The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-12-23
FINANCIAL REVIEW.
Henry clsws's Weekly Letter on
the Business Outlook.
WALL STREET AND TIE CRISIS
PF'sIpl'Atsd by the vsnslaslpn Question,
How the situation Wa. Viewed by the
stock Spectators Ansr the Message and
the Action OF Congress No Fears OF a
War
speeIaY corresnonlenee

Special Correspondence.
NEW YORK. Dec. 2I.-Durlng the
past week Wall street his unexpectedly
found itself at the mercy OF an Gxtrnor-
binary political typhoon. Like q thun-
der-elap, came tho Presidents arraign-
ment OF England on the Venezuelan
affair, coupled with threat OF war
unless the case were satisfactorily
settled. Nobody had dreamed OF such
u result from Lord Sallsbury's reply
70 our secretary OF state, and the Presi,
dents attitude was so surprising that
few were able to take II seriously, and
II was therefore suspected 10 be n bid
for the vote OF the million for Grover
Cleveland as candidate for third
term. Whether this construction was
right or wrong. the opposition seem TO
have felt that they had no safe alterna-
tive but 10 take the message In that
sense. Instantly, therefore. the Repuh-
licans proceeded 10 enthusiastically
comply with the Presidents request for
commission OF Inquiry on the spot,
and appropriated Significantly lib
ernl sum for It's expenses. Immediately
following, from the same party, came
u bill authorizing loan OF 500, 100000
for the purchase OF arms and for other
military purposes Having thus sue
cesstully outbld the Presldent-lf he
was really bidding as supposed-the
purposes OF party action were satisfied,
and no further action has been taken.
While there Ia much uncertainty us
20 the real purpose OF the President
and many are unwilling TO take II at
all seriously. yet men OF large respon-
slbillty regard Il as necessary 20 act
IN some measure on the assumption
that the message meant nothing short
OF Its face purport. There has conse-
quently been a very unsettled feeling
and considerable realizing on stocks,
London having sold here about 100000
shares In two days, valued at close
upon s60O0.0OO, and prices have fallen
heavily, This foreign realizing has
increased proportlonately the amount
OF gold that win have TO so out, and has
thrown some very unwelcome doubts
upon the prospects OF the new loan
that must be soon forthcoming to re-
plenlsh the treasury reserve. The con-
sentative and business sentiment OF the
city very strongly opposed TO the Presi-
dents recommendations, and probably
an early occasion will be taken for
giving expression 10 that sentiment In
an open and impressive manner. II Is
felt that already very serious Injury
has been done, which will come TO be
felt when we need foreign gold for the
support OF the treasury and for pur-
poses Of currency reconstruction, but
il Ia hoped that, while the full ,retrac-
tlon OF the measures undertaken by
the administration may not be expect
ed. yet some thing will be. done to en-
list England In measures looking 10
settlement and yet save our govern
ment any unacceptable yielding. In
any case, men OF Judgment hesitate TO
believe that war with England Is
possibility. but yet fear that an indis-
erection has been committed which may
cost US much more than we can nhord
under existing circumstances.
The Presidents proposition might pc
made available for an amlcnble settle
ment of the Vexed question, providing
Lord Salisbury would also appoint
commission for the same purpose and
then leave the settlement OF the ques-
ton to the two commissions. whose de-
cislon should be final and without ap.
peal. This would end the business and
could not fail 10 be satisfactory to all
concerned. Congress should pass res
olutoln requiring the President TO In
yite England to appoint commission
to cooperate with our commission In
effeeting n settlement OF the boundary
line rs above proposed.
This was Wall streets way Of look
ing at the situation up TO the close OF
Thursday. Friday morning showed
that estimates OF the gravity OF the
posltlon had become much more 30.
rious. Large London orders 70 sell
came on the market. holders OF stocks
lost confidence, margins became ex-
hausted and panic enSued, with an aV-
eraRe fall OF ten points In prices before
noon. The consequent distrust made
II somewhat difficult to get money and
high rates had TO be paid In some IN
stanceg. This naturally affected the
possibility Of exporting gold. and some
large contemplated shipments on Sat
uIdny have been temporarily deferred,
though, OF course. under the present
feeling In London. they must ultimately
be mh(lp, MS no considerations OF inter-
est would In European bankers 10 defer
gettlcmentR MS affairs now stand. So
large were the London selling orders
that no track could be kept OF them
and no accurate estimates OF the vnlun-
ton OF the transactions could be made.
II Is, however. safe to say that tho
London rcallzings Of the last three days
oOS. 900 and SEQ. 100000 in market value;
Apart from the international eompll-
cations referred TO above. the stock
market ls not In an unpromlsing con-
dillon. The gains In railroad earnings
have been well maintained, and lines
trayerslnR the corn and cotton regions
are expected 10 show better results
when these crops begin to move more
freely, az they Inevitably must within
a few weeks HENRY CLEWs.