Marietta daily leader. (Marietta, Ohio) 1895-1906, 1899-11-26
Letter From Henry Clews.

New York, Nov. 25-Stocks fluctu-
ated within moderate limits during the
past week, and the only event of i'm
portance was Secretary Cages offer to
buy bonds for relief of The money mar
ket Some surprise las been express
ed a the comparatively small offerings
of bonds, amounting to about ten mil
lions UP to the date of writing. 1t
should be remembered, however, that
Government bonds are often held for
other reasons than profit and by in
dividuals or institutions that are not
influenced by temporary fluctuations
in the money market The offer, too,
came after the worst of the pinch was
over; easier conditions were in pros
pect, and the urgent demands for mon
ey generally came from overloaded
holders of industrial securities who
have no Government bonds to sell and
who would have been obliged to pay
stiff 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 10 be prepared for, and as
yet there are no sings of abatement in
lne great industrial and commercial
activity now in progress. The Difficult
ties Of the situation were materially
aggravated by the behind-date meth
ods of the United States Treasury,
from which no great relief can be ex-
pected until the country enacts a cam
prehensive elastic currency system,
such as adopted by other enlightened
nations. Meanwhile, the action Of Sec
retary Gage in offering to buy bonds
will met with general approval of all
fairly disposed people. Political crit
lcism for such was to be expected, and
those who pronted by abnormal inter
est rates would of course complain;
but. as the Secretary's purpose was
plainly to do nothing beyond counter
act the injurious effect of Treasury
operations, to simply put relief within
reach If necessary, his action was both
wise and timely. Had he refused such
relief and a crisis ensued, he GER
tainly would have incurred the sever
est criticism for lnaction from all
parties, including those who now find
fault.
The market is now looking forward
to new set of influences. Congress
opens December 4, Monday a week
hence. Usually this is a period of un-
certainty and anxiety. There is like
ly to be much less of the latter than
usual, as both branches of the Legisla-
ture will be much occupied with ques-
tions relating to our new dominions,
which are apt to be less disturbing to
| Industrial and financial affairs than
domestic legislation. The sound mon
ey cause is likely to make consider
able progress in the coming session,
public sentiment now being emphatic
enough in demanding that the country
be established upon the gold basis
beyond all question. The sound mon
ey party has lost a strong friend in
the late Vice President Hobart, who
will not only be remembered as a
high-minded gentleman and statesman
but for his timely support Of honest
money during the Presidential cam
paign of 1896. President Mckinley Is
expected to come out clearly for estab-
lishment of the go.u 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. The In.
dustrial Commission, whose opinion
well largely influence Congress, is a
body composed OF able but conserva-
tive men, varying in their opinions
but unlikely as body to rush into
hasty conclusions about conditions
which are only partially comprehend
ed, and which have not been fully test