The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-08-07


Special Correspondence o. The Intelligence.
NEw YoRE, August Sat last, Wal
street begins to SEQ light, During the
week, new factors have entered into
the situation OF q character calculated
to afford a largo and permanent RELIEF
to suffering interests. Tho mislortuues
that have befaIten the Chicago specu'
lators have proved to DO n benefit to the
whole country. Their withholding OF
grain aud other kinds OF produce from
the usual course OF export for several
months was largely the cause Of the
heavy drain Of gold that introduced the
existing troubles, The ~stringency which
they SO largely helped to create has at
last compelled them to realize at ruin.
Gus losses. aud their products are going
direct to Europe and forcing back the
goll they had driven out OF the coun'
try. Alreat, some So, 000,0 900 Of gold
Is on Its way hither and still larger
amounts are expected TO follow. This
Is QUO OF the reliOts that has appeared
within the week.
Another helpful condition has arisen
out OF the heavy break in securities
last week. Tho chance 1t afforded Of
buying our best securities at 20 TO 80
per cent below their average price
has brought out u steady stream Of
buying orders from London and other
European centers, and the amount ex-
ported, though not definitely known,
must aggregate many millions In value,
This again has created u great many
bills on Europe and contributed to the
importation Of gold. For tho moment
this movement has somewhat abRted,
partly in consequence of some recovery
In the prices Of securities and partly
owing to the Bank OF England having
on Thursday advanced its rate OF dis.
count from y to 8 per cent: but AZ oil
the systems show a decided foreign
gain OF confidence in our Investments
aud as that gain will be increased by
the suspension OF silver purchaser
which may now be regarded as oil but
assured-the probabilities favor n 70.
vival Of these shipments at IN early
date.
Also, it seems reasonable to anticipate
that the now PROSTATE condition Of tho
great speculative interests centering at
Chicago will necessitate further large
exports OF grain and provisions, With
these causes contributing to swell tho
Or. eide Of u account with Europe
and with the current and necessary fu.
ture decline In our imports diminish
ing the DR.. side, 1t Is clear that we are
now in the beginning Of q change in the
balance Of our foreign trade that Gun
hardly fail to bring to this country q
large ultimate aggregate Of gold. We
do not venture to estimate what that
total may bei but among those nearest
to the heart Of foreign banking opera
atoms it Ia variously estimated at
from twenty-five to forty millions OF
dollars. In this factor alone, therefore,
we have ample assurance OF an carly 70.
enforcement OF the reserves OF the
banks,-of itself sufficient to cure the
%stringency, not only at this centre, but
also at the interior. Other reliefs arc
also coming In to play. The banks Of
this city are making arrangements for
taking out about ten millions additional
circulation, which, within q few days,
will enable them to satisfy the urgent
wants Of their country and western cor
respondents. The city saving banks
have obviated ono source OF danger by
notifying their depositors that they
avail themselves of their legal right to
defer payment OF deposits for thirty to
sixty days. Having done this there
will no longer be any excuse for certain
Of their number continuing 10 hoard
large sums OF money by which they
have provided against a possible run"
of deposftors.
Thus strongly fortified, 1t seems en-
tirely reasonable to conclude that so
far as the crisis is due to nero scarcity
of currency it's backbone is broken.
Only two possible sources OF obstruction
to the recovery CT confidence remain;
the waiting for the verdict OF congress
on the silver question and tho possibil-
ity Of further accidents arising from
late speculative losses and from the
prolonged tension to which business
has been exposed. AS to tho former,
little doubt is nov entertained in any
quarter; and Us to the latter, the dam
ger will daily diminish as the new sup
plies Of money become distributed
while it ia certain, that scarcely any
misfortune can beiall Spectators in
produce which will not benefit the stu
alton aud the country.
The construction that Wall street
puts upon these now features In the sit.
uation fourd expression on Wednesday
in a rise Of 8 TO 10 points in the prices
Of stocks and in n general route Of the
"bear" forces. One distinct signs OF re.
covery Of confidence in the appearance
Of the frugal investor bearing a satchel,
who is notablj the surest interpreter OF
the financial barometer. This rara avis
doubly blesses a disturbed market, first
by bringing cRsh into it and next by
taking securities out Of IL, and is always
welcomed as the harbinger Of calm.
To the investing public, the present
range OF prices affords IN opportunity
for buying advantagoously such az Il
very rarely afforded. Large lines Of
atocks aud bonds can now be procured
at prices which will yield fully one per
cont more than the ordinary rate ofin-
tereat. Buying for speculation, how.
over, should DO undertaken only upon
very simple margin. HEErY CLEws.
NNn s,Vaaan Sny,y,w,,,.,