-The past week
in Wall street has been devoid OF any
| special features. For the class of Sc
curities adapted for permanent invest
ments, such as railroad bonds and
steady dividend-paying stocks, there
has been a really active demand from
receiversof January interest payments,
with some advance in the prices of such
| issues; but, in the more transient oper-
ations in stocks, the movement has
continued limited. The various and in
many respects unusual influences at
present affecting the market are con-
ducive to some degree of postponement
! of speculative transactions; but holders
are not, on that account, the less dis
| posed to cling to their holdings, and
the situation is intrinsically strong
| enough to resist the constant though
generally public attacks of the 'bears.1
l!@There are, nevertheless. those who
| think that revival OF buying within
the range OF early probabilities. The
| tendency in that direction, arising from
| the still growing abundance of money
! ally conceded but there is some differ
! euce of opinion as to how far the mat
| tors dependent upon Congressional ac-
ton may permit of such movement.
| 1t is perhaps safe to say that the calmer
| observers begin to note change OF
| feeling and estimate as to the future
course of business. They perceive that
| the extreme fright caused by the silver
panic and strengthen by preparations
! for sweeping change of national COM
| mercial policy-however well-founded
it may have been-has yet run into an
| excess of collapse, in which countervall-
! ing considerations have not had their
| due weight. There is undoubtedly real
| iorce in this view, and certain degree
| of reaction from this eXaggeration OF
lear must be forced upon tho public
feeling by the more sober second
thought.
Such paralysis of production as has
! existed for the last six months is en-
tirely incompatible with supplying the
current wants of consumption. Care
| fully compiled Information gathered by
| ono of the commercial agencies from
| thousands of firms and corporations
| shows that, for the last six months, the
contraction of sales by manufacturers
las been much more than double that
of merchants. and that in some impor-
tant branches OF trade, the curtailment
OF retail sales has been comparatively
nominal The amount of imported
merchandise going into consumption at
this port, during the last half of 1898,
was $S4, 100000 less than for the same
! time of 1892, which amounts to de-
crease OF 80 per cent; while, Tor the two
| last months, the reduction averaged 36
per cent. These facts show that, al
| though the reduction in the supply of
goods coming through importation has
not quite equaled that which has oc-
Cured in domestic sources OF. supply,
vet the curtailment even in this depart
1 ment is in nearly double the ratio OF
the decline that is shown by Dun's
statistics to have occurred in the sales
| direct to consumers. This process OF
| contraction at the sources of supply, to
an extent SO entirely disproportioned
| to the actual consumption, and extend
ing more than six months, cannot fail
! 10 have produced deplstion of stocks
OF merchandise virtually unPrecedent-
ed. Merchants whose opinion is enti-
tied to respect, tell US that, in the lead
ing branches Of trade, the stocks OF to-
dav do not exceed a three weeks con-
sum ption at the present curtailed rate.
| These facts have certainly this much
| signifcance-whateve else they may
! imply, there must be an immediate con-
| siderable resumption of production;
and that such resumption, if conserva-
lively adjusted to the demand, can be
/ undertaken with q reasonable prospect
of profit-for the relation OF supply and
demand is entirely in favor OF the
! manufacturer. This conclusion IS borno
out by the process of resumption of
work in. iron works, in textile factories
| and in their. industries, which is becom-
! ing more marked every day. This re-
sumption is also evidence that manu-
! lacturers have atlast reached point ut
| which they can Approximately estimate
the conditions in which they will be
! placed under the new duties, and that
| consequently they feel it safe to under
| take production to an extent colnpati-
BILE with their being able to control
! prices, leaving the ultimate rate OF out
! put to be determined by the new duties
finally established by Congress.
This puts more hopeful aspect upon
| the prospects of labor, which is now
suffering from idleness and has lost
much OF its purchasing ability. In this
| matter also there has been an exagger-
ated misrepresentation. Estimates have
/ been published of an extent of unem-
! ploved labor which even largely eN-
| ceeds the entire number of operatives
/ EN- ploved in the trades referred to. The
more exact inquiry has been Instituted,
| the more it has become evident that
| the estimates OF unemployed through
out the country have been exaggerated
in many cases two-fold or even three
| fold These are discoveries OF fact
! which are calculated to produce a
| iuster conception OF the real condition
of business affairs. Wall street OBJ
! servers have an eye upon this process
OF correction of estimates, and there are
| those who look ut it as the occasion for
an early restoration OF confidence and a
/ revival of activity on the stock ex-
change. q ENRY CLEWs.
| Wooden Goods.
Bradstreers.
The market continues quiet, and
/ through concessions in price business
\