The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-05-07

Special Correspondence Of tie In'taigsucr.
NV foRE, May J.-Wall stseet Ia
Htill In waiting attitude. with trausac.
lions few, confidence steady, hopes
many, with no disposition to realize on
holdings. aud Us little TO make short"
sales.
1t may be we'll to understand clearly
what are tho things for which holders
arc waiting, and why they hold on so
tenaciousIy. Tho main grounds of the
hopeful attitude are these:
]. Tho wearying discussion OF tariI
question is apparently hearing its end,
and the prospect, atthe moment, Is that
by midsummer tho bill will become
law, and in form much moro satiarac.
tory to tho manufacturing interests
than has heretofore been anticipated.
9. When the conclusion Is reached
tho industries and trade OF the country
will be released from tho bonds OF sus.
pense TINT has kept both sides idle for
tho last twelve months.
8. Tho present condition OF tho crop
suggests u fair probability of an abund-
ant harvest; which is always conducive
to prosperous trade and TO activity OF
transportation.
4. Europe, and especially its large
industrial nations, Is coming out of tho
eevere commercial depression from
which it has been suffering since tho
close Of 1890; the recovery in England,
Franco and Germany being especially
mar KIDD. This change may be expected
to show its effects in an increased dc.
mand for our exports and II better tone
In tho markets for our great staples, us
well as in an improved inquiry for our
investments at later stage.
8. Europe is also emerging from its
entanglcmen,s OF conflicting interna-
lional politics and tariffs, with the al
tendant constant dangers Of war. For
the last ten years each successive
spring has been expected to introduce
some great international conflict, and,
though ways have been found for STAY
ing oil the seemingly inevitable strug.
gle, yet it has been at the constantly in-
creasing expense OF exhaustive taxation
and paralyzing distrust in interna-
tional finance and enterprise. Thanks
TO tho conservative councils OF the en-
perors of Germany and Russia, there is
reason to hope that the causes OF these
political iealousies have been so far ad.
justed as to afford grounds for the hope
OF listing European peace. When
these hopes come 10 be verified BY
fuller knowledge Of tho facts OF the
new understanding, the revival OF con.
iidence at the great European centres,
added to tho now current Improvement
in commercial markets, can hardly fail
TO produce an unusual extent OF revival
in the various forms Of Investment, en-.
tcrprise and speculation.
G. Next, 1t is to DO considered that,
whilo these Influences are at work to
bring about an important revival in tho
industries. the commerce and the finan-
cial spirit OF the old world, wo arc here
on the verge of escape from the tram
mels which have SO long held tho bust
ness OF the whole country in suspense
and extreme depression. Thus, on both
sides, the Atlantic, We have amelio.
rating influences OF the broadcast kind
coming into operation conformity; and
it is not easy to set limit to the extent
OF recovery into which these tendencies
may develop.
In this country, the conditions favor.
able to a revival Of business arc espe.
cially important. The past twelve
months OF depression have been due
almost entirely to artificial and acci-
dental causes, and not to any general
intrinsically unsound conditions . OF
trade. The first contribution to the do
preston was pure and simple money
scare. the cause Of which has already
beeI removed by the repeal act. The
next cause was contemplated change
in tho productive and competitive con-
ditions OF domestic industries, which,
for SO long as it remained undetermined,
produced general collapse OF produc-
ton and contraction OF consumption.
But those consequences have produced
an unprecedented depletion OF stocks of
manufactured products. So soon, there
fore, as the now tariff duties are legal
lied, what is there to prevent resump-
ton OF normal activity in every branch
Of business, the consequent general en-
ployment OF labor, and an attendant in
crease of consumption by tho masses?
The only cause OF defermcut
OF THIS recovery that can DO rca-
sonably suggested is the possibility
that workmen may hesitate to yield the
concessions in wages made necessary by
the lower duties and therefore lower
prices. Asto that, it can only DO said
that already labor has conceded impor.
tant reductions in wages. while the pro-
cess OF adjustment is still going on, and
tho real question seems to be, not
whether wages will be reduced at all. but
whether the concessions will equal tho
demands OF employers. 1t is reason.
able to expect that, when labor moro
fully understands tho necessity for low.
err wages and finds that it is being COM
pensated by correspoudipsly lower costs
ofliving, thcre will DO no great Difficult.
IS In affecting an equitable readjus.-
ment OF tho scale OF wages. While,
therefore. it is possible that some com.
plant may DO heard Of the stubborn.
ness OF the wage.earning classes. yot
that is likely to prove only q transient
obstacle to complete recovery OF bust.