The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-04-10
Special Correspondence o,ns Iaseat,cpee,,

Special Correspondence Of the INlel!iJsHesr
NEW YoRk, April S,-Wall street has
shown a decided recovery of tone within
the past week, The improvement has
been due to an easier condition Of the
money market, consequent upon the
free return OF currency from tho inte-
rior aud to the expressed confidence OF
treasury officials that the gold reserve
can DO maintained intact until the as
ssmbling Of Congress in September.
Another cause OF improvement has
been the resignation Of Mr., Mcleod ms
president and Co,receiyer OF Reading
This circumstance has relieved the mis-.
giviags that overhung that company
and tho New England and Boston 4
Maine corporations, whose condition
has been menaced by the complications
for which Mr.. Mcleod was chiefly re-
sponsible. The same circumstance has
acted fayorably upon the foreign mar
kets for our securities, where confidence
had been seriously shaken through the
facts that led to the appointment OF the
Recalling receivership. Beyond these
immediate influences, there arc indica'
lions that operations OF magnitude
have been undertaken by capitalists
largely interested in certain groups OF
stocks. The prospect OF an early state
ment OF the plans for the reconstruc-
ton OF the Richmond Terminal system
naturally attracts attention, US an event
calculated to give rise to large amount
Of speculative operations at an early
day. The gradual Improvement in the
general financial situation has also con-
tributed it's quota to the restoration OF
confidence. Among other factors that
have had beneficial effect, though in
a minor degree, are the improvement
in trade incident to the fine weather,
and the hopeful feeling throughout the
west incident to the prospect OF the APP
proaching opening OF the Worlds Fair
The readiness OF the market to re-
spond to these favorable conditions
that there exists healthy feeling and
disposition to operate for higher
prices. And this is the more evident
because there still exist certain factors
OF more or less discouraging charac.
ter. As, for instance, the fact that
prices OF cotton, wheat and provisions
still remain above foreign values, and
therefore keep down the exports OF
those products and invite shipments OF
gold, while the large imports show lit
tie abatement. AS consequence the
eastward tonnage OF the railroads is
light and tho freight earnings OF the
roads suffer. Another unfavorable
factor lies in the tenor OF the crop re.
ports, which continue to indicate bad
effects upon winter wheat from the
past severe weather. These discouraging
factors, however, have their hopeful
side. 1t is inevitable there must soon
DO an equalization of prices between
the homo and foreign markets for the
staples referred to, with the Conse-
quence OF starting up an export move
ment that will crowd the railroads and
create o supply OF export bills that will
take tho place Of gold III settling our
foreign obligations. The probabilities
OF this arc so decided that they natur-
ally incline Wall street to take hope
full view OF the future course OF foreign
exchange. AS respects the prospects
OF winter wheat, admitting that tho
crop-may prove as deficient rs now
seems quite possible, yet 1t is to be re.
membored that the stocks remaining
over from last year are 80 large as TO
compensate for any deficiency in the
new crop that at present seems likely to
occur.
The determination OF President Cleve.
land to call Congress together in Sep
tembcr has acted as relief to tho tinan.
cial markets. OF course it affords no
specific indication US to what measures
OF legislation may be undertaken; but
it does give assurance that there is to
be the speediest possible termination OF
much Of the suspense in which large
interests have been held. And from
such shadowy intimations US are app
pearing, there is more disposition to
hope that, SO far as respects CONNER
cial legislation, conservative respect
will be shown for the existing status OF
industrial interests dependent upon the
tariff; while tho latest canvass of the
Vows OF congressman favo1s tho chances
OF largo amelioration OF the silver sit
uation.
Tho gold exports may quito possibly
assume larger proportions at any time;
at tho moment, however, there is good
supply OF exchange from shipments OF
securities and financial negotiations,
some five millions being expected to ac-
crue from the placing OF that amount
of bonds Of tho new sole-leather COM
bination, which have just been dis
posed OF in Europe. The question as to
whether the Brussels conference will
renew its consideration OF the silver
question can hardly be considered an
influential factor in the situation. 1t
seems to be regarded very generally as
virtually immRteriAl whether or not the
President asks for the reassombling Of
the conference, tho view being that II
no docs not the silver problem will be
left to drift towards its own settlement,
and that II there Is reassembling
nothing can be agreed upon.
The conclusion therefore is that oach
nation must finally be lett to take its
own individual course under tho cir
cumstances, wish tho result OF still
further decentralization Of silver; re-.
suit which may DO satisfactorily met, 20
far as this country Is concerned, provid-
ing congreas can DO induced to suspend
tho purchases OF silver, which apparent
ly becomes moro likely us time and die