The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-08-06
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Fpaefar Correspondence Of ne rrt.rt5,noz
EEw YoRE. August 4.-Ono moro
week OF delays, difficulties and diSap-
pointmOntS. This briefly summarizes
tho course Of Affairs since our last I'D.
vicos. The tariG continues to unsottie
business; serious damage beiell our corn
crop; gold wont abroad at an uucx.
pectcd ratio, and tho treasury reserve
agafn touched tho lowest point on 70.
cord. Mono Of these contingencies was
anticipated a week ago. They camo as
additional burdens upon IN already
complicated and depressed condition
Of affairs; and yet the stock market
stubboruly refused to reflect these con-
disions. 1hiR unusual resistance Of val
ues TO untavorRble developments 10 ono
OF tho most striking features Of the ait
uation, and not very easy Of cEplaun-
ton. Il is quite evident, however,
that thorc IL little. II any, artificial sup
port; and IL Ia equally apparent that tho
"bears" are unable to dislodge any i'm
portant amounts Of stocks. Tho only
plausible explanation ia that decided
change OF feeling has taken place, which
thus far manifesto itself, not in action
but in patiently waiting for better
things and resisting depressing intiu.
enCes. Despair has given way TO hope,
and, II confidence has not boon fully ro-
stored, fear has certainly almost com.
pleteIy disappeared.
With such change in sentiment 1t Is
only a question OF conditions aud Iudg-
mont ne to when sentiment stimulates
action and action displays itself in gen.
oral revival. Already the reviving ten.
denotes are at work; aud they need
nothing but opportunity to assert
themao!ves. Tho first aud bost oppor.
tunlty will DO tho settlement Of the tar
1T question, which no0 seems cloGe at
band. 1t is pretty certain that tho SON
alto bill with shortly become law, with
few uulmportant amendments. AS
soon rs that 10 done commerce will TG-
yivc, imports will rapidly increase, and
idle industries will share III tho general
roliet from suspense Amongst our
leading bankers there is already much
more hopeful feeling than lew weeks
ago; aud in some linCa Of business trade
has within tho last two weeks experi'
enced quito revival; nothing cxtraor.
binary, but still recovery enough TO In.
dictate a turn In tho tide, Commercial
paper Is In better supply. and Lenders
arc much less critical as TO collateral
than recently; all OF which arc favora-
bio symptoms. Tho conditions OF trade
In England, Franco aud Germany have
improved materially during tho last ak
mouths: aud this fact. together with
the better feeling over thcre which will
follow tho passage OF our tariff bill, will
do much to counteract tho dIsfavor into
which American securities have lately
fallen.
Az for the damage to our corn crop,
that has un9uestionably been serious;
but il should be remembered that the
loss will fall chiefly upon two or three
OF the central Western States, which
have ample resourccs OF other kinds;
80 that the injury will not be so severely
felt as II tho damage had been in purely
agricultural states. Then, taking tho
reports at their worst, and they cor:
tainly havo beon exaggerated, IL still
seems probable that we shall hove az
large crop as last year 1000, 900. 600
bushels}, 90, without considering my
possible improvement In tho balance OF
tho crop, the outlook Is not go bad as 1t
seemed, Tho very low price OF wheat
and the competition We arc meeting
with from other producers arc discour-
aging; but this, too. has Its otFsets, for II
will undoubtedly widen tho consump'
1.-Two uses OF wheat. and has alrondy
forced o lower cost OF production.
The low condition Of the treasury
reserve oxcltes no alarm; because its
disabilities arc regarded as temporary.
Tho resumption Of imports and tho fall
currency movement arc, together, de-
pended upon 70 strengthen tho treas:
ury; beyond which is tho declaration OF
Mr.. Cleveland TO preserve the credit OF
tho country, also the public spirit OF tho
associated banks In my severe crisis.
Gold exports arc Vowed with less ap.
prohension than usual; because thoy
arc due not TO return OF our securities
40 much as to u settlement OF balances
and maturing loans, which, in tho alb.
sence OF commercial bills, had to be mot
with gold, Later on gold is likely to
flow this way.
In conclusion, we again assert our DO.
lief In bctter times. Reviving london.
clos arc multiplying every woek, and
only require q fair opportunity 10 as
sert themselves. Sudden recovery Is
Mother likely nor desirable; but tho
turn i,as set IN, and firm belief in im.
provcnent will do much to protnotc II.
Tho latest railroad returns show n
marked decrease in losses, and fow
show increases: something 10 which we
havo becn complete strangers for ovor a
year. lIENRY CLGws.