The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-05-06
FINANCIAL REVIEW W.
Henry clcws's Weekly L,ttor on
tho Business Outlook.
UPWARD TENDENCY OF PRICES
On Wall Street.-The Market Galnins
now elements Of Condolences aud a
Broador basls laid for 10th Invos,.
mont and spconlating-ForoIgn
Tnkings OF American Securities,

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Special Correspondence Of ne ln.tiistnsss
NSw ioRE, May 4.--Durlng tho arst
hall Of tho pa,t woek, Wall s.rect show.
cd somewhat OF a halt In tho upward
tendency OF prices. lhis wau not I'm.
natural. Values had risen worry much;
operation had takcn largo limo, oil stock;
the boom had followed a stubborn do.
preston and distrust. and therefore
suggested caution thoro was aone do.
clue In foreign purchases; and thua it
was no more than nigh. DO expected
that at least the moro cautious opera.
tors should think Il prudent to do some
realizing, especially az their profits
wore large enough TO suggest such
course. For two or three days, there.
fore, realizing orders became common.
The sales however wore met with ready
buyers; prices yielded comparatively
little; and tho realizing was thus check.
ed tho not iOsult being really
strengthening OF confidence and re-
nowal OF buying. Thursday showed a
distinct new upward turn In prices.
London, after having done some selling,
came into tho market again as q buyer,
which had its natural effect upon tho
local bull" contingent.
Thus, step by stop, the market is
gaining now clements OF confidence, and
broader basis 10 being laid for both
investment aud speculative buying.
Ono OF tho most hopeful features IS tho
reality OF the recovery OF foreign con.
t!dence in our securities. This Ia apoar.
ent not only In tho marked recent in.
crease in tho English aud German do.
mand for our atocks, which after all
might be supposed to BIO only TEN.
porary squirt Of speculation; it lie still
more s,rikingly shown In tho recent
foreign takings Of our bonds. Within
the week, it was ANNOUNCED that Lon.
don-American banking house had placed
SS.50O,000 OF elevated railroad bonds to
replace q similar amount now falling
due, and also that 100000 had been
borrowed abroad on account OF another
railaoad. Recent negotiations OF rail.
road mortgages have been concluded
amounting in the aggregate to about
S7.500.000; which makes total Of SIS
100000 OF this class OF securities put in
the hands OF British and Continental in.
vestors within few weeks. This 10 an
unmistakabe evidence that foreign in
vestors are coming TO better understand
conditions In the United States, and
that real reaction has SO. In from the
dis,rust which the silver arrangements
and the embarrassed condition OF the
national treasury had excited. In some
respects, tho estimates OF foreign OBJ
servers may be truer than our own; and
this restoration Of confidence among
European investors suggests u reason
why We should think better OF our.
selves at home.
These foreign takings Of our securi-
ties convey other differences OF impor-
lance. 1t is perhaps a moderate es.i.
mate that within the last few weeks
more than So. 900. 900, possibly So, 0OO,-
900, OF our stocks and bonds have been
transferred to foreign holders. The first
effect OF thisis TO relieve the home mar
ket OF tina. considerable amount OF 90.
curisios, which has very direc. tend.
ency to strengthen prices, and so far
naturally accounts for the late advance.
\ second eifec. is to create an important
resource fot the drawing Of foreign OK.
change. When TO these Transformers
OF bonds and shares is added tho pre-.
vious ,akings OF United States bonds
by London. It is apparent that the con.
sequent addition made to the creditor
side OF the international balance shoe.
must have been large enough to no.
only prevent further shipments OF gold,
but also 10 nuke an influx OF the yellow
metal BY no means improbable. These
operations have eused the task o! the
loan syndicate immensely and remove
all possible question about its ability 10
amply protect the treasury finances.
Tho firm, steady and sustained stop OF
the financial interests under the rccov-
cry that has been In progress for the
las, two months conveys large meas.
urc OF solid assurance. Throughout,
there has been no relapse, no timid
rights. no pessimis.ic misgivings. The
attitude OF all interests has been such as
to suggest a conviction that the country
now stands on solid ground, that tue
depression has no. only got pas. its
causes but also beyond its principal Of.
iects. and that an exhibition OF rational
confidence is all that is needed for
common cooperation in the pursuit, OF
business. Some suspicion was excited
by tho sudden aud large rise in certain
leading staples OF trade, lest it should
mean n breaking loose OF pure specu-
la,ive spirit backed by no conditions In
tho real sta,e OF business. Facts,
however, have now proved that
tho rlso was for the most part
legitimate and natural. This conclu.
sion is strengthened by evidence that
tho upward tendency IN values i, OK
tending 10 the domestic markets quite
generally. and ia also taking effect
.l.s.l a.l L.. H. u -.