The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-04-13
FINANCIAL REVIEW.
Horny Clows's Weekly Letter on
tho Business Outlook.
QyIETANO STEADYON WALL STREET
Western Railroad Securities Dealt III
Srarlnciy-An Commercial symp.
tonne Continue TO DO Encouraging.
A.Geod corn Crop Hoped for-rhc
IucomD Tax Dcclsiom-Tho Silver
Question.


ro'ai DIrdt,h 10 ne IataiIeIeer,
Nrw SoGS. April l@.-"Quict, but
steady" fairly represents the condition
G! business n. the Stock Exchange for
the past week. We have now had two
weeks o, partial reaction from tho 70.
yival O. speculative interest which was
80 conspicuous during tho latter half OF
March. Tho abatement OF that special
ACTIVITY does not appear 10 have any
special or Encouraging Significance.
The movement was confined to a limited
Group OF stocks which circumstances
had simultaneously favored; and there
/. evidence that tho rise was sound, SO
it as /, wont. In the fact that the nd.
vance In most OF those securities is still
vol maintained, notwithstanding that
tho speculative interest in them has sub
sided, anil that the toal!zlng has been
Considerable The squirt in those sne.
ciallioS has thus LEI, behind it no dis.
c~ouiGgin: symntoms. bu: rather owl
dence that the market Is becoming
moro sensitive TO improvements in the
intrinsic condition oil securities and Is
gaining in staying qualities.
So lar rs roapsctS tho securities Of
the leading railroads, while Interest is
in thosn that are 10 process OF financial
reconstruction. yet the mass OF wo.t.
ern roads arc dealt in sp0rinSly. As
the crop movements are, al thls.seasOn
OF the year. +; their lowest ebb the
earnings excite little interest and show
no stimulatiu: gains OH last year. The
Vanderbilt properties. however, have
given q good tone 10 the market, their
backing having cons from both homo
and abroad; and tue London buying oil
them has taken out tho stiffness from
the foreign exchange market, which has
materially helped TO strengthen conf
dence. 1t Ia rs yet too early to expect
any show OF better earnings in tho
roads AZ large growing on; OF the i'm
proving condition OF business in tho
country n large. AS tho return OF
prosperity pro Gresses, however. tho Of
!ect must find expression in the bust
ness OF the railroads; and it is roasonG.
bic 70 expect that, with the prevailing
increase in general confidence, when
that stage is reached thorc will be n
general recovery in values. Tho cxpsc-
alton Of that phase is impurting conf
GeHce 10 The market. but is not an ele-
meat strong enough to induce any ac-
tive buyinc. Each week brings Us ncaror
10 the time when crop forecasts can be
made with some detinitens's. and should
the prospect remain a encouraging as
i:now is, this must become 4 bull"
clement OF some Importance.
in the meantime all the commercial
symptoms continue to DO encouraging.
The upward tendency in the price, Of
merchandise becomes more marked,
which means no; only q sustained iu-
crease in the demand for goods, but
also 4 growth Of confidence among the
trading community. We have wit
re..ed this week pronounced advance
IN petroleum, cotton and beef. Coal
Ia: also been marked up and also sill
yer, thus showing the tendency OF
products TO seek q higher valuation. 1t
10 an evidence that the cOuatry is wax
ing up from its long existing condition
~ pE.sllAl5us Ellu NbAk Alc VI .ANGe
eide is becoming Visible to those on
;l.ed in business undertakings. The
outlook Tor the crops generally has i'm
proved OF late. Wha. this country par
iicularly wants this year, however, is n
good yield OF corn, and no. excessive
ones in either wheat or cotton. The
two latter crops can be too large to be
Of benefit, while the former cannot be,
ult isl produc. that never dcterioratcs
With age. and makes the most solid and
healthy TODD for both man and beast.
Init We hare little competition with
other nations, and no fear OF any. 1t is
therefore entitled to be considered tho
king Of crops in this country, and has
deshroned cotton, which used to be SO
considered.
think it unfortunate that part OF tho
Income tax law which was sustained
should have been BY n tic vote, as it will
cause increased dissatisfaction on the
partot the taxpayers. !; Leaves grave
Doubt in the minds OF most people na
10 the constitutionality Of the law. II
NAT Of the supreme bench judges share
IN that doubt, why should it not be gen.
e'al with the taxpayers? |, therefore,
doubt whether anyone will be willing
10 pay a large amount Of money 4, an
Income tax under the circumstances cy-
tspting 1t is done under protest to nd.
nit OF 1t being again recovered r, 4 70.
.G!t OF a future revorscd decision. This
altitude would not have beea taken by
anybody il the decision had been given
by 4 good-sizcd majority vote. In TIM.
case people would have paid the tax I'M
G'riginglr, but now in paying i,
they certainly will feel Other
wee. II is also unfortunate
hat number OF the men with
Tue largest incomes in the country
hfnG9n inheritance OF real estate. mon
VITO have never done a days work, aro
exempt from paying any lax on their
Veai Incomes. while MOI who make
"asf incomes by their own daily labor
'"on', with great Attending risk AMI
.'Nesy, are compelled 10 pay n tax on
'"e iGcomes so derived. L. makes n
no's Unfortunate un-American dis,,nc-
.on' and ono that will make tho income
va a most diStaslefui ono to all Ameri.
~" people, with tho exception OF tho
'A'ge lAHd owners. Tho income tax law,
now stands, ia in about this shane:
"ihaH a tErm and rented it, giving ma
IA income OF $1,000, l should not have
pay any tax on that income; but my
"HAht would have to pay n tax on his
income derived thereform. On the
vas'. oil justice. tho reverse should DO
great activity among tho silvor
mon'sahdiatn oil the wost is attracting
mum attention; tho moro 40 M it mp
re"s 10 be directed almost entirely to-
a'u' national free coinagc, indepen-
renNy Of any International arrange.
neht' OF conTse. but ono result would
possible under such d state Of thingS.
the suspension of gold pnymcnls md