The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-03-09
FINANCIAL REVIEW.
EFFECT OF THE B. 4 0. FAILURE
on wan street wa. Only Temporary.
Cuban situation Caused stocks to FAN.
congress DisturbIng Element Mr..
Chew. Think. II should Adjourn.
Special Correspondence.


Special Correspondence.
NEW YORK, March 7.--In the Wan
street markets there have been noyery
important changes during the past
week. The unexpectedly unfavorable
developments in the affairs of the Bal
timore & Ohio Railroad had disturb
ing effect which, however. was only
brief The action Of Congress on the
question Of Cuban belligerency was
distinct shock, under which prices fell
112 per cent; but most of the decline
was recovered later in the week The
London market has been irregular in
American securities, but not to the ex-
tent OF causing any important return
OF stocks. Among the favorable factors
have been the continued large gross
earnings of the railroads, which are
taken as foreshadowing better time
coming; the remarkably good showing
OF the annual statement Of the Penn
lsylvania Railroad-one of the repre-
sentative lines OF the continent; an
active demand for railroad bonds, es-
pecially those OF the lower grades; an
improving investment inquiry for Al
diyidend-paying railroad shares; and
an easier tone In money, which shows
itself in an increased disposition to dis
count commercial paper.
In the general market. there Is a
marked undertone OF hopelessness. 1t
is seen that the conditions really exist
out OF which might easily come re-
yiyal OF business and fairly profit
: able state of trade There Is O certain
amount of over-production in some I'M
idustries, especially Of pig iron. cotton
goods, flour and leather;-but In the
markets for farm products there is
healthier feeling, the movement being
quite active and wheat being about u
cents higher than a year ago.
The alarm caused by the senate's
Cuba resolutions was not due TO any
apprehension of really serous dis
turbance of our relations with Spain.
but almost entirely TO the exhibition
which that action made OF the rash and
reckless temper of Congress. First, we
have had the precipitate nction,of both
houses In connection with the Venezu-
elan affair; next the senate's vote on
silver; and now the votes of both sem
ate and house on the Cuba situation,
which, II acted upon, might easily pro-
woke the most serious consequences
both TO the United States and the
cause OF the Cubans-t hese things have
AGsoAOAAaNeS ~
the irresponsibillty and the lack of
statesynaiily qualities that exist among
the men entrusted with the direction
and guardianship of public affairs. Not
less are men of business disturbed at
the entire failure Of Congress to deal
with the vital problems OF currency and
treasury arrangement.
When citizens see great questions OF
public policy. public safety and none
tary integrity turned into mere occa-
sions for a display of electioneering
tactics, they feel that most serious
deterioration has come over the spirit
and morale of American craftsmanship.
When, In the treatment Of great eco
Iiomic and international questions, the
country sees principle forsaken for
party expediency, and the courage of
honest conviction sacrificed to either
silence or cowardly compromise, they
are chilled by apprehension as TO where
such a drift may lead the nation In
fact Congress Is felt TO be no longer
safeguard in times of emergency.
Emergency indeed has become but the
occasion for public deception and party
trickery. In such times, Congressman
deal with principles and issues and
sections as so many mere pawns In a
selfish money making game Of politics;
In which no question Is dealt with on
its merits and the settlement IS shaped
to crafty the ignorance or the pre-
judices of the preponderant irresponsi-
BILE masses
1t is the condition OF things which
now holds under spell the vast inter-
ests centered in Wall street and Is re-
straining the whole enterprise Of the
country. As there is no longer any
hope OF Congress accomplishing any
thing towards a wise settlement of the
. currency question, nor of any other
useful legislation being adopted, the
public are becoming anxious for Its adj
journment In that case, the wicked
would at least cease from troubling,
and there would be9rest for the coun-
try, wearied of legislative trafticklns
and triling. 1t Is worth consideration
by leaders OF conservative sentiment
whether It would not materially con-
duce to the recovery OF national conf
dencc to encourage the expression of n
public desire that Congress viii adjourn
at the earliest possible day SO far as
respects this centre. such action would
meet with universal endorsement.
Iel HENRY CLEWS.