The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-08-20
sa.ttel carapoaa.ne. "a. Inl.ganar

Spiral Correspondence Of tie Inlegigeuz.
NEw YoHK. August la-rho market
has at last been freed from tho uncer-
tainty, doubt aud fear which has been
its great drawback for many months.
The Washington domination has prac-
ticaliy ceased, aud railroad properties
are once moro in position to be inHu.
enced by the returns from a gradually
increasing traffic. which Is bound TO
follow tho settlement Of tho tariff queS.
tlon. The depreciation in values and
stagnatiou, has been a matter Of moro
than year; and 1t may tAkO Us long as
that to bring the country back to its
previous condition Of prosperity; but
the recovery is certainly coming, and
has already started. Tho work OF year
cannot be undonO in week or month,
and from time to time there will un-
doubtOdly DO gatherings anu setbacks;
but with II oil the foundation OF busi'
ness will gradually assume broader pro.
portions, until the restoration OF conf
ldence in all lines aud quarters il COM
plet0. Wall street 10 unquestionably
the pulse OF tho country. aud as a pa
TENTS pulse Indicates his condition, so
will the security murket here reflect tho
convalcscing condition in manufactur.
Ing and commercial circles which will
prevail throughout tho country IRON
now on.
Europe has already perceived the
frightening fnanciaI skies here, and has
been quick to recognize the ndviIability
OF accommodating American railroad
properties willis it eau 10 dono at low
figures. Each day brings fresh buying
orders from abroad, aud foreigners are
getting as anxious to hold our sGcuri-
ties now rs they wcre to lot them 20 q
while back. Added to this. tho absorp.
ton Of bonds and stocks which arc now
looked upon as unreasOnably low con-
tinues, that Is they nre being bought
and taken out OF the market entirely.
Tho long continued ''bear" markets
have shaken out weak holders. and &C.
curities In general arc getting into
strong hands. That the railroads Of the
United States arc III better position to
rccupe,ate rupidlY than they were n
wear ago there can no no doubt. The
long period OF depression has necossi-
tated the cutting down oil expenses
wherever and whenever it was posi-
bic. 1t has taught railroad managers
how to economize and forced thoIn to do
business on a cheaper basis than over
before; so that increases In traffic are
al. ,tah IdPunF mt FnfnFnH
owing TO tho low basis Of operating ex-
penses. For while also thoro is not
likely to be many now extensions to
old ronds projected. us at present there
10 little incentive for anything OF the
kind, and thero will not 10 until tho
business OF tho United States gets back
to its old magnitude.
Tho corn crop lIus been less an ele-
mont Of fear in connection with the
granger roads this week. There has
been considerable rain in tho corn belt,
md though tho government crop report
issued OIL the 10th indicates doterlora'
ton IN condition sufficient to reduce
the general yield to something under
1900, 0OO, 600 bushels, tho impression
prevails that tho worst Of tho damage
Is not known. and that there is no
further reason for bearing" tho stocks
OF tho corn-carrying roads. Tho way
should now be clear Tor new departure
based upon rock foundation; condi-
ton which only could havo bnen nc:
compIished by rigid economy aud
thorough liquidation. Tho attitude for
everybody TO take now is on the build
ing up side, which carries with it cheer.
fulness, hopeiulness and profit TO all
who put their shoulders to tho wheel
and take hold with vim. We cannot
do bettor than point nut the wisdom Of
our advice of ten days ago to tho elIcct
that the stock market would DO gov
orned by what's ahead aud not by what
has passed; that the old condition OF
s,agnation and depression is rapidly
being lost sight Of, and that everyone is
looking forward to what may DO OK
pcctod to prevail ak mouths from now
aud thereafter. by that timo railroad
earnings will have returned to nor
mai condition, Which means more than
IL did under tho old situation owing to
tho pruning process which the roads
hayo nil undergone. Tho thing to do is
10 discount q general improvement in
the future; and We still recommend
buying stocks for higher prices. Tho
REACTIONS which will occur occasionally
will afford excellent opportunities for
getting in at good figures.
HENRY CLgwS.