The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-12-09
SLIGHT REACTION
In Business at the New York Stock
Exchange.
HENRY Cl,Ew'S WEEKLY REVIEW
or the Business buuoOk-A Sautlou.
Feeling as to European Markets Grow
ing oatOfth Turkish situation PrrSI-
dents Message Dl,appoIntlnsnt-IIls
Currency Suggestions Discussed.


Special Correspondence,
NEW YORK, Dec, 7,-Followlng the
Improvement OF the last week in No
vember, there has been slight reaction
In business at the stock exchange, As
usual at the opening OF Congress, there
is a disposition to await Indications MS
to the drift OF federal legislation. The
aggraVutlOn OF the internal disorders In
Turkey and the possibilities ot'more
serious phases growing out OF the ln'
evitable advance OF the second guard
ships Of the powers has produced Il eau
tloIs feeling, which Is inducing some
EoStponement OF operations In the
European markets, with consequent
dizziness; and this reacts somewhat un-
faVorably upon the New York market
The continued frmness OF the foreign
exchanges and the outflow of gold also
discourage operations, although II IL
taken for granted that the government
muct borrow another b0,00O,000 at no
distant dag, that clement OF The sliua-
ton may be said To have been already
discounted These are the principal
elements causing the CurrGnt partial re-
action OF tone; hut they are to be re-
gRTded rather rs sending TO begct post
ponement than as producing any real
dlstrust OF values, and hence the
changes In prices have been Compare
lively immuterial.
The market receives support from
the general Improvement In the cur.
rent gross earnings OF the railroads,
The general condition OF trade in this
city and the Interior has also tendency
to encourage confidence. The business
outlook has many favorable symptoms,
December Is always Il quiet mOnth,ner-
chaUts being usually occupied with
stGcktnklng, closing OF accounts or
formulating plans for the new year.
Just now. buyers OF merchandise ARE IN
conservative mood. because " the
late reactlon0ry tendency of prices OF
raw materials. and because they require
some assurance that the Increased de-
mand for consumption will prove per
manCnt, Fortunately such assurances
are forthcoming. Al the west and In
many points of the east. the retail
branches OF trade show q marked I'M
pruvement which must soon stimulate
the primary markets.. The recent de-
clines In Iron ure leading TO a basis Of
prices on which buyers and sellers can
agree; so that new lease OF improve
ment In that industry Is already in
prospect. From the west, trade reports
are uniformly encouraging. Collections
ARE good, and distributors confidently
look forward to an active spring trade.
Colder weather has already Impaired
deciredly better tone 10 several
branches OF business. The movement
OF the Immense corn crop, which must
soon begin. Is looked forward to Us u
powerful factor toward business I'M
pruvcment In the south and west The
lnteness Of the cotton movement may
have somewhat checked southern
trade: but the better prices realized and
the fact that cotton must soon move
more freely has encouraged confidence
IN the south, llttlc inferior to that pre-
vaillnI In the northwest Contrasted
with year ago there Is u remarkable
change In the tuslucSS temper, which
has rot yet had full opportunity OF ex-
pressing itself: and there Is no hazard
IN saying that, II Congress gives any
fair promise Of doing Its clea duty ON
the Currency question. the spring OF
1896 will develop u large and genuine
Improvement. With such conditions
In prospect, the stock market il likely to
show unusual r.;'Ie'TOe to bad intlu-
ences and. while caution In stock opera
lions may be advisable for some time
to come. still the short" side OF the
market II not likely to be the safest
The Presidents message has been, on
the whole. favorably received In Wall
street. less however from Its positive
side than from IT, negative, II makes
no recommendations calculated TO dis
turbe confidence; neither does II offer
any announcement to hopeful untici-
pntons by many. the Presidents EN-
phatlc declarations IN favor OF the re-
tirement OF legal tenders IL viewed as
on the whole. body ~ sound doctrine,
calculated to guide public opinion 20
Wholesome conclusions upon the cur
rcnCy question. Hut. at the same time,
there Is a general disappointment that
the President should trust so entirely
to increased issues OF national bank
notes to iill the vacancy In the circuln'
tiUn that would be caused by his pro-
posed retirement OF the 500.OlO,OO OF
United States notes and treasury notes
His suggested reduction Of the note
tax from per cent 10 \ per cent and
the increase OF note Issue from so per
cent Of the amount OF deposited bonds
to 100 per cent is received as q change
which ought to be made under any cir
cuInstnnces and independently OF any
funding OF the treasury paper. Hut II
il not believed that such change
would very materially Increase the vol
umc OF the national bank circulation.
and there IA no question about the en-
tire inadeQuacy OF such Increase to I'LL
the gap caused by the withdrawal of
the legal tenders. Some surprise Is
felt at the Presidents silence On the
principle Of Issuing bank currency on a
pledge Of all assets and the duplicate
liability OF the stockholders.
The discussion OF this form of not"
guaranty within the last two years has
wrought considerable change of opln-
lon In he favor In banking circles and
among Intelligent students OF this Ques-
ton generally, II Is seen that such n
basis OF issue must be in some degree
depended upon to produce the eNpan-
sion us bank circulation that would BE-
essential In the event Of the withdraw
nI Of the treasury issues. The value Of
the issue privilege would be 40 largely
Increased under such n basis, and the
regulation u the money market would
be 80 much easier than II Is under the
present lnclagtlc currency thnt ther"