The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-03-25
FINANCIAL REVIEW.
Horny Clows's Weelsly Lottor on
tho Financial Outlook.
THE IMPROVEMENT OF BUSINESS
iIns Appeared ut Change Stimuli.
tancous In Now York and Lon don.
Tho Improving Tendency ,Lileoly 10
Continuc-Industriai situation Full
orIlopo--Tho General Outlook.


Ngw YoRK, March 23.-Tho improve.
mont Of business oil tho stock exchange,
which had boon foreahadowod in my
lato wookly adviccs, has appeared within
tho past week with distinctncss aud
Iorco which show that 1t Is roal and
destined to DO permanent. II 10 neod.
less to hero rocapitulato tho gtounds OF
my forecast; It Is sufficient that tho
change is already here, and with oil tho
evidences OF i.s being tho beginning OF n
true revival.
The change has been simultaneous in
New York and London. Tho latter
market has boon FREQ buyer hore for
the last icw days. and It's operations In.
dicato freah confidence and something
moro than n moro temporary squirt
with quick realizings. The bond Syn.
dictate and Its operations have evidently
had an assuring ctloct upon foreign In.
| vestors, and are creating o revival OF in
| teress in our securities. Not n tow OF
those who wore unable to got from
the London subscriptions all tho Now
Fonrs for which they bid have been in.
duced 10 take other American ISSUES,
which is evidence that tho restoration
| OF tho Treasury finances hns had n dis
linctly favorable effect abroad upon our
credit at large. On tho local market,
tho change has been purely speculative.
Those VINO have been holding their
mcsns idlo or on temporary investment
come 10 tho conclusion that the lopres.
sion 10 securities has touched bottom,
and arc now beginning TO buy railroad
bonds very freely aud are taking up the
better class OF dividcnd-paying stocks at
the current tempting low prices. Tho
speculative condition has correspond.
| incly changed. Tho lasc large short"
| interest soems TO have been covered /;
the "bears" have. ceased their aggress.
| iyeness and some'o them hnvo betaken
themselves to the "bull" side. In brief.
tho whole situation and tone Of the
market has changed, tie volume Of
transactions has largely increased, aud
within the wecl; tho general range OF
prices has risen, and In some cascs the
advance has been 2@4 per cent.
This improving tendency is evidently
destined to continue; and, in the mean.
time, the best guide to follow In Wall
street is the swing OF the pendulum. 1t
goes always to the extreme end on each
side before it turne. Tho adjournment
| Of Congress was the signal which pro-
claimed for it's reversing its course from
| tho side OF disaster to the opposite
tina, OF building up. The recent advance
In stocks and the still greater improve
ment In mercantile business all 20 to
verify the correctness OF nv diagnosis
| OF the business situation under dato OF
The 9th OF March when | proclaimed
that "there ia tide in the affairs OF mon
which il taken at the flood leads on 10
fortune" and that the tide was then
abou. to take upward current The
bi,uminous coal companies have Settled
their difficulties; the anthracite diiior-
encos are on tho eve OF being adjusted;
railroad earnings are increasing; the 70.
organization OF broken down railroads
is progressing; silver has advanced &c
an ounce; cotton and wheat have gone
up materially. which are all factors that
contribute to help the stock market and
stimulate increased buying Cor invest
ment account. The Rothschild conncc.
ton with the United States loan and
tho success in placing tho bonds in
Europe, cannot fail TO lead the way and
stimulate London aud continental buy
ing OF American railroad securities
which, ut present prices, are certainly
moro tempting than anything offered
| IN otbar eartion of tho uoylI
In estimating the future. it is not to
be overlooked that, in somo very i'm
portant respects, this country is now in
n materially bottcr position than it was
before the late depression set in. So
far as concerns the currency question,
upon which go much has depended,
tina. ia certainly the case. Two years
ago wo wero in the midst OF alarm and
apprehension that the nation might be
prccipitatcd upon the silver basis. The
danger was oil the greater because tho
position and the question were not IN
dcrssood but greatly misunderstood,
and much education OF public opinion
on the subject was needed. AS nation.
| our ignorance equalled our alarm.
Legislation on the question WAS under
taken with utter lack Of qualification to
deal with it intclligcntly, aud Congress
accomplished virtually nothing towards
n settlement. But all this fenr and agi-
,ation has becn attended with pro-
found examination into the principles
at Issue; already public opinion has be-
conc intelligent il not fully maturod;
false principles have been discredited
and steps arc being taken for bringing
public sentiment to n point at which IL
broad and sound policy may DO forHu.
lated for the future guidance OF political
leaders and OF the new Congress. In
this way. the people are being trained
to n standard at which large majority
OF them may DO trusted to stand firm
for sound Systom OF currency. On
this large national qucstlon, therefore,
We may feel assured that We have passed
from condition OF positive danger to
ono OF prospective security.
Tho tariff question. which two years
ngo was having pnrayzing effect upon
| industry, has had its day. 1t has been
se.tled in way less calculated to dis.
| turb business than was nj iirst feared;
tho manufacturing interests linyO a.
ready found ways for adapting their
business to tho new conditions; and 1t
eau hardly DO said that tho now state Of
affairs Ia roally, upon tho whole, OBJ
structivo to tho progress Of our indus.
trinl interests. Thus in tho industries
thoro Is Il vast gain upon tho condition
OF dis,rust and paralysia that existed
| two years ago.
There are othor points at which our
industrial position has, In certain i'm
| portant aspects, worry mctorially i'm.