The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-06-25

within comparatively few days Of tho
dual enactment Of the new tariff bill
By tho lst OF August, its provisions arc
likely to be In operation. aud tho anxi.
Gus problem OF its effects will then enter
the process OF solution. Il eau hardly
DO eaid that Wall streyt shows any deep
Interest in the approaching event. l, is
not bRsing any present operations upon
II; 1t is nos discountiug i. as either d
bull" or bear" element. 1t does
not deny that 1t mus, have future
eurcta; but il rcgarda those results as
90 contingent upon conditions indie
pendent Of tho tariff that they hardly
allord material Tor speculation, much
less Tor careful Investment Il Is con.
coded that the new act will remove tho
osIenstble reason for suspense which
has 30 long kept business staguaut.
Wall streets attitude at tho moment Is
a waiiin. one, so as TO sec how things
will drift when the new conditions take
cnect, Some things will then have 4
cerIninty which they 10 not now
possess. Prices OF all kinds OF
product. and OF labor will be
found TO be very exec ptionally low; and
there will 90 no longer any questions OF
tarin to throw any doubt upon that con.
dition Of ctIeIpuesg being moro or less
permanent. a state OF exceptionally
low values Is always, when 1t Is sup.
n.nH III hau. fnnnI,a4 Nh.. ~. la,rst
favorable 10 investment. II is an &C.
commodation 10 the reduced purchasing
ability TO consumers; IL is favorable TO
the undertaking OF new enterprises, 20
the repair and extension OF induatrial
plants, TO the purchase Of real estate
and the construction OF new buildings;
and 1t afford, the best opportunity Tor
undertaking large works OF q corporate
aud public character. With the enor-
nous amount OF capital now held idle
aud yielding almost 10 return, il is
hardly conceivable that these conditions
Of extraordinary cheapnesi can much
longer TO have their natural effect OF
forcing this unem ployed wealth into in
vestmenL Its owiIers are not putting
Iheir means largely into existing stocks
and bonds; it is therefore reasonably
inicrable TINT they are waiting ior the
ripe momen. Tor Investing in new IN
deT!Akincs created Gnde, the prevalence
OF low values. II Is simply question
OF ripencss OF opportunity when values
have touched bottom when the general
situation has lost some OF its unCer-
tainties; when the seli-curative ten
denotes OF depression begin 10 exhibit
themselves, md the country has grown
weary iot idleness,-then lev leaders
OF capital set an example Of confidence
10 The conservatives, and process OF
sure and rapid reyivais set in. That
process is now before Us. How near or
how distant, is not easy TO Judge. Nor
is it easy TO aay how much nearer the
end OF the tariff confusion may bring
it; nor how much it might be helped
by the SUCCESS OF the diplomatic efforts
now in progress for introducing Euro
pean Disarmament; nor how much it
might be encouraged by assurances that
Congress will give Tie q currency system
that will remedy the serious obstacles 10
investment connected With the present
unsouud state OF our momentary ar
engagements. There are plenty OF con-
ccivable contingencies that might at
any time start up revival OF confidence
and OF investment; but, at the moment,
none are distinctly in sight and We can
therefore only wait ior developments.
This may not be situation imnedi-
ately favorable for buying movement;
but 1t is certainly not one that warrants
selling. The favorable probabilities
greatly outweigh the nuiavorable oues,
bothiu number and importance and the
prospective situation is one that will
have no rewards for pessimism.
Wall street was taken sopewha: by
surprise this week by meeting OF bank
presidents 20 consider whether the
banks should not help the treasury in
meeting the continued extraordinary
demand for gold for export. Az the
treasury has already lost ioriv millions
OF the gold il recently borrowed and the
export movement may possibly call FOR
another fifteen millions before it is sa.-
isiied, this is not az iuopporiune ques-
ton Tor the banks to consider. Conf
deuce is still sensitive, and the oxpe-
Iience l2s. year under similar condi-
lions ia not forgotten; il WAS therefore
prudent TO prevent any further unnec-
esaA-y drnins upon the government gold
reserve. already reduced to siXty-seven
millions. With one hundred millions
oispecte in their reserves. the banks can
well afford 10 show this consideration
for the treasury; and the more SO as
There is reasonable probability that,
with tho opening OF the fall months.
considerable amount OF gold may find
its way back 10 this country. thereby
roplenishing tho reserves o; the banks.
We are now ver2!uE towards the aeason
when the interior begins to draw money
from This city for crop moving purpose2.
1t is not improbable that those with
drawaIs may prove quite important
This suggests probability OF higher To-
cal rates OF interest at later stage; and
tina: would be calculated to bring gold
out oil the present extraordinary Euro
pean atocks OF that metal.
llESRY CLEws.