The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-02-25
FINANCIAL REVIEW.
Henry CLOVIS Woolsly Letter on
tho Financial Situation.
WALL STREET TAKEN BY SURPRISE
AT tho stupcndous Success OF tho Syn.
dicatn'a Negotiation Of tho Treasury
Lo"n-What It Signifies = Indlca.
lions That Bettor Times arc At
iiand--A Turn In tho lido ON Wall
Street.
'Sssto' Correspondence Of nc lp,eiltonets

Special Correspondence Of nc Intelligence
NEw foRE, Fob. 23,-Wall a,rcct Ia
iairly takon by surprise at tho stupon.
uous success attending tho syndicato's
negotiation OF tho new treasury loan.
Two weeks ago. all was in tho gloom Of
utter uncertainty as to whether the
treasury could DO kept aloat, or It
must sink from lack Of rescue. Now,
tho status Of tho public credit Is clio.
vatod before tho world by bids for ton
times tho amount Of bonds offered, and
by the fact that tho major part OF tho
subscription Is mado In Europe. This
fact is rs remarkable for its revelation
oil tho large amount OF capital soeking
employment as II is for It's evidence OF
thc still high standing OF our national
credit. The result 80 far exceeds all
that Wall street has been anticipating,
that 1t 10 takon by surprise by the sud.
den appearing Of now situation,
TOR which it has not been prepared,
and tho utilization OF which 1t has as
yet no immediate plans. There, how.
ever, can BIO no second opinion MS to
what all this portends. There is no
place for bearing" and buying must
hencetorward DO tho order OF specula-
ton. backed BY large reinforcement OF
confidence in London and on tho cont.
ncnL Indeed, We take it that tho
events OF tho past week will strike tho
keynote for revival OF confidence tho
world over, and for general recovery
OF business that has boon held in sus.
pcnse for the las. three years. We may
expect to witness, at m early day, the
effect OF marshalling men OF capital for
promoting livcly speculative cam
paign; but, during the interval OF prep
aration by those leaders, tho market
may not show any especially striking
changes.
Bull speculation in London in Ameri.
can securities is likely, from all indica.
lions. to soon start up, and it will prob
ably DO as pronounced as it has boon in
the opposite direction since the Barring
panic OF November, 1890. The Roths-
childs and other leading London bank
srs had foreshadowing OF the over
loaded condition OF tho Barring firm,
and, in anticipation OF their collapse,
were quick to shif, their load OF Ameri-
cans to this side, and there has been
no time since then, now four and a
half ycars. that the London attitude
has been not only to discourage
the buying OF American securities, but
to encourage the selling Of everything
American. The foreign press has also
been dead against our investments, and
their attack, have been OF a most vicor-
Gus character. Recently. Tor the lack
OF something better, South African
holes in the ground" supposed to
contain gold, have been seized upon
with avluity. As an evidence OF the
ACKNOWLEDGEMENTS has come over
London operators. an enterprise known
rs the Rand Mines in South Africa,
which has not only paid no dividends,
but has none in sight, has been able to
advance its shares from & each to E25.
Under n recent reaction they are now
actively dealt in At c22 4 share. A
great many similar schemes have adj.
yanced in equal proportions with i'm
mense dealings in them. Such boom
probably has never been oqualled be-
fore. Paris, Berlin and other continent.
al markets have also participated in
tho speculative iurore with great sue.
cess. The profits which many operators
have realized are fabulously large, and
private advices from London arc to tho
etiec. that the successful operators in
these South African properties are now
ready and willing to take hold OF Amer.
lean railroad shares, providing the cur.
rency OF the country is put on fairly
safe footing; in fact, inasmuch as they
consider our range OF prices now phe.
nomenally low, the inclination ia to do
il in any case.
The immense subscription in London
to the current bond loan is an evidence
that foreigners have n higher estima-
ton OF the intrinsic worth OF United
State government bonds than We have
in this country. Tho signal success in
floating this loan cannot fail to lead tho
way to a revival OF confidence in Amori-
can railroad securities, which are now
down to prices that should make them
look inviting, for speculative ventures
at least. The speculative spiri. in all
the European money centres Is ram
pant, as wo have indicated from the
African gold craze. Tho silver move.
men, in the senate has como to m end,
not only without serious consequences,
but with significant symptoms OF its
growing weakness, which will afford an
opportunity for other important meas
urcs to be called up, including the pool
ing bill, which, together with tho appro-
priation bills, will about fill up the
abort time remaining OF this wretched
Congress. the ending OF which will ter
mina,c, to n very large extent, tho
suffering OF almost every household
throughout the land. 1t would GER
tainly appear from all present indica-
tions that better times arc at hand.
To rccapitulate, tho things in sight to
BIO considered in diagnosing the situa-
ton are the following:
The pooling bill! may yet pass this
Congress. ",
Tho Adjournment OF Congress. now
near at hand.
The now crops will bring tho benefits
accruinv from sheltering winter.
Tho opening OF tho spring trade has q
worry fair promise.
Tho Sl00,000.0O0 gold reserve is made
good.
Tho London connection, under tho
lead OF tho Rothschlds, with tho new
government loan, again opens tho door