The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-05-30
REVIEW.
Henry Ciews's Weekly Review of
BUSINESS Conditions.
WALL STREET is IN SUSPENSE
on Account Of tie Political Excitement.
Adjournment Of COngreas VIII Have
Good ERtet-IlevlVal of ths Silver Craze
Disturb, The NIarkst-Euiurs Questions
to Bo settled by I.rEtuiatton,

NEW YORK, May %, Wall street IS
still held in suspense by the excitement
and uncertainty attending the approach
of the political conventions. phe mar
ket Is entirely in the bands of the pro-
fesslonal operators. who under such cir
cumstances find selling more cohRcninl.
30 that the predominant tendency Is to-
wards slow decline In prices. outside
these political conditions. Influences
are on the whole favorable. II Is true.
the export Of gold continues; but Wall
street has not taken that factor very
seriously, and there are Indications that
the movement will soon come 10 an cnd.
There IS also an absence Of return OF Sc
curitleS from Europe; which IL rather
remarkable coRsiderIpG the agitntlon of
the free colnnge issue IN the elections.
The railroads are doing well. Managers
generally report good business and en-
cOuraging prospects. and are making
liberal provision for accommodating the
coming crop movements. The earnings
make EuOd showing compared with
las year, which Is more gratifying as a
year agOithe business was upon an iI-
crossing seale. In the mercantile bust
ness, the conditions are varied, some
trades REPORTING fair movement. but at
low prices, whilst others are full of
complaint. The dry gOuds distributors
especially find It difficult to move Off
their seusons stocks and have 10 adapt
prices TO the conditions of ample stocks
and a sl1w demand. The iron trade is
very sluggish; the recent raising OF
prices blythe combina lions having put
severe check upon the demand. Taken
as 4 whole, however, the material condi-
lions affecting the market would proba-
bly, admit OF general rise IN stocks,
were 1t not for the chilling effects of
political uncertainties in connection
with the silver question. These re-
marks rs to the condition Of trade have
reference, however, to the local markets.
while reports from the interior Indicate
healthier state of business than pre-
walls in this city. This Is n difference to
which we have found occasion to refer
previously, and It needs to be kept In
mind in Judging OF the state OF affairs
in the country at large. As the local de-
preston comes nearer to Wall street, 1t
produces an effect dispropOrtlonate to
its real Importance, and thus breeds an
extent OF pessimlsm exceeding what is
warranted by the general national con-
ditIOns.
The early adjournment of Congress
will have somewhat of an assuring eff
feet on confidence. 1t viii mean an end
to interferences IN the Cuban and Vene-
zuelan questions; to disturbing silver
schemes; and TT virtual regulatory
resolutions for preventing the govern
ment from protecting Its notes by bor-
rowing gold and thereby precipitating
the silver basis.
At the same time, It will require the
most Jealous oversight over the calibre
OF the men who are to be put in nomina-
At
the next session, some OF the most im-
portant problems Will be passed for
solution that have eyer occupied the at
tentlon Of Congress-; and no effort
should be spared to secure the nominal
ton OF candidates who not only have
competent understanding of fineancial
questions but also can be trusted for
the maintenance of sound money princi-
pies The undeniahle revival of silver
ism. as shown by the political symptoms
OF the hour has naturally increased the
solicitude OF reflective men about the flu
ture uf monetary readiustment. It is
becoming. more evident that the settle
ment of this entire problem Is not likely
to be affected by any one bill or at any
one session af Congress. The large gem
eral question involves subsidiary parts,
upon each one of which there are likely
to be wide differences Of opinion, and
which also will require separate treat
ment.
The frat branch of the general issue to
be disposed OF must be the future posi-
tion ot silver, The nature of the coin
standard IL a matter so fundamental
that an other money legislation must
depend Upon what is done In respect to
that question, Upon the action in re-
spect to silver must largely depend what
is possible or what Is probable In re-
spect tolothar branches OF treatment.
After Filver. would naturally come the
legal tdBder problem. This may be
found 4 much more difficult question
than It IL now supposed to be, Although
# may be assumed that, as rule the
eastern Sound money" sentiment fav-
ors the Withdrawal OF these notes, yet II
is not I'd be overlooked that even in this
section, there Is an attachment tn this
form OF money that would rnise obsta-
rles 10 complete retirement of the
notes, Or at least would demand that
their extinction should be accomplished
through very slow process. As to the
south and west, the old greenback fac
ton aud the more money" people
would be likely to present a stubborn
opposition 10 any sort OF Interference
with the notes The s!lveritcs also, SO
far as they are iRfRti6ai5ts. may b. ex-
pected to resist any Withdrawals OF
paper circulation; the more so as they
are aware that, as free coinage would
mean depreciation NJ all paper money,
a larger volume Of circulation would be
needed under silver regime. II is thus
clear tllat the treatment Of the legal
tender question must involve u lopg
md embarrassing struggle, with an
uncertain outcome.
Next III order Of treatment, must come
the bark note question. l say next"
bsCaHs4 what may be done in this mat
ter mutt largely depend upon what Is
done ln the way Of retiring the green
backs ind Sherman mates. This again
Ii = al estlon brlstlinE with difficulties
and dlTprsilies of opinion. There viii
be one faction who demand that the
basis Of guaranty shalt remain as It Is,
with possibly an enlargement Of the per-
United iasuc frtm 20 per cent to 100 per
cent OF the par value OF the bonds In
appaaltloH. thsre win be an important
demand for constituting the entire as
gcIg of FLr bank and the liability Uf the
stockholders either the sole basis OF
guaranty, or an alternative one with the
present bond basis. at the choice OF the
bank. The south and the west may be
expected 10 make resoutc demand for
tho rights OF the state banks to Issue
notes, either Under the existing state
laws or under general national law de-
lining 'he conditions under which any
and all hnnk notes may be Issued. Here
Us n problem involving discussions and
conflict Interest and opinion sufficient
IL. L.. No.