The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-05-18
FINANCIAL REVIEW.
Henry clews's Weekly Letter on
the Business Outlook.
THE TIDE is RUNNING HIGH.
Indications that the Republican FinAn.
elal Policy viii DO Sound Resisting
/, QualltIo, orths ArarkSt-Limitsdo Change
In the stock INSTRUMENTATION nIuut
Como.
Special Correspondents.

Special Correspondence.
NEW YORK. May 1s.-There has
been but a very Unlimited change in the
stock market since our last review. The
intrinsic condition OF business ere
sound. Credit igin excellent shape, and
there is less unwholesome expansion
than for many years. Money, too, Is
cheap, and good borrowers have no dlfii-
Guilty whatever In obtaining all the ac-
commodatlons they require. Labor dis
turbances are at a minimum. and the
LIST of May, the usual period for demon
strations by professional labor agltators.
passed on more qultely than usual.
overproduetion can be observed in few
cases, especially where modern Improve
ments have greatly stimulated output;
but this Is not general, and can often be
traced to deferred enterprises which are
held In check by the prevailing dlstrust.
This same causa induces retailers and
jobbers to carry, small stocks: not 80
much because they fear shrlnkage In
demand as because recent events have
weakened all confidence in the future Of
values, and they wisely refuse to be
caught with large supplies on falling
market. The results are that mnnnfac-
tured goods are frequently accumula-
ting at first hands, neceSsitatlng combl-
nations OF various sorts to sustain
values and regulate production. As
buyers find the various markets weak
they naturally stand on. prepared to
struggle for further concessions.
OF course there must be an end to this
state OF affairs. Reaction must come.
Prices cannot always continue on the
down grade; and there Is every reason
to believe that Just such a reaction
Would APPEAR now were confidence per-
mltted to assert Itself. There are thou
sands OF new enterprises, extensions,
improvements and repairs which would
be undertaken without delay II circum-
stances permitted. Imagine for In
stance the effect upon business II Con-
gress would simply pass n sound money
law and then adjourn for period Of
I'VE or six years. The effect would be
electric As 1t Is, the whole country Is
In an irritable mood, ready to quarrel on
the least occasion. What the nation
needs more than anything else Is rest.
Prosperity and peace go hand IN hand.
But legislation Is 50 continually shifting
and meddling with business affairs that
merchant and manufacturer alike are
incapable of forming an Intelligent esti-
mate upon what conditions they will be
working six months hence. Were II not
for low politicians and sensational Jour
nallsts who foment the war spirit and
encourage fiction and international 1enl-
0Y1ltg for FNPlNsn - dHHFnRfaf a differ
ent state OF AFFAIRS would exist to-day.
Without them the Venezuelan and Gu
ban questions would cause no such I'M
easInesB here as exists, and they would
stand as good n not a better chance OF
being settled with honor and advantage
to the United States than they now do.
It cannot be denied that these are the
influences which are holding back the
general revival which set in a year ago.
The sound money question. which Is the
question Of greatest importance. Is in
promising shape. The tide b running
strongly in the right direction, and our
political leaders must soon squarely Rc-
knowledge the fact unless they dare
risk defeat Il IL my opinion that the
Republican platform will contain On un-
ouallfied gold plank, md that Mr. Nc
KInley, irrespective Of his past record.
will. II elected. carry'out the Will OF the
majority. For this reason l should
have full confidence In the future were
1t not for the danger Of foreign compll-
cations. 1t reality this danger Is re-
mote; but there are good many appre-
hensIve individuals about, who may act
as they feel; 80 that values are especial
Is sensitive to political exigencies. When
Congress Rdiourns these dangers Will be
still more remote.
The market has displayed remarkable
resisting qualities considering staSna-
tIon and unfavorable conditions; and Is
likely to respond quickly TO any favor.
able developments. About $l6,0oO. 900
gold has been exported and more Is like
ly 70 follow: but such shipments are
natural at this season and excite little
concern with the reserve standing aS
high as It now does. An object lesson
IN finance was the placing Of 100000
New York city bonds in London on :
per cent basis. These were gold bonds
in the strongest terms possible; and
thaY were eagerly taken when ordinary
American securities were neglected. Our
silver friends can form their own con-
illusions. Another transaction OF the
sort was the placing In Europe Of fS,O00.-
600 Pittsburgh, CIuntnnati, Chicago q
st. Louis I per cent gold bonds at 1O2.
Altogether about $l0.O000OO American
bonds have been placed In Europe with
IN a week. These operations, besides In
dicating revival Of confidence In our
gold securities, will act benehcially
upon the exchange market and lessen
gold ShIpmentS Stocks arc concentrate
ed to an exceptional degree In the hands
OF those who will not sell: and In view OF
the present low range OF values the con-
dItfonS are more favorable 10 a rising
than to q failing market. Much de.
ponds, however. upon the outcome OF
affaIrs At Washington and the national
e0'''S''''' HENRY cLEws.
I. -