The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-12-26
REVIEW.
Henry Ciews' Weekly Letter on
! tho Business Outlook.
Infect or CUBAN AGITATION
On stcesy--A Serious Element Of Distruui.
A Reaction Of Public Sentiment and
.iorc Conservative Feeling Make, thr
Outlook nrlghter-Tho Western Hank
i Fatl,gcs.


-. NEWNibikN' btS' $50 Nv f"'N "'NN
In Walt street. has been broken one.
with considerable irregulnrily In the
lurIcss Of securities. Apart from the
disturbl.!g intue7ccs Incident to the
HOLIDAYS and the annual maklnE-up
and tiquidatEon Of accounts, there have
been special causes OF disturbance, all
moro or lees calculated TO nnscttle con-
fllence amt 20 check buying operations
The Intro aluc;ion OF the Cameron Gu
han RESOLUTIONS IN the senate has nat
uraNy eau md some suspense, which
made ltsGls felt at the beginning OF the
week. Lat er. hovevcc, this influence
spent It's furce and became scarcely
a distlnEuls liable element In the mar
kct. At the moment, more serious
factor Is the outbreak Of bank failures.
4 After q series % suspensions OF country
banks. came I'm Monday the failure OF
Tho National Bank OF Illinois and on
Tuesday the suspension OF the 81, taul,
OF Minnesota: the former beinE an ih-
stitutIon which has long enjoyed
fairly good credit and stands second IN
magnitude am onE the banNS u; Chica-
EO.
q in Minnesota The Chicago iNSutu-
tIon appears To have been ruined by
I reckless Lending and the Insolvency
OF the ST. Paul hank IL attributed TO
dry rot" These unexpected develop
ments have caWIcd some dlSsruSt "a
70 the condition OF financial aIIaits III
the west. and are regarded as indicat-
Ing the after cff''ts ~ the late years OF
strain In that section OF the country;
il R.llt IN fse4nFN al "a
having produced any local shock: and
none OF the Neu' York agents OF the
J Called institutions have suffered: the
main effect OF thu occurrences having
been 10 cause tN,c sshlpmeu;s OF cur
rency TO Chicago and st. Paul IN order
= TO strengthen the cash resources 0tthc
banks OF those lltics. With these cN-
ceptlons, however, The crop OF failures
b iacIdent 10 the close OF che year mas
= been smaller than usual: which Is 10 be-
regarded as Il salts factory symptom OF
the present condition or credit
AL The condition " our political reiI-
lions with Cuba has for some weeks
past been really serious element uf
diSIrust so much 50 Us 10 prove an
Important Obs;Euc zion 10 the Tecovery
OF confidence wf.!ch set in with the
!; election. Il Is this fact which caused
the first news OF the Cameron reSolu-
z lions 20 nave SQtET al iElppENhllt fllttA
upon che prices OF stocks, Those r-So-
lutlons arforded II lair test Of the SEN
7 s!tiveness OF Wail street upon this
Question: but they have also served as
test OF public opinion upon this sub
ject, and with Vc:S gratifying results,
The Presidents message also was sUc!G
test and Its reception proved that at
least the sober CLISS OF CttizelS arr III
favor OF n rC>lcF7lte and tentative TOI-
icy. Senator Ea-l-ron appealed direct
" 20 the lingo elenIent. and with re-
sufts Indirectly no less satisfactory.
though no doubt quite disappointing to
the honorable scI,ItD-. With remark
able unanimItS. pubIIcistS, the press
md public OPINION have decided
against Mr.. Cameron on al! points II
the case; that Il % rs 10 the povr"
OF Congress TO supersede the Prrs!-
dents preroSaripe IN cases OF recOgnl-
ton OF national independence; ts) az
60 whether the CUbInS have as yet
won their Independence: (2l as to the
{ prudence and p:e,priety Of our inter
posing in the cohiiict in it, present
stage; and 90 Ar 10 Ii" chances u
Spain accepting our friendly Offices
IN the face OF OIlr COnCurrcaIl: per-
forming an "unfrtrndlG act" From the
manifest tenor OF public opinion 1t Is
very clear that th, public, and ''Specl-
ally the rejecting and Responsible" por-
ton, are strongly opposed To- any Ga-
necessary intrusion on the situation.
=, Indeed. the comparative silence Of ihe
lingo aCLtatOrs Is Surprising and con-
tTnSsS strikinclY- with the h"iiCprcU:
outburstS evoked by our action IN the
Venezuela controversy. This change ~
4 sentiment seems 10 indicate that the
discussion To which our International
4 relations have been subjected within
the last twelve months NuS modified
: the passion for an exhibition OF gu.
militant ability and produced mark
cd moderation OF the extreme IDEAS %
foreign policy towards which rash
md uniformed public opinion hls
lately been carrying us. Congress has
been quick IL perceive and quit" ready
to respect this new mOdrra zion Of
public sentiment: FOR II now appears
likely thar the senate may reject Sen
6, nto. CamerOn'S resolutions, and ;hci-
acceptanc" by the house OF representa-
tvcs * very generally conceded 10 he
out Of the question.
This development Of puddle opinion
is most fortunate Tor the Interests Of
business. For. uplct rom our cScap-
=. ting the chances OF becoming needless
Is Involved IN u struggle with Spain.
the adoption Of the Clmeroa r"S1lu-
iInns by 10th. houses OF Congress would
prccipttnte 4 conflict with the PrcSl-
dent upon question OF constitutional
prerogatiyc OF WI" grlvesi character,
and which could not have failed 10
produce n violent uHhcaVal IN homc'-
tic politics. The Sp'c;re Of an intrusive
ard bnlIlUGrcut foreign policy which
has Ia iciy TOO Oft made its appearance
In the halls OF Congress is nov dismiss
cd by the voice OF Ihe people. md wit!
no small gain to til" fusu"r ~ conf
dcncc. Their. is really little 20 choose
between the danger OF the policy ~
free coinage AMI the :launtlng posi-.
billy Of becoming. Ut any moment
onibroilrd in foreign auGrrels, The
frequent expressions Of the lingo spi".
Il have created q feeling OF insecurity
4 which has very materially "mbIIGd"d
the larger movements OF capital and
produced GIs;rust IN countries IN
whose confidence We are vtinllr inter.
Z cSted. There nOw S"crDS to he good
reason for believing that political lrid'
erS have become convinced that IL l.
impossible 10 create nttraCilY" i+SlIrs
out OF international cmbrOiimcntS; nnG
thls fact will. NOR" than anything
rige. clear the way for thr national rc.
CupevutiOn which FHt in Tith tho cleo
tim Of Dir. McKini" The cxhXibilio7
~ this wholesome dTift ~ public 0pfn.
Ion Is perceived by Wall street, nHt
the strong feeling and rising prices II
the stock innrkct 10" the latter half u
the paSt week Is 10 be attributed I,
that fact.
The removal OF the Cuban danger!
has produced hopeful feeling az /,
The Irift ~ the Wall street marEct'
after the opening OF tho new GEAR II
stocks, there IL Il steady stream ~
buying. ~ anticipation or January
opening WITH II higher rang" OF value: