The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-11-18
lIord salIsbury's speech Served to
Losso" apprehension OF Serious
Dln5ronoos BatwoeA tho European
Na,Iors-RovIval Of Gold Exports
Checks tho Upward Tendency Of
Prices.


TophAh bouTses was prompt reslOFa'
ton ot confidence, which has been es.
pecially apparent in American securi
ties,
Another factor contributing to the 70,
coyery has bsen the comparative ab.
sonco offurther serious ombarrRssmonts
in connection with tho wild speculation
IN "kai!irs." II seems probable that
now those stocks havn come under tho
control nj the iGaders, who have no
doubt gathered immense wealth from
their operations; aud in that case
further disaster may DO confined to a
Tow minor operators whose illiorsunes
could not DO OF much Importance to
the general market for securities,
In addition to these improvements in
European conditions, the railroad stu.
alton has shown more hopeful pros.
peCt. In spite OF the light movement OF
grain aud cotton to the Seabuard, the
railroads begin to exhibit decided im.
provemeut in earnings. When cotton
and wheat come TO be exported in tho
volume usual At this season OF the year,
their traffic will be largely Increased,
and earnings will show u further gain
upon their already liberal volume. The
ouLhWesterU lines have been suffering
from an expected light crop OF cotton
and from its being withheld from mar.
l;el; now, however, opinion begins 10
favor somewhat larger weld than has
been expected aud the price has fallen
10 point much nearer the views Of
foreign takers; 90 that it Is reasonable
to look for an early liberal export Of the
staple, with a consaQuent gain in the
business OF the roads OF that section.
The corn crop also ID now but begin.
ming TO move. The agricultural bureau
now estimates the yield at 2,liS,0OO,000
bushels. or 03G0O0,OOO bushels above
that OF last year. 1t is impossible that
such an increase in one OF our bulkieSt
products can fail to largely increase
the income OF tho roads situated in tho
corn belt.
These improved conditions have
arisen concurrently with largely over.
sold condition Of the stock market, and
the result has been rush TO cover
short sales, which has caused a general
rise IN the railroad list. So far, how
ever, the improved turn in affairs has
had little effect upon the outside els-
mene in speculation. Tho transactions
hayc been chiefly confined TO board
operators. and outsiders seem disposed
to wait until tho recovering tendency
becomes more marked and positive.
But while the factors above cited arc
tending TO restore confidence aud have
caused m advance in prices. the up
ward tendency il held In check by the
revival OF gold exports. It lie a sufficient
explanation OF this extraordinary eE-
caption to the common rule Of import
ing gold at this season that 1t results on
III, one hand from heavy importations
of merchandise, and on tho other from
the persistent holding back OF tho
staple articles OF export II is 10 bs
conceded that the detention oil produce
from export is sure to be followed by
shipments so large as possibly to turn
the flow OF gold towards this country.
The latter fact NAV favor a replonish.
ment OF the stock Of gold in tho metro.
politan banks; but II can bring no
direct advantage to tho treasury, az the
government has no longer any source
of cold income and eau get the metal in
no othor way than By borrowing II
against issues OF bonds. The present
a.ate OF tho foreign exchange
therefore brings public attention
back to tho stubborn "boar' factor
arising from tho condition Of the troaI'
ury gold reserve. The spectre Of an.
otilor fifty millians bond issue risol be-
loro tho public imagination and there
Is nowhere much doubt about that ogre
materializing sometime before next
sprlng. That constant disturbing pos
,ihility stands as a fixed obstacle to any
really inspiring recovery Of confidence.
Could 1t DO removed, the effect would
be worth ten points aidod value to the
entire stock list. llut so long az this 70.
mains AN open aud constantly recurring
danger, IL sonms horoicss TO look Tor
any really strong aud we'll sustained OF
fart 10 bring up tho price Of Investments
to tho standard usabliJhod by tho I'M
proyement Ia thgir intrinsic condition.
ANY general aud sustained riIo In nricos
neolls tho corporation Of men oil ample
means and cautious judgment; and
such man arO very apt to decline Largo
and long commitments whom tho pros'
pect is not reasonably Cloar oil clouds.
Who therefore tho general industrial
and commercial condition. arc iayorN'
Bile to tbs value Of stocks and ara likely
to afford good subhrRtum Of conf.
donco 10 the market, II will DO prudent
to avoid expecting too much from those
announcements. Tho proper tanpera'
rn,tL far tho moment ID honpiulnesa,
but not cxttavAgant expectations The
market is anything but a safo one Tor
selling: bu, buying should DO moderated
by satisfaction with quick turns aud
moderate profit" hENHf ChEwS'
Tho won't ltndr.