The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-03-16
FINANCIAL REVIEW.
Henry clews's Weekly Letter on
Business Conditions.
LITTLECHANGE IN WALL STREET
Significant Attitude OF the Hear Element.
Trade More Satisfactory In the south
and West than In New York-Loeal De-
preston In the Eastern Centre.

NEW YORK. March i4.-fu Wall
street. there is little change in tone and
volume OF business. In Investment se-
curltIes, the movement is healthy: but
in the speculative list transactions are
fittul and governed by the changing tao
tics OF professional operators. The gem
eral situation remains aound as to UNI
dertone, but languld as to operations.
The attitude of the bear" element In
speculation is significant. There is no
perslstency in their operations. They
sell cautiously and cover upon small
| profits; which shows lack OF conii-
dence In their position. on the other
| hand, the bulls" are inactive. They
have full confidence In the general sltu-
alton and In the prospects OF an ulti-
mntely higher market. but are held
back by u sort OF hesitation which Is not
easily accounted for. Prudent opera
tors are always slow to undertake large
transactions in the absence OF dis
tinctly speculative spirit. The larger
conditions may warrant confidence and
the drift may be plainly in the direction
i OF higher values; but they hesitate TO
/ aAANA N1fAN - NAAAlftAlbh hAAAAl hAANlG a
distinct outside" feeling that a boom Is
at hand. That is the attitude OF the
larger street holders OF stocks ut the
present moment.
This hesitation is undoubtedly en-
| couraged by business conditions SnIch
are largely special TO this city. In most
| trades here. there is considerable COM
| plant OF dullncss and more or less show
| OF pessimistic spirit. Merchants sales
Il 60 hnt -
| and buyers see that something Is the
| matter among the distributors and are,
therefore, disposed to pursue hnnd-to-
mouth pelicy OF buying, All this is In
contrast to the conditions and the feel
| ing existing In the interior. From the
large western cities come accounts OF
satisfactory state OF business. and CHI
cago reports healthy activity. So, at
the south. conditions appear TO be I'M
usually healthy; the steamships and
railroads connecting with that section
are having q very satisfactory traffic;
1 and the large increase In the earnings OF
the western roads show that. that in
that section also. there is a really
healthy movement OF merchandise.
In brief, there can be no question that
the condition OF general trade Is far
more satisfactory throughout the south
and west than II is at this centre. This
contrast with New York Is very sinEu.
| lar, and needs some explanation. Why
i 1t is that this city Is moody and COM
| planning while the other sections from
\ which 1t draws its trade are prosperous
| and satisfied 1t 10 not TO be denied
that New York is subject to constantly
/ Increasing competition from the west
ern centres for the distributing trade.
| Nor ia there any doubt that cities like
| Chicago and St Louis are rapidly ex-
tending their hold upon that branch OF
business. The increase OF population
| would In some measure account for that
Increase: but does that factor explain
sufficiently? It is doubtful. New Eng
land Is now undoubtedly sending to the
west large quantities OF manufactures
| which formerly were distributed
through New York agents, Such a drift
| Is not calculated to to create cheerful
| tone at this centre. Equally, our trade
| with certain sections of the south Is be-
ing attacked by the active distributing
houses OF the west: so that, to some ex-
| tent, We are meeting with new competI-
ton. II not losing business, in that d.
| rection. Then II Is to be remembered
| that New York occupies position OF
| peculiar responsibility as an lnterme-
| diary between the industrial interests
| and the iobbing interest OF the country.
a very large amount OF capital is en-
| ployed In rendering that kind OF service.
and In the performance OF the service
there is some considerable risk, arising
from advances upon goods. loans 10
manufacturers and Investments In mills
to which they have become unwillingly
| committed. II New England manufac-
i turers are willing 10 sell direct to west
ern jobbers and thereby save the cost of
New York Intermediates, SO much the
worse for the great first-hRnds trade OF
this city. Moreover. this particular in
terest Is exposed 10 much OF the risk at
tending a lack OF due adjustment be-
tween the production OF certain large in
dustries and the demand for consump-
| ton. There have been threatening de-
| rangements in that relation. For years
| past, the improvements In mechanical
\ power and In working machinery have
been carrying this country. Us well as
others. toward n production In excess OF
the possibilities OF current consump-
ton There was check to that process
in the great panic OF 1873, which served
\ rs an Offset to that crisis OF no small
value But the machinery we then had
| We have stu. Its owners are anxious TO
keep II employed: and upon every APP
pcarance of Improvement In demand
| they are liable to rush into an over-sup-
ply OF of goods. The last twelve months
OF improved business has already pro-
duced n glut OF stocks in some import
ant lines OF goods. The commission
houses have 10 bear the brint OF the
| consequences, such Us urgency to real
ize necessity 10 shade prices. and hold
ing back OF buyers to get concessions in
prices.
Under the circumstances here dc.
scTibed, certain large interests In this
city are subjected to q pressure calcu-
| lated to produce anything but q cheer
| full feeling, in spite OF the hopeful tone
that prevails In other cities and sec
/ lions: and these conditions are to be
I viewed as largely accounting for the OK
ccptIonnl tone that now prevades local
business circles. Men are so consti-
tuted that, in the effect upon mental
tone, an ounce OF pesslmism is equal TO q
pound Of optimism.
II is worth the consideration OF Wall
street how far local depression OF this
| character should be permitted TO affect
the value Of Investments which draw
| their income not from New York but
| from every part OF the country. Tho
/ local interests temporarily beclouded
| will find their own ways Of remedying
their obstacles TO business: and, In the
meantime, investors will learn to estl-
| mate tho Vniues Of railroad securities by
the state OF tho country through which
they run. To weak eyes objects take
| color from their surroundings: and so
| the New York stock market largely
takes It's tone from the spirit OF the New
| York trade This ~ narrow 1nds-
mcnt; and II may take some time TO
| broaden tho outlook OF men on change
| But Ragacious operators will not be long
| in discovering that, beyond the horizon
| OF the metropolis, there IS n true revival
| -. ~