The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1894-06-11
aonry Clews's Weekly Letter on
the Business Outlook.
A BETTER TONE on WALL STREET.


P'ONeHlcHt III tue tOhSot the stock mar.
ket has been IolIowedI by another week
Of recovering cOnaddecS. The change
appears to have beeh Tess duo to any
new buying movement than to a geu.
eral disposition among the bear" oper.
a'ors TO cover short" c97tracts, which
has prevailed on the Eohdon market as
well as horc. This disposition has been
due partly 10 tho upward tendency In
the price OF whpat, which is construed
as favorable to the forwarding Of tina.
cereal and therefore to the prospects Of
railroad traffic, On this accoun. there
has been q distinct Improvement in the
tone OF tho grangers and especially OF
Rock Island and ST. Paul. The better
tone, however,, is more especially trace
able to tho progress made in the senate
towards closing tho tariff discussion and
tho passage Of that measure al q COM
paraIive early date. London appears to
have ell along exaggerated the possi.
bllities OF the bill being defeated, and
has been "bearish" towards bur stocks
on that account o.
Believers, as the Engllshnre, In tho
virtues OF low tariffs, 1t is natural that
they should construe the Epz more Ger
tain prospect oil the succesiiot the tariff
bill us favorable TO ourinvestments,
and they are therefore more likely TO
stand on the "buIl" side than on the
bear" under present circumstances.
Certainly, SO long as this Wow encour-
ages London TO investin our securities,
New York will have no objection to our
transatlantic friends INDUCING in their
conclusion to their full bent; and We
should not be surprised il, when the
tariff Is finally enaCted-about which
there now seems TO be no room for a
reasonable doubt-the even. will be at
tended with u marked improvement In
the London demand. There are also
other circumstances which for the
moment are acting iavorably upon Brit.
ish estimates OF our obligations. They
have for some time INDUCED in pes
simistic views about the prospects OF
our government finances; but the con-
idenco now expressed By the admins
tration as to the sufliclcncy OF future
income, without resort to any special
means for bridging over temporary de-
]iiclcncies. may. be expected TO qualify
those mistaken judgments.
The decisive rejection OF the bill re-
peaiiug the 10 per cent tax on state
bank notes Is also calculated TO have an
assuring eject abroad; for, following
the repeal Of silver purchases and the
rejection OF the Bland seigniorase bill,
it a only be construed as i'm plying
that Congress may be trusted to dis
criminals against unsound measures Of
currency. ii it be not prepared 10 20 as
fast and az far in the way of wholesome
money reforms "a the circumstances
may seem to require. For these reasons,
We are disposed TO think that coming
conditions will tend to dissipats that
distruslful discrimination against our
investments which has, for nearly two
years past, preponderatei in the London
market Another motive may help 10.
wards thai result. While nearly every
other kind OF security has been freely
exploited by London speculation and
prices thereby advanced beyond what
conditions seem to justify, Americans
have been systematically neglected; it
would therefore seem likely that the
coming removal OF the obstruciioRsihat
have caused this distrust will be attend
ed with q pronounced reaction in favor
OF our investments. This seems TO be
among the things that may be reasona-
bly, hoped for when the material inter
ests oil this country have been released
from thedistrac.ing suspense connected
with tariff changes.
The persistence OF the Widespread
strikes ia,lhe mining regions hao q dis.
couraginc effect, which, however. is be-
ginning 10 disappear as the prospects o!
an early settlement become moro posi-
tive. The struggle was one oil the inov-
iiahie results OF a change OF commercial
policy that meant, rs n OF its earliest
effects, n reduction in the price oil fuels
and e 1t il mnch bette: that the
struggle should come now, while the re-
construction OF the tariff is in process,
than that it should have To be fought
when the industries are resumins oper-
atoms under the newly-es,ablished con-
ditions. For the time being, however,
il causes some serious interruptions OF
jalfic on some OF the interior railroads,
tnich will be reflected in temporarily
diminished earning.
Wall street still takes com ~plactntly 10
The large and unanticipa,ed outflow OF
4old 20 Europe. Tho total Amount
!hippeI since tho outflow set ilhhs now
over al, 200. It is not to ~bercgard-
ed as IN entirely natural Exchange
movement; and so long as w1l do not
need the metal for monetary uses but
rather burtEencd with it Us afdpeTlu-
i,v, its loss Is viewed rs no spec.ai mat
ter for regret. Next week, Austria
starts the resumption OF gold payments:
and taeIe exports arc mainly incident
TO that event; for, although the gold
had been long contracted for, yet the
bankers undertaking the engagement
bad not until now delivered the entire
supply. I, is something OF which
Americans may be proud that they can
contribute such a large portion OF the
gold required for that great operation
withou. feeling 4 ripple OF momentay
disturbance. and without mourning the
least discomfort ia its investment mar
ku,s. There is no other financial centre
in the world thai could have endured
such q drain without suffering the
acutcst kind OF derangemcn. The quiet
aud silence with which this ex,raordi-
nary contribution TO the rehabilitation
OF the finances Of q grea. nation has
been effected. is a striking expression OF
the resource OF the country abou. whose
fate and financial management Europe
an censors are so supe,cilious!y critical.
We have, moreover, the satisfaction OF
knowing that we have parted with no
more than We can easily afford to dis.
pense with and it is q safe aud reason