The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-03-18
Special Correspondence otnt in.elllsa.or.


among tho dry bouos. The now condi.
tions introduced by tho syndicate opOr.
ations and tho relief afforded by tho
close Of Congress- havo awakened frosh
interest, and tho general aspect OF tho
marLc. is indicative Of now life. There
10 a gene raj feeling that tho change Of
situation removes many obstacles to
operations and affords o moro J6ilnitD
and saior basis for engagements ox,und.
Ing Into the future; and investors aud
spectators nro therefore inquiring wha.
securities afford promise Of an carly i'm.
provomont IN value. IA might DO OK.
pocted after such hard experience 80
long protractcd, this movement Is
checked by certain remaining caution,
and therefore it's effects make no grcat
show on tho surface at tho moment;
but not tho less surely docs il signify
the beginning OF rccuporation. conf.
dUnce and m improvement in values.
In tho present stago continuous
source OF depression hangs over tho
market In tho uncertainty about divi-
dcnds OF railroad or cases OF actual 70.
duction. This Is an effect OF tho dimin-
ished earnings OF many months past,
and docs not represent tho actual pres.
cnt condition OF tho properties. which,
AZ rule, are really in better dividend.
earning position now than during tho
period represented by the recent and
current dividends. These effects OF bud
past business havO been discounted in
anticipation. but still whom tho rcduc-
lions OF dividend actually occur they nre
apt TO be attended with como further
depressing effect Besides this cause,
there are also others which tend TO en-.
courage conservative feeling on the
bull" aide OF the market, but, on the
other hand, the "bears" are becoming
equally careful about their risks. I'm.
der these circumstance. the improving
tone OF the market fails to lind full OK.
preston in tho volume oil transactions.
1t would DO mistake, therefore, TO
measure tho future OF the market by its
surface aspects at the presen, moment.
The coming business and the future OF
prices must DO estimated from the force
OF the new factors that are now enter.
ing into tho situation, but which are
held in temporary check by old dis.
trusts and by tho caution bogo,ten OF II
host OF now disappearing Encouraging
conditions.
Wall street keeps quick oye upon
the prospects OF the suggested interna-
tional silver conference. /. sees in the
adoption OF worldwide policy OF BIZ
metallism certainty OF material in
crease in the metallic money OF the
commercial nations. and assumes that.
in such case. there would DO general
rise in values sai consequent specu.
lative boom Of wide dimensions. At
present there is no real certainty about
the calling OF such conference. but
the probabilities seem to prepoudera,e
largely in it's favor. At such a gather
ing one OF tho gravos. points OF discus.
sion must be the adoption OF reduced
valuation OF silver. What ratio be.
tween the two metals would satisfy the
conservative European nations is no:
worth while to speculate upon; but no
doubt they would insist upon material
departure from the present standard OF
Is! 10 !. At this point it becomes n
matter OF much regret that. OF the dele
gates Professionally selected by Congress
to represent this country in such gath
ing. 80 large n proportion are strongly
committed to the ratio OF l6 to |. judy
ing from their determined iusis;ence on
this point, tits not impossible that thoy
might 90 to the length OF presenting
that as their ultimatum; though it is to
be presumed that the President would
put in his "ina,ructions' some llmita-
tons upon their discretion. 1t is there
fore desirable that public opinion favor
ing an international method OF settling
this question should make its influence
felt rs agains. any insistcnco upon pro-
posals which tho European powers
might DO counted upon to reject.
|, noeds some explanation why the
silver leaders OF the mining states so
persistcntly insist upon FREQ coinage at
tho ratio Of IL to !. They secm to DO
more than indifferent abou. information
al action; and yet, unquestionably the
into irrational basis would afford much
more promiso OF stability than would
Isolated national action. Their principal
reason is that they are well aware that
European cooperation would be impos.
able without tho adoption OF a re-valu-
alton OF aiIvcr moro or less approninnt
ing the reduced market value OF silver
bullion. That. say the miners, would
make impossible the complete recovery
in the price OF silver; which /. tho SUI
prcme object they, as producers, have
in view. They are concerned solely
with tho value OF their output; and con-
siderations affecting tho quality Of
money, which may appear important to
many OF their followers, have nothing
to do with tho solely industrial purpose
which con.rols the mining interest.
They consequently insiat upon Il settle
ment TINT would enable them to get Il
dollar for 37l.25 grains Of silver while
other nations might insiat upon valuing
the metal at possibly $50 to 500 grains to
tho dollar.
The general conditions OF tho coun-
try since tho adjournment oil Congress
have materially improved. and havo
now reached stage whore the ludg-
ment OF business mon will hereafter be
tho guide instead OF busiuoHB aiIai.a be.
ing dominated by whnt Congress was
or wAs not going to do. as heretofore.
This means great deal in trade circle,
from now onward. Confidence may,
therefore, DO expected to gradually in.
crcn,c, and business courage will como
back with II. This mcans new dopar.
turc, and. instead OF the business Of tho
country being restricted to retail
bnsis, it will gradually broaden and do.
volop into wholoaale transactions on an
important scale, which increased conf.
dcnco and courage will bring abou. by
trade purchases being made ahcad of
wants, aud not confined. ns for long
timo pas., to hnnd-to-mouth policy.