The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-05-21

f' =" ~ ANNp'Na --s"ia'
road Construction Held IN sus.
ponsc = Outlook for tho Future.
Condition OF tho Money Market.
Spafl' CorrH9onlg~ Or he H,tgfJnrtr
NV foaH May l0.-During tho past
week, Vail street has found nothing TO
lit 1t out OF tho prevailed inactivity.
For the moment, there nro no conspri.
uOug' Influences calculated TO stimulate
iargo buying; and TINT fact encourages
tho "bcars," who by succession OF
petty cautions raids have been able to
make some sights inroads upon prices.
The market, however, still shows firm
disposition on the part OF material hold.
crs TO cling to their stocks until Con.
GtesI has removed tho uncertainty that
over hangs all kind OF business. I'm.
fortunately. although the senate ap.
pears TO bo uwaking somewhat TO the
prevailing universal impaticnce at tho
delay OF tariff loglation, yet tho end Is
not yet in sight, and the public sus-
pense elbows little or no abatement. As-
surances are now mud then forthcoming
that the vote will be taken within GER
tain near date, but such promises have
90 many times failed that they only
make the future still more uncertain,
mud operators are therefore standing
stilI in mortified Impotence. but with
no disposition 10 mako any sacrifice, for
the reason that, whenever the question
may DO settled and whether tho bill DO
enacted or defeated, there must soon DO
general release OF business from tie
present suspension and depression.
Ihere ia some reason to believe that
the spring trade, however unsatisfacto-
~, has not been really so bad as might
be inferred from tho general spirit Of
complaint. Impressions have been
formed from tho smalluess of the scpa.
rate purchases, and sufficient allowance
has not been made for tho fact that the
greater frequency OF transactions has in
a'manner compensated for tho small
meas OF the amount Of each one. Re-
ports from interior merchants indicate
that. in the south and west. better
feeling prevails than at the eastern CEN
tres, aud the hope is very generally ex-
pressed that, with fair crops, tho fall
trade will show q material improvement
on that OF the spring. In fact, general
~ throughout the country. the expecta.
ton Is that the business OF the second
hnt of tnn t,tl1 al, a ~ nfO1lln M
provement on that OF the first hall.
manufacturers arc generally making
increased preparations Tor the fall bust
ness; but contracts are held in sus-
pense until the settlement OF the tariff
gives certain basisfor fixing the future
course OF prices. Already, prices are so
exceptionally low as to afford reason
ably safe basis for contracting for future
supplies; and this fact makes nlanutac-
turcrs cautious about undertaken: fu-
ture commitments, as they deem il pos
sible that. VIXEN the suspense is re-
moved, there may be some recovery in
values.
Even the most conservative observers
incline to the expectation that, when
the congressional distractions are re-
moved, the revival OF business will be
comparatively rapid. They reason that
the rebound which follows an artificial
restraint is always apt to be vigorous,
and attach Importance to the TACT that
the extent OF enterprises waiting to
avail themselves Of the present abund-
ancc OF idle capital has perhaps never
been exceeded. The creation OF new
investments has been held in absolute
check for now nearly eighteen months {;
not because there Ia no room Tor them
or no capital 10 float them, but simply
for the reason that confidence has been
lnomentarily chilled by rearrance-
ment OF certain conditions OF our indus.
trial affairs. 1t does not seem rca9ona-
bly, probable that, when the Causes OF
this Interruption oil confidence have
ceased TO operate. these deferred under
taking5 will continue TO wait.
Among the new enterprises at pres
ent held in suspense perhaps the Tore
most is railroad construction. During
late wears the additions to our railroad
system have been quito exceptionally
light. Between the years 1850 and 1857
there was an increase in mileage Of 90.
900 miles, or an average OF 5000 miles
per year. For the four next succeeding
wears the annual Increase averaged but
$500 miles, and for the two last years
the new construction has averaged only
$3.50 miles. Judging from past expert
eucc, the present very low rate OF con-
struCtion may be regarded as preparing
the way for an important revival OF this
form OF enterprise, and It is well under
stood that, in the higher circles OF CAPT
tai, arrangements for important under
Iailings arc already in the formative
stage. This is tho more TO DO expected
from the fact that tho present low price
OF railroad iron and tho decline in wages
aeord an exceptionally attractive op-
rostunitv. Railroads, at present costs
OF material and labor, can be built for
much less than paid around 1850. The
temptation to build new roads is there
lore very great; besides which there arc
many existing roads that need extern
sions and increased equipment, while
the growth OF tho country has created 4
demand for new limos. The undertak-
ing OF works OF this character will give
IN direct impulse to business At large
and help the general recuperation.
These are among tho things on which
Wall street mas ita eye i'll its expectation
Of An early revival Of the financial
markets.
Tho money market is assuming 4
healthier appearance. The loans show
= steady and wholesome expansion.
which inlNaies better condition oil
both credit aud business, and the ex.
ports OF gold arc diminishing tho un.
healthy initiation OF the cash reserves.
THO nnli Tim. il rninn To Eurnnn hnl na