The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-04-03
Special Correspondence ofAe Mtclgigenccr,

npfctGi Correspondence OF me INtHlgeHceT
New YoRK, April LIN Wall street,
the process Of recovery from the recent
financial arrangements and depression
is still maintained. The recovery is not
rapid nor very marked; but it is never
theless substantial and real; and would
be more SO, were it not for the unset
fling influences OF certain "industriaW
properties, together with Reading. The
former class are subject to a severe scru.
tiny at the hands OF lenders OF money,
and a cloud is cast upon the future by
the growing hostility OF public opinion
to every form OF monopoly, and the
prospect il that the law will be enforced
against combinations much more vigor-
ously than it has been. These exGep-
tionally situated stocks afford material
for "bear" raids and keep the market
subject to surprises and reactions; but,
at the same time, these conditions pro.
duce fluctuations in prices that are con-
ducive OF speculative transactions.
Apart from these influences, tho
tendencies are toward better condi.
ton OF the market. The railroads gem
orally are in satisfactory condition,
and their prospects are more than
ordinarily encouraging. Tho stocks OF
produce awaiting shipment TO the sea-
board arc exceptionally large, and the
break in the price OF wheat indicates
that largo tonnage OF that staple may
soon come forward for export Specul-
alton has tor months acted us block
AIDE to western traffic, and the indica-
tons are that the pressure in the money
market may soon compel speculative
holders to release their grasp on west.
tern products and cotton and set them
in movement eastward. Still moro inn
portant to the net profits OF the rail.
roads is the carly opening OF several
months connected with the Worlds
Fair, which will be u valuable boom to
the railroads OF every section, and not
only to the trunk lines but equally their
feeders. This year may therefore be
reasonably expected TO provo ono OF I'M
precedented net earnings. So far, these
prospects have had no other effect upon
prices than to partially check the de.
cline arising from tho special financial
arrangements OF the last four months;
and therefore the market stands in q
position calculated toresult in materi-
III improvement in the value OF railroad
Investments.
Tho market, however, cannot yet BIO
regarded rs safe against the influences
OF the deranged financial situation.
That situation is steadily improving;
but there are contingencies which, so
long as they remain possible, must pre-
vent complete recovery Of confidence.
The money market, though working
into better state and likely to become
much easier after the first half OF April,
is still stringent and 'unfavorable to
contracting time loans. We have en-
tered the season when exports OF gold
must be expected as n matter OF course,
and it can only DO conjectured what
proportions they may assume. The
banks, however, will be in q better pc.
sition to meet it when the current OF
money from the interior turns this
way, as soon IL will do.
There are, however, certain factors
which affect favorably the possibilities
OF any adverse outcome from gold OK.
ports. In view Of the abnormally large
stocks OF exportable products, it seems
almost inevitable that our exports must
materially increase from this time for.
ward and, ii tho exports should be pro.
portioned to the over-supplies, the out
flow Of gold might easily fall below tho
usual average. In other words, as tho
exports Of products have been deferred
beyond the usual period and the ex-
ports OF gold have been Correspondingly
increased for the last three months, it is
reasonable to suppose, all other things
being equal, that during the next three
months the merchandise exports will
largely take the place Of gold shipments.
Again, the apprehensions connected
with the low condition OF the treasury
gold reserve are last subsiding. There
is no doubt that tho secretary OF the
treasury has made arrangements
through which he can procure any
needed amount OF gold on immediate
demand, either from homo or foreign
sources, which disposes OF the posi-.
bility OF any further trouble in that
quarter. As, however, the treasury
holdings OF "free gold" are increasing
and the revenues OF tho government arc
unexpectedly large, the balance OF
probabilities is against tho treasury
needing to get gold through borrowing.
Another favorable circumstance has
arisen in tho evident disposition OF
foreign bankers to employ liberal bal.
ances at this center SO long as the rate
OF interest remains SO much higher
here than in Europe. This disposition
Is the more likely to continue from the
fact that the general conditions in.
iluoncing European markets arc calcu.
lated TO keep large amounts OF capital
out OF fixed Investment.
y far 10 respects tho foreign markets
for Our securities, tho prospect seems TO
BIO on tho whole encouraging. At Lon.
don there has boon revival OF specula.
tive interest In them, which Is well
maintained, and tho Investment move
mcnt seems TO still balance in our favor
Evidently, foreign investors aro dis
posed TO take o favorable view OF tho
probabilities Of our susponding pur.
chasos Of silver as soon as Congress can
deal with that question; and that prob.
ability is strengthened by tho fact that
tho latest formal canvass Of tho attitude
Of members Of Congress on the quos-
ton shows u stronger sentiment in
favor Of repeating tho Sherman net than
has been supposed to exist.
Taking the situation as whole, we
conclude that whilo II Is is not at pros.
ent ono that warrants over sanguinu OK.
poctations, yet 1t docs warrant tho OK.
pUCtation OF steady Improvement In
tono aud an advance in prices; but, DIS
tho "boars' arc still wearing their war