The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-11-25
FINANCIAL REVIEW.
Henry clews' Weekly Review of
the Business Outlook,
TIIESTOCE MAREET UNSETTLED,
Thr Adverse Factors Entot Of the Gold
shIpmenn-Dh,rWst wtn Continue Un-
ls4s steps Are Taken To Relieve the
TssasHry-A nond Issue gorrgons
Conclusion General Iualnr.a situation.


Special Correspondence,
New York, Nov, 93-Thc stock market
has been In an unsettled condition. It
showed an altogether exceptional lack
OF responsiveness to either favorable
or unGavorable conditions. Even the
trunk liHe agreement OF Secretary Car
lisle's strong sound money speech at
The chamber OF commerce dinner fell
hat Under ordinary circumstances
these events would have strengthened
confidence, and quickly reelected them
selves upon the stock exchange ON the
other hand. unfavoublu developments
had very little eject, Gold exports,
foreign liquidation and Attorney Cen
oral hauCuclIs decision against the
trusts Were all important adverse fac
tors, but their influence upon prices In
Sach instance WAS much less than an
tlclputeu. This inertia can only be
explained by the untuVOrHble cOndl-
lions having been fully discounted In
the late decline; yet while these adj
NcIar conditions remain, or until their,
abatement 10 clearly IN sight, the mar
hvt leaders are not likely 10 shut OF
or timid holders continue to oher,
II to very certain that stocks have
been GoinE lnto str0nG hands during the
last few weeks, and are now controlled
by those VINO are able to raise them to
a higher level when circumstances aud
disposition combine 10 favor. London
has been a steady seller OF our seCuri-
ties, not alone because OF political dis
turbanecs. ana distrust Ot our finances,
but largely because OF forced liqutdA-
tiOn. \ panic In Kuilirs has happily
been avcrtCd by heroic methods, but
liquidation, though slower and less Sc
we're, must be faced nevertheless; Hnd
in such emergencies the better class
OF securities are always sacrificed to
help the weaker, simply because their
sale involves the smaller loss. The re-
newRl OF gold shipments from here to
Europe, at Il time when the current Is
alOmst invariably In the opposite d.
rectlon, Is also Il very natural obstacle
to a rising market. Indeed the wonder
Is that values have been 40 well sus-
talned in n market entirely free from
any support whatever Distrust on this
account Is likely to remain. and Will
Increase, unless steps are taken TO re-
lieve the treasury from embarrassing
consequences II does not appear
whether help will first come from a
bond issue or from restoration Of
former relations between the bank and
the treasury whereby the latter was
assured ot gold income
bond issue Is already a foregone
conclusion, and It's occurrence viii cree
ate no uneasiuess in financial circles
Possibly II may do good In "A negative
fashion by emphasizing the urgency Of
currency reform Meantime, railroad
.lH..
Ing gains, especially IN the west and
northwest. where the heavy grain
movement Is stimulating both traffic
and general business, In the southwest
the backward movement OF cotton is
causing deficiencies In earnings but ms
the cotton must soon so forward better
results may be- anticipated In due sea-
SON II follows also that as soon rs
cotton and wheat 20 to Europe with
more freedom. as they inevitably must
the exchange market Will meet with
that much relief
The business situation Is Sntisfacto-
ry. There Is less activity than Il few
weeks ago, which Is to be expected In
the closing months Of the year In sew
efnl staple markets where prices Of pro-
ductIon had been advanced too rapidly
there Is rcactionary tendency. which
I'm the end Will encourage fresh buying
md give confidence In the future
more substantial basis In few days
Congress will OPEN but the season pro-
misses to be less disturbing than It's pre-
deccssors In all probability currency
reform win be the leading Issue. The
outlook for 1895 10 as bright and hopeful
ns could be hoped for within reason. or
the immediate future there Is some
doubt. Values are low and many stocks
are selling at attractive prices; but
until the financial atmosphere grows
clearer We advise buying only on the
dcclnes and taking profits on fair raj
lies. HENRY CLEWS,