The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-12-02
speeIal corrosponaenee.

ket begins to exhibit moro settled
tone, Bad news has been pretty thor.
oughly discounted, For nearly three
months the market has been under tho
influence OF currency agitation, tho
kaiHr craze, European political din.
culIies aud distrust of the industrlals,
During this period a majority OF tho
active railroad shares have declined 10
or more points Liquidation has bson
persistent and complete, bu. no weak
spots have developed in consequence,
and mono arc expected, A great many
Of the stocks lately offered GU this mar
ket have como from timid huldors or OK.
huusted margins and havS fallen into
strong hands; so that conditions favor
u decided change when tho lOadera OF
speculation are ready for y shift OF posi-.
ton. When tins will come We arc not
prepared to predict but ii is sufficient
10 know that influences which caused
the decline are changing for the better,
and that prices ere long must reflect
these changes. As for currency reform,
while tho two political parties may dis
pute % to ils detail, both are alive TO IFS
necessity, rs we'll ne to tho fact that the
country il in earnest on the question,
aud will hold that party responsible at
tho next election which fails to do Its
duty. The silver question IL practically
a dead issue; and tho possible embRr.
rassmeut OF tho treasury can BIO nothing
more than a temporary affair, easily
tided over BY some expedleut until
Congress acts.
Tho Katlir craze has had q wholesome
check. The losses were soVerei but
they have not boon Of the character,
cithor in London, Paris or Berlin, to
affect the general financial or business
situation. The disease has been Of a
local and not general nature. Tho most
important iactors affecting railroad
securities arc the improved condition
and prospects OF business in the United
States. Trade always quietR the end
OF tho year. and the present setback Is
merely temporary. When the corn
crops begin 10 move general business
will roviye, and the railroads will uu.
questIonably DO taxed TO their utmost
to carry both grain and general mer'
chandlse. Just now some OF tho
grangers arc showing remarkable earn.
ings, because OF tho heavy wheat, orc
and lumber Tonnage, Later on this
activity will extend to other roads,
especially to corn carriers, and We may
expect much larger gains than those
now current
There are things looming up In the
financial horizon which suggest ut least
the possibility Of revival oil specula'
ton with the opening OF tho now yoar
Coming events cast their shadows boz
fore them /" aud aome shrewd observers
think they can already trace the out
lines Of such shadows. Strange TO say,
these seeming suggestions Of good
timos coming" arc traced In the very
movement that has lately created so
much apprehension on tho boursea OF
Europe and to less extent In this city.
Thore Is mystery OF strength 10 the
KatIir speculation that deserves alton
ton. Tho shares have mot fallen at
either London or Paris nearly 80 much
as had been expected; and there has
now come a sharpness OF reaction In
them that excites surprise The scru.
tiny to which distruSt has subjected
them has publicly developed the fact
that whilO many Of the enterprises
were worthless, and moro were over.
capitalized or uncertain as TO their re-
suits, vet the great speculation, takon as
n whole, means that sources OF gold
have boon discovered In Africa exceed.
ing all previous findings in history. In
other parts OF tho world also important
deposits OF tho yellow metal hayo been
unoarthed; and in Colorado o gold
mining excitement has arisen which
seems to imply really valuable discoY'
cries. All this is important, not 90
much for what II Ia In itself
as branch In speculation, as for what
1t implies. It means that tho world Is
10 SEQ forthwith very important in
crease in Its supply OF gold. No less an
authority than the noted French econo.
mist, Paul Leroy. Beaulieu, states in
The Forum that, In two or three years,
tho annual now supply OF gold will
amount 10 from 200 to 240 millions OF
dollars, and that this output will con-
tinuo for 26 10 80 years and possibly for
80 years. Comparing this estimate with
that OF other authoritios, II would soem
10 DO very moderate one aud may pos
sibly 10 materially. surpassed by the
event. This prospect, so conspicuously
brought before public RitodttOn by tho
Kadlr excitement, Is beginning to re-
coivo practical attention In speculative
circles In Europe. II 10 argued that II
ioreshadoWs q virtual imitation OF tho
cardinal money Of tho EOrldi that tho
increase OF gold will induce M incroaio
In the amount OF paper money baaod
upon IL; and that tho world Is thus
closely v0rGing upon an imitation oil its
stock oil currency. This, II Is reasoned,
means continued low raloa Of Interest,
abundance Of money an advance In tile
pricus Of all products, and from that an
| increase OF production. Those condi'
tions, II il further inferred, must load 10
q universal revival OF trade, to the
creation Of now enterptlHos and to q to'
yersal Of tho depressed state oil allRlra
that came with tho Barlngs failure.
II cannot DO denied that there IN moro
than more plAuaibility In those ioro.
shadowings. Tho prOBOnt circumstances
hayo In thon much tho same elements
OF revival as have attended, some oil tho
most remarkable developments Of gu.
torrriso and speculation. Aftcr 1.-Two
wears OF comparatively proiltcaH bust.
moss, all ClaaBOs ntO eager to participate
In movements that porlOnd recovery
and anxious to tako ventures that
promise compon1ation Tor past loa1loa
and lhotO Ia evidence enough tha'