The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-03-21
corespOnasne. orr rn,ealpenc.r.

Correspondence Of he Tn,clligeac,r
New YonH, March lO.-Although dull
and irregular, tho stock market has
shown n firm undortonc during tho
week. Confidence has been somewhat
disturbed by tho questioned legality OF
tho coal deal; and until this point ID
finally acttled, an important group Of
stocks will DO subject TO moro or less un.
certainty. In monetary circles there is
also cautionary feeling, ariaing mainly
from silver agitation, gold shipments,
tho Boring sea dispute, tho proposed in
Northumberland, andt the approach
OF April settlements. But none of these
contingencies aro Of serious or imme-
diate nature; 80 that their effect is seen
in caution moro than concern. The
Richmond Terminal scheme was follow
ed by'a decline in tho securities Of that
organization; tho chief advantages OF
which were the scaling down OF fixed
charges and tho proposed economics in
management. Cheap cotton and reac-
tion from acknowledgment OF indus.
tries in the south have injured nearly
all southern railroad properties; and
tho conflicting interests in Richmond
Terminal properties may rs vol decide
to accept tho best conditions they can
get. II the reorganization goes through
1t will remove an important hindrance
10 the bull campaign.
NJ M !,
tho future than tho present. After the
first week oil April, the marketwiIl pass
into 4 new and probably more favora-
Bile phase. Tho outflow Of gold will
probably have ceased; the usual tenn
porary transfers OF currency to the couu-
try for tho April yearly settlements will
have been Affected; and tho silver agita-
ton will have passed into stage OF de-
velopment which will afford Il clearer
foresight MS to its ultimate issue. The
factors which, three weeks hence, are
likely to be chiefly occupying the atten-
ton OF the market will be mUinly the
following. in the first place, the very
low prices OF Il few leading staples, es-
pecialiy iron and cotton; as, however,
those declines are not due to any lack
OF demand but 10 an extraordinary in
crease in supply, they are likely to be
construed as on the whole beneficial to
business at large, though. unfavorgble
to profits in those special interests.
Next, will. come the prospects OF the
new crops. So far, the condition OF win,
ter wheat is upon the whole favorable;
and should the present outlook be main
tain1d, the effort at the west will be uu-
usually helpful, for the crops conditions
on the continent OF Europe are any
thing but encouraging, while Russia
can hardly fail to yield this year anoth-
or short crop; SO that q second good
harvest in the United States would be
likely 10 meet ready foreign demand ut
good prices; besides which, it is to DO
considered that our stocks OF both
wheat and corn still on hand are equal
to over 40 percent OF an average crop,
which leaves unprecedented supplies
Tor export between now and next har-
vest. These facts have q very direct
bearing upon tho prospects OF the rail-
roads for the next twelve months.
Another favorable factor will appear,
at the time indicated in connection
with the silver problem. Even though
the vote Of Congress on the measure
now pending should be affirmative, it
woulds certainly DO annullcd by tho
Presidents veto: which would make
free coinage impossible until q new
President and new members OF Congress
were elected. Should the next Presi-
dent happen to BIO Il Republican, it is
reasonable TO assume that he would
veto any free coinage bill that might be
passed by Congress during his term OF
Office. Should Democrat be elected to
the Presidency, the indications are daily
accommodating that he would be ex- Presi-
dent Cleveland; whose record warrants
our assuming that he would equally re-
sist the policy OF the silver faction.
Thus the probabilities largely favor the
prospects OF tho defeat Of future at
tcmpts to force free coinage upon the
country, It is also proper to take into
account the possibility, not to say the
fair degree OF probability, that at no
distant day the European powers may
consent to meet our Governmental con-
ference to consider measures looking to
the formation ola new bi-metallic union,
which, II successful, would have i'm
menso results in the general restoration
OF confidence and in removing from our
securities tho stigma which now
rests upon them in European
estimation OF possibly becoming paya-
BILE in deprecated currency. Further,
it is to be considered that the modera-
ton Of our imports and the continued
largeness OF our exports OF cereals are
calculated to keep tie balance OF trade
literally in our favor for some timo to
come and may turn the movement OF
gold towards the United States at II
later stage OF the year. These are some
OF the considerations that will occupy
the attention Of Wall street with the
opening Of April; und assuming that
money will remain ensy until tho iall
and that the forwarding OF the unprccc-
dented reserves Of grain will keep up
the increased rate OF earnings OF the
railroads, it seems reasonable TO expect
that tho stock market will then recover
iromits present comparative quiet. Be.
tween now and then, however, the con.
ditions are likely to encourage defer
mcnt OF large speculative buying; and
Tor that reason We advise, for the mo-
mcnt,, purchasing only on fair reactions
and realizing on moderate profits.
..s sItTItFNDv Fr r,,,., g,tt