The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-03-04
Henry clows's Woolsly Lettor on
the Business Outlook.
BUSINESS SLUMpY ON WALL STREET
During tho Past wook-No Insplra.
tlon from tho Bond Operations,
Looking Hopefully to tho Adjourn.
mont of tho Incompetent Congress.
After To-day tho Country viii
breathe More Troe. a,. #.
spttidl Correspondence Of he ln,xllf,tae,,

Paat WecR business at tho stock OK.
change has boon somewhat slumpy.
The market still seems to have caught
no inspiration from tho syndicate opor.
ATOMS and that fact appears to DO pro.
duclng. for tho momont, somewhat OF a
reactionary effect In London. On tho
hrst flush OF thu loan negotiation, Lon.
don seemed inclined to construc |. rs
iaHoring higher priccs Tor our socuri.
ties, partly because it was calculated to
repair our credit abroad, and partly DO.
cause 1t was thought likely to cause
moro or less OF boom on Wall street.
Tho entire absence Of any home re.
sponso to tho loan transaction and ita
assuring attendant conditiuos. has
naturally disappointed and discouraged
London, and tho mystery has suggested
m!sgivings where there existed no real
occasion for them.
Under these circumstances, q sus.
picion soem, TO havo arisen on the Lon.
don exchange that the syndicate may
lind aomo difficulty in so controlling the
foreign exchanges, under tho present
condition Of relatively low exports and
nigh imports Of merchandise, IA 10 pro.
vent shipments OF gold. Under this
idea, London has boon u considerable
seller OF railroad stocks to this market,
and the sales have included the shares
Of some OF our best and most stable rail.
roads. On this market there has boon
no such expectation as TO exports OF
gold; not because tho current CONNER
clal movement might notlegitimately
admit OF some outflow, for no doubt
moderate shipments OF gold would bo
natural under tho present balance OF
trade, but because the engagements OF
The loan syndicate aru understood to be
such that they would not admit Of gold
shipments in at least tho present stage
oil their operations.
All this is suggestive OF certain kind
OF uncertainty likely to attend our inter
national financial relations for so long
as the exchanges may have to be- sub.
ject to the manipulation Of the syndi.
cate. For that period. the natural drift
OF our foreign settlements will be held
under artificial control aud as there can
DO no knowing, atauy given time. what
the syndicate may be doing or intend
ing to do, n certain amount Of suspense
seems inevitable. 1t is, however, some.
thing to have the assurance, from par
lies able to make the promise good, that
no export OF gold will be permitted
that would involve any drain upon tho
treasury reserve. Under these circum.
stances, We can afford to walk by
faith" when We cannot do so by sight.
London. viewing our situation from a
distance, may be slow to learn this
lesson, and possibly we may Temporal.
rily suffer somewhat. in our speculative
markets. in consequence; but the ulti.
mate outcome will BIO au increase OF
confidence.
The reopening OF an international
discussion OF the silver question, sug.
gested by the recent utterancea in tho
British parliament and in the German
reichstae, is hopeful symptom. 1t 10
an evidence Of the growth OF sentimen.
in favor OF tho double standard among
tho influential commercial element in
England and the landowners and farm.
ers Of Germany. The governments Of
both nations seem to BIO moro disposed
to respect public opinion on this ques.
ton than they were on the occasion Of
the conference Of 1892; and the official
utterances in the parliaments OF both
countries suggest n strong probability
that the whole problem may be review
ed in the light OF later expert
ence. To ths country. nothing
could DO more welcome than the
revival OF chance for tho settlement OF
this disturbing problem. 1t is signi-
licant fact that, in tho case OF this aug.
gestcd conference. the initiation comes
from tho two nations that wero most
opposed to any definite action ut the
gathering oil 1892. Later experience has
evidently not been lost upon them; and
tho prospect OF their moro cordial CO.
operation towards settlement OF this
problem is'a now ray OF promise on the
horizon. Tho now international basis
OF settlement is the only ono that eau
Afford this country any relief from the
ombnrassmenta that surround this vex-
atious issue. Standing alone, tho United
States could undertake FREQ coinage
only with tho suro result OF being driven
into silver mono-lne,alsm; but, IN
union with the leading European ma.
tions, tho experiment could BIO sur.
rounded with no such risks.
Wall street is looking hopefully to the
end Of tho present Congress. With
legislation in such incompetent hands,
thcro has long boon no room for hope,
no possibility Of resilioncy, in any do.
partmsnt OF busineIs. Apart from all
party feeling, men OF business know
that, undor Republican Congress, they
have had long continued run OF conf.
dence and prosperity; and, after such u
sorry experience rs they have had un-
dor the opposite party. they welcome
tho prospect OF tho return to powor OF
those at whose hands they hnyc received
no such troatmont. Tho country will
breathe moro freely when Washington
ccasos to DO tho focus OF political fc-
yer that keeps tho whole nation in aus.
penso and apprehension. After Mon.
day next, tho business atmosphere will
be relieved OF this unwhelesomo infeC.
ton; We shall DO in bettor mood to
appreciate tho largo advantages confer.
rcd by tho Intervention OF tho loan
syndicate; tho spirit OF trade will cue.
coed tho norplcxing spirit Of dobato;
and IRON that dato wo may expect 70
SEQ tho beginning OF n h cnlthier tono
In enterprise and moro active reaump.
ton OF business in every direction.
Tho cessation OF political turmoil for
tho next eighteen months will DO an in.
valuable contribution towards tho 70.
storation Of business. For it 30 happens
that politics arc now occupied with
business questions OF mn exceptionally
-.