The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-05-27
FINANCIAL REVIEW.
Henry Clows's Woclsly L,ttor on
tho Buslnoss Outlook,
\ FORMER PREDICTION VERIFIED.
Astatement Made In these Letters ut
tho Tlmo OF tho Adjournment OF
Congress isconllcd-.Tho Country
Bound TO Dcncilt by tho Increased
Gold Production.

New foHE, May 95.-My roadera will
boar mo witnoss tina. | was tho ilrst to
sound tho death.knoll to tho boar mar
ket, on March 8 last, tho day following
the adjournment OF Congress, when |
proclaimed that the tlme had arrived to
buy everything and soil nothing. |
thoh said thoro was no stock dealt In on
tho stock exchange 30 poor that II
would not advance conspicuously from
that limo forward. was governed by
tho iactthat tho worst Congress for tho
business interests OF tho nation had ad.
journcd and COMO into final liquidation,
md thoy would no longer continue to
drive tho industrics Of tho nation into
the hands OF receivers. also took into
consideration tho fact that tho gold
scaro was about to eliminate, because
tho hunt for gold had commenced TO 70.
suit in increased production, tho
worlds output OF which would amount
Tor the coming year 10 probably $780,
| VOOOOO, with tho prospect oil itS yearly
increase for some time to come. Tho
effect OF the gold discoveries In
South Africa, which have made
such speculative craze In mining
shares on the London exchange
and tho continental bouraes, has
been to revive business in every direc.
ton and carry Europe out OF rut OF
depression which started at tho time OF
the Barring failure in 1890. This coun.
try 10 bound TO benefit under tho IN.
tluenco growing out OF increased gold
production both hore and elsewhere,
and revival OF business interests could
fno. possibly have sounder bottom TO
rest upon than that OF the yellow metal.
About A5, 100000 OF gold will DO taken
out OF tho African mines probably this
year. The properties connected there
with are now selling on the London
market at basis OF 5000, 900, 900. The
production OF gold this year in this
country is steadily on the increase, es-
pecially in Colorado, Montana aud
Idaho, and will soon be the basis Of 4
gold imitation craze in this country not
unlike what is being experienced in
London and elsewhere. Ills important
10 consider that the worlds output
OF gold hereafter, amounting to
about S200,000.OO0 land likely to
increase year after year., will mostly
all OF it perform tho functions
Of money, and no part Of it Is likely to
90 into tho war chests OF the European
nations, as heretofore, as they have now
all accumulated their full emergency
supply. Another important feature to
take into consideration is that the sup.
| ply OF money now in this country
now amounts to S2i per capita as
against the time OF the panic OF 1878,
when it was Sl7 per capita, aud going
stillfurther back TO the panic OF 1857,
when it was only SIS per capita When
prosperity again reigns supreme in this
country, which will soon probably be
the case. Judging from present appear
ances, there will be sufficient return
OF confidence 10 make the circulation OF
this S24 per capita so rapid as to posi-.
| bly make our present volume of circula-
| ting medium excessive. When this
occurs, which will be very soon in my
opinion, il will do more than anything
else TO kill the present western and
southern silver craze. This S24 per
capita in money will be added to each
year beyond doubt By at leas. Sc, 1000.
600 OF this country's product OF gold.
This will soon satisfy even those who
are now calling for more silver money,
that tho country's supply OF money will
be ample to 60 round without diluting
our money BY opening the minis to free
silver coinage. or by any other very
| questionable means OF increasing this
country's supply Of money. Gold ia
this country's standard and must go
continue. TO enable it to stand abreast
with other irst.class nations. UNITED
we stand. divided We fall" To admit
al our maintaining our present proud
supremacy amongst the nations OF the
world, the beat metal is none too good
for this country Is the standard basis
for money. and that is gold and only
gold. Gold is one OF our products. and
We OF all nations should utilize it ior all
it is worth and recognize It as supreme.
No country can afford TO do so better
than ours.
Railroads in this country like the
Now York Central, whose credit admits
OF their selling their treasury securities
in Europe. as the New York has done,
Will be likely TO do so one after the
other. This money will 20 into extern
s!ons. improvements and repairs;
which will give employment to labor
and mako demand for supplies; and
nothing will add TO the general business
activity OF the country more than such
expenditures. There is enough OF this
kind OF railroad disbursement needed to
make good times for long time to
come. 1t was nearly throe years since
the New Yor!. Central directors voted
to sell tho treasury shares OF the com.
pany at 100. A part was disposed OF, but
there has boon no timo since until now
| whom the $4,000 shares left on hand
could be sold in this country or in Eu-
rope at par value. This negotiation,
which Ia reported to have been mado
ut 1921 in London, must DO put in evi.
dence as showing the return OF conf.
denco abroad in American securities
after an absence OF it for three years.
| The most remarkable feature in con-
nection with this sae Oh stock was tho
immediate advance Of New York Gem
trail shares ! per cent in this market.
II the situation had warranted bear
attack, ono would certainly have fol-
lowed the announcement OF this ncgo-
tiation. and in that case it probably
would have been II :aIl OF ! por cent in
stead OF an advance II the bears had
felt suro Of their position, ,hoy wouldn't
have wanted a stronger point to sell on
than tho fact that Nov York Central
had increased its capital stock. Instead
Of their forcing tho market down on
tho announcement. tho bulls took tho
initiative and marked tho price up, to