The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-06-03

~
oil "bearish" attacks upon American in.
vestmonts by certain London Journals
noted for their pessimiitic attitude to-.
wards our securities. And to those in.
terruptions must DO added the occur.
renco OF holidays both hore and in
London. The effect oil all this has been
TO draw out certain extent OF bear"
attack and TO produce somo yielding in
prices. Tho effect OF these influences,
however, has been less than might
have been expected, In Wow OF such an
important advance as has occurred, and
towards the close OF the week n rccov.
ering tendency set in. Notwithstanding
that both yesterday and Monday arc
bank holidays III London.
The market appears to have discount
cd tho worst probabilities respecting
the wheat crop and now begins TO con.
slider the other sido OF tho case. So fur,
tho facts nro that tho crop Is unusually
backward, owing first to drouth In tho
early stages oil its growth and then to
check from sudden exposure to severe
cold. Its not impossible tina. this may,
in any case, provo permanent injury;
injury must greatly depend upon the
future course OF the weather. II is not
at all impossible. nor even unlikely,
that with plenty OF moisture the crop
may vet turn out a fair or average one.
The plant has not yet absorbed the soil
elements Of nutrition, and should the
atmospheric elements OF growth prove
propitious the recovery OF tho plant
may surpnss what is now antici patcd.
Moreover, tho complaints arc confined
almost exclusively to the wheat crop.
The corn crop is vastly moro important,
its bulks being fouriold and it'd value
moro than double that OF wheat This
year. owing to the high price OF corn
and the low price OF wheat, the acre
aye OF Indian corn is likely to be unu-
sually large, and at prc4eut there are
no conditions unfavorable to the pros
poets Of tho crop. Taxing the agrical-
tural prospects Gs they exist to-day,
there is nothing in them really incomp-
atible with the hope OF good harvest.
Very much. however, must depend upon
the course Of the weather for the next
few weeks. There. is no certainty in
eeither direction, and the present situa.
ton therefore calls for reservation OF
judgment as to the harvest factor in in
vestmenis.
Apart from these crop conditions, tho
underlying conditions and tone OF the
market remain unchanged. There is no
abatement OF confidence in the perma.
hence oil the revival Of general trade
which set in with the spring business.
The best evidence OF the Teco very in the
manufacturing industries Il tho con,iu-
nous advances in wages. moot voluntar-
lily granted by employers. In most
cases the new tariff duties .eem to i'm.
poseno obstacle TO production; in some,
manufacturers find positive advan.
tagc. The problem now, indeed, seems
TO BIO less how 10 compete with foreign.
ers in the homo market than how to
Guido them in tho foreign markets, in
which the chances for Americans arc
becoming more hopciol and are attract
ing increased attention. Among those
in loose contact with our industries, the
conviction appears TO be gaining ground
! that We have ontered upon period OF
unusual growth and prosperity in man
ufaCturiug enterprise gen orally, and
that. in come Of the leading staples, We
are entering the list. Tor an active com-
petition in the worlds markets.
Tho improved status OF our invest
men.s In Europe shows signs OF fur.
ther progress. The education OF invest
ors seems to be passing from the narrow
and pretentious critics OF the press to
tho better informed and more candid
bankers and tinanclcrs whose judgment
really direct tho course Of European in
vestment. It is telling comment upon
tho value Of editorial opinion in Lon.
| don that while economists and statists
have been porssien;ly dccrying our
corporate Investments, bankers have,
within tho last three months, placed
some Sl30.000,000 of our bonds and
stocks in the London and continental
markets. his week an issue OF $1,000.
| 900 Of railroad bonds drew on, $40 OOO,-
| 900 OF otFers from London before the
| securities were really offered; and be.
sides that, 100000 OF obligations OF
an electrical corporation were nego-
| ta,od in the same market
Europe seems 10 no longer attach any
serious importance to the position OF
tho silver question in this country.
Observers there scom to have reached
tho conclusion that our agitation about
free coinage is but an ephemoral phase
OF popular Ignorance, destined to disap-
poar under tho influence OF tho con-
sentative common sense OF tho people
at large; and their judgment is safe
ono. In the south and tho west, n very
marked reaction against national free
coinage hns set in under tho diffusion
OF Information through tho various
sound money agencies, and tho best
Judges OF sentiment and politics in
those sections agree that tho silver
kings can mako no further progross in
their efforts to create Il government
market ior their product. There is n
uuasi-conserva,ivo element among III
who have chung TO tho nope that n set.
tlomcnt might DO reached through
establishing international bi-metnllism;
but tho horcs OF that class uro fading
before tho growing evidences OF tho i'm.
probability OF bringing about such an
agreement; il not also from growing
misgivinga whothcr such m arrange
mont would provo equal to providing
ior n present annual world.product Of
S20O,OOO,00 OF tho metal and possibly
Of yearly increase in addition.
Englanda disposition in tho matter has
been shown this week by tho. chan
cellor OF tho exchoqucr's cmpathic pub-
lie declaration that, under no cond-
tiona whatever. would tho British gov.
ornmont sanction any departure from
tho historic gold standard policy of tho
nation. From tho oppositc political
nnrly came authoritative warnings to