The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-03-26
NINE ARGUMENTS
Advanced for Taking u Chooriul
Wow OF tho BusIncss Situation.
CONFIDENCE CERTAINLY REYIYING.
Tho Veto of the Blind Bill, It Is
Claimed, win Do Much to Counter.
act tho Effects of Tariff Changes.
Henry Clcws's Vlows on the Subject.
Tho Tide Has Turned, aud Wo ARC
Leaving Disaster Behind.


N'' Hih NVTTfsIbHAtH'f W bf llNltlVNfr
New YoRE, March 9i.-Thore uro
many good and sufficient reasons for
taking u cheerful position regarding tho
iuturo OF the stock market. 4 Tow OF
them may DO briefly enumerated as
follows:
|. Confidence is certainly reviving
Business is slowly but surely emerging
from tho distress brought on by tho
silver policy and GriGvously prolonged
by tariff agitation. Stocka Of merchun-
disc have become so exhausted, with
few EXCEPTIONS by prolonged curtail-
ment OF production, that universal re-
sumption at the mills will be impera-
tive as soon Ns the tariff fright Is over.
Outside OF tho tariff question, the man
niacturinG situation Is exceedingly fn-
vorable, because wages and materials
are lower than uEunI, and tho consump-
tive abilities OF the country have not
been impaired in any such degree rs its
productive abilities. Tho business sit-
uation may be dismissed by the simple
statement that it is exceptionally sound
and improves daily.
.. Easy money is assured for months
to come. Rates arc extraordinarily low,
and there are no immediate prospects
OF better rates. Even the approachin.
April settlements, usually II period OF
disturbance. are attracting no attention.
This question OF easy money is an i'm.
portant factor, because it not only
facilitates speCulations but in the long
run encourages tho demand for interest
paying properties.
3. There is scarity oil good railroad
investments in Europe, dstrust OF our
currency system having caused heavy
return OF both stocks and bonds. When
the distrust is removed, as doubtless it
soon will be. marked revival in the
European demand for Americans" will
inevitably follow.
4, In event OF any pronounced revival
at home or abroad in tho demand Tor
railroad investments, the supply would
be found inadequate to tho demand; for
railroad building in the United States
has not, for five years past, kept pace
with the growth OF industries and popu-
lation. In tire East our railroud svatem
is alone fully developed but this is far
from true in some sections OF the West.
8. The industrials have not been n
success as investments. Even as spec.
ulations they have caused greater pro-
portiOnate losses 10 venturesome opera.
tors than railroads. There il naturally
more secrecy in management and condi-
tons OF trusts" than is possible in the
case OF railroad companies. Intrinsic
ally tho railroad is vastly more tangi-
bic affair than the trust" aud far less
dependent upon individual within or
skill. Unquestionably recent expert
ences with this class OF investments will
lead 10 reaction in favor OF railroad
stocks and bonds.
q. Several Immense properties arc
still undcrgoin. tho PROCESS OF reor-
ganization, the first effect OF which will
be to greatly strengthen the railroad
situation. Such securities are usually
concentrated in strong hands. or are ut
least very firmly held for better prices.
I. Decreases in earnings are steadily.
growing smaller, and the earning power
Of the roads soon promises to expand
from tho revival OF trade. Dy great
economies, chiefly for renewals and i'm
prOvements, net earnings have been re-
markedly well sustained; and tho fears
OF reduced dividends. which warranted
the earlier decline in values, are slowly
disappearing. The reports OF rate cut
ting and the opening of navigation have
had slightly adverse effect; but these
are clements always met with about
this season.
S. Small gold shipments have &C.
cured thus far; and ut the moment no
heavy outflow seems probable. This
will be assuring to those who arc APP
prehensivo OIL the subject; though as a
matter OF fact our banks could readily
spare round amounts without any in
convenience. In fact, were the silver
question out OF sight liberal cfilux
would DO welcome TO lenders through
the stitTening OF money rates that
would follow.
0. The veto OF the Bland bill will
probably settle the silver question for
good so far as this administration is
concerned. This is not only the most
important but the most encouraging
feature oil the whole situation. 1t will
not only restore confidence in the abil.
ity OF tho government to maintain its
obligations on gold basis but it will
again restore American credit On high
plane the world over. 4 veto Of the
Bland bill will 60 much to counteract
the effects OF tariff changes, which have
already done their worst
This summary offavorablc arguments
need not be extended further. Arrayed
against them there is little but lack OF
confidence and lack of purchasing abil-
ity to prevent rapid rise in values.
These are obstacles which cannot be
overcome without time for rccuperation,
consequently the improvement must be
slow and irregular. The tide has GER
tainly turned and We are already leav-
ing disaster behind.
Henry CLrws.