The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-11-27
NEEKLY REVIEW.
Harry ElsBs q Co., " rev EoFk,
Take IaVolsblo VtgW
OF OUTLOOK FOR TIE FUTURE
Iron and stsSl Acttvit 70 Continue
Unabatod- Pay Glowing Tribute 70
Vice President Hobart


ated within moderate limits during the
past week. ana the only event Of Im-
portance was Secretary Cages Ofter TO
buy bonds for relief Of the money mar
ket, Some surprise hes been expressed
At the comparatively smell oEeFingP Of
bonds, amounting 70 about ten millions
up to The date o. writing. II should be
remembered, however, that government
bonds are often held for other reasons
than profit and by individuals or insti-
tutIons that are not Influenced by tenn
porary auctuRtIaRs IN the money mar
ket. The offer, too, came aftaF the
worst Of the pinch was over; easier
conditions were in prospect, and the
urgent demands for money generally
came from unloaded holders Of indus
trial securities who have no govern
ment bonds to sell and who would have
been obliged to pay gtift rates under
any circumstances, There Is a notable
absence Of complaint from commercial
borrowers who have no difficulty IN
finding all reasonable accommodations
at good rates, which they willingly pay,
Fairly high rates for money are likely
to continue for reasons now generally
understood. Funds Will return slowly
from the west; January disbursements
will soon have to be prepared for, and
as yet there are no signs Of abatement
in the crest Industrial and commercial
activity now In progress. The dIfHcul-
ties Of the situation were materially ag-
graVated by the behind-date methods
Of the United States treasury, from
which no great relief can be expected
until the country enacts a cOmprRhen-
sIve elastic currency system, such as
adopted by other enlightened nations.
Meanwhile, the action of Secretary
Gage In Offering to buy bonds will meet
the general approval Of all fairly dis
posed people. Political criticism for
such was to be exepcted, and those who
pFofited by abnormal interest rates
would of course complain; but, as the
secretaFy's purpose was plainly to do
nothing beyond counteracting the In
furious effect Of treasury operations, to
simply put relief within reach II neces-
sary,hls action was both wise and time
ly. Had he refused such relief, and a
crisis ensued, he certainly would have
incurred the severeat criticism for In
action from all parties, including those
who now find fault.
The market is now looking forward
to q new set Of influences. Congress
opens December 4, Monday a week
hence. Usually this is period Of un-
certainty and anxiety. There IS likely
to be much less OF the latter than usual,
as both branches of the legislature will
be much occupied with questions re-
lating to our new dominions. which are
apt to be less disturbing to industrial
and financial affairs than domestic leg
lsIatiou. The sound money cause Is
likely to make considerable progress in
the coming session, public sentiment
now being emphatic enough In demond-
ing that the country be established upon
the gold basis beyond all question. The
sound money party has lost a strong
friend in the late Vice President Hoo
bart, who viii not only be remembered
as high-mInded gentleman and states
man, but for his timely support of hon.
est money during the presidential CAM
paIgn 1896. President Mckinley Is
expected 10 come out clearly for Gstab-
Nshment of the gold standard In his
annual message, and the only other
question having an important bearing
upon business will be the trust prob
lem. In regard to the latter there is
good ground for hoping that no rash
legislation Will be attempted. Thu In
dustrial commission, whose opinion will
largely influence Congress, Is a body
composed OF able but conservative men,
varying their opinions, but unlikely as
a body to rush into haSty conclusions
about conditions which are only par
TALLY comprehended. and which have
not been fully tested by experience,
That legislative restraint OF some kind
upon the power OF trusts is desirable is
not to be denied; but wholesale repres-
sion would as seriously injure labor as
capital. Fortunately prosperity pre-
wallis everywhere. and Congress need
not be forced into injurious extremes,
such as might be expected IL industrial
stagnatIon and discomfort were pTeva-
lent.
Aside from the money situation, the
conditions affecting the stock market
are generally in favor Of better prices.
Earnings Of both railroads and indus
trials are excellent; especially the lat
ter. In fact the earnings Of the Iron
and steel combinations are phenomenal.
with the prospect Of continuing so for
months to come. The year 1900 is prac'
tlcnlly certain to see higher range of
values. a few uncertainties cloud the
financial horizon, but they are of a,
temporary character; and, accidents
excepted, we look for general advance
az soon as the speculative leaders IND
circumstances favorable to some con-
certed action. At present We have only
a traders market. and the daily Auctu-
atIons have little significance.
In the death Of Garrett A. Hobart we
have lost one of the best and noblest
products OF American manhood HIS
sterling honesty. his genial disposition
together with his force of character
have made him one of the marked men
| ~ .hn world A mnn trled BY the flre OF