The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-11-09
TIE EFFECT OF TIE ELECTION

fscisi.

hoped for. l, Is against free coinage
and all the mischief It has Implied. and
In favor OF the strict maintenance OF the
constitutional safeguards OF public lib.
,erty and the permanent integrity OF the
union OF states. AS such, It il q boon
beyond all estimation valuable and az.
surfing. 1t means that, through all the
confusion and sophlstrics attending the
free discussion OF a most pcrplexlng
question, our people have found no dIr-
acuity In distinguishing between peril
and safety.
The European press being our Judges
we have satisfied the world OF our Imam
clal integrity; OF our ability to main
tain the supremacy OF sound public
Judgment upon questions OF great econ
omIc difficulty; of our superiority to
temptations to dI9honor toward our
creditors; Of our ability to hold In check
popular dIsconteutS and demagoglc at
temp;s TO Impair the conservative ele-
ments OF our national Institutions: and
ot our rrsolutc inslstence upon future
abstinence from further commitments
to the use Of silver money. Asa conSe-
qucnce OF all this, the European eS.I-
mate Of our national stability aud con-
serva:lsm has been lmmeasurably ad-
vancrd. Europe has been but little less
anxious about the results OF the election
than ourselves; for It has felt. not only
tina; a vast amount OF Investments was
at stake, bu, tina: the rest OF the world
had multitude OF other vital reasons
FOR hoping that this test OF our political
institutions might reveal 10 faults cal
culated 10 weaken their hopes for the
continued success of our magnificent
exhibition OF the workings OF free gov
eminent.
The construction put upon the election
at the worlds chief financial centre was
shown In an interest little short OF that
which greeted the returns In this city.
ard in spontaneous Else In the prices
OF our securities even exceeding that
which occurred on cur own exchange.
All this is exceedingly gratifying, not
only because 1t amounts to the highest
possible national v!ndIcatlon by foreign
and not always friendly critics. bu; also
because 1t forcshadows n higher status
for American crcdi: among the investing
nations OF the older continent
Wall street received this verdict for
sound money and law and order with
wild rejoicinSA No second opinion was
entertained as u It's Significance to the
future value OF Investments. and the
immediate effect was n llrEe advance
In all kind OF securities. The upward
movement in prices. however. had been
In part anticipated by previous adj
svances; ard certain large operators,
who are supposed 70 have had urgent use
for their money In other directions. took
the opportunity 10 realize largely when
prices had risen TO points. This ma
turally checked Tht upward force o;
values and produced partial reaction
IN the midst OF the excitement: but there
were ready buyers for all she stock offer
ed. The new situation attracted into
the market large number OF buyerG.
Cautious people. who have been Keeping
their funds Idle In the banks or had for
Safcty's sake turned them into gold.
bought largely OF bonds and interest
paying stocks. and = large amount OF
securities was thus taken permanently
on the market
Speculative operators who have been
conspicuous for their long absence from
Wall street showed their appreciation Of
the situation: and between the two
a - Hf
Wednesday reached the unusual total az
10000 shares. while the transactions In
bonds were cnrrespondinEly large. Lon
don was larger buyer than for many
months past. Some OF the bears"
however. could not completely dlvest
themselves OF their pessInIsm: and
when, on Thursday. some doub: was
thrown upon the vote OF certain states
which party estimates had given to Mr..
Mckinley, there was some demoni.r1-
tive selling, with the effect OF slight
reaction in>prices. Thursday and FRI
day were occupied with floating rumorS
relating to the vote or five OF six states
the count Of which remained uncertain.
and some fears were entertained that
there might be an attempt by the Bry-
antics to TX the Indiana returns for
their candidate. Also, in the uncertain
states, the run Is apparently 50 close AS
10 suggest the possibility OF an 'oGlcial
count" having to be made These facts,
while suggesting no possibility Of Mr..
Bryan's success, yet threw an element
OF uncertainty over the magnitude OF
Mr.. McK!nIey's majority. which hslI
speculation IN restraint and afforded
ample gcopc for the effective use Of cleo
ton canards. The Importance OF these
uncertainties lies In the fact that the
effect NJ Mr.. McSlnley's election upon
the spirit OF business and OF speculation
will depend TO some extent upon the
numerical strength OF hiI majority,
Such oscillations usually arise even I'M
der the muSt extraordinary bull ox-
elements; and the effects Of the rev
situation now introduced are not to be
expected TO appear all nj once but will
be largely materiallzed through more
extended process. attended with the ups
and downs always incident to spccua-
ton. Moreover, In estimating the future
course OF the market. X Is 10 BE- kept In
mind that even this great Victory may
not be expected to Immediately crldi-
cate the habit OF timldlty which has be-
come 80 deeply ingrnincd In the public
mind during the last three years of I'M
certainty, danger and acute apprchcn.
sion. To eradicate that, by any single
event or within the space OF one short
week, would need n miracle.
Among the minor Incidents resulting
from the sound money victory Is the
complete recovery OF confidence among
the banks, and their sanguinc expectn-
tons OF q great revival OF business, Thl9
feeling has shown Itself In an active de-
mand for commercial paper at JGpjR
per cent FOR first class names, while
time loans on collateral are offered free
~ at moderate rates. This fact express
es the estimate Of the banking cnmmu-
nifty upon the safety OF the situation In