The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-09-16

This advance is to be taken as ex-
pressing the estimated Improvement in
the value OF stocks due to such recovery
in the industrial, commercial and
financial condition OF the country %
ha1 occurred in connection with tho
syndicatas regulation OF the gold move
ment. II is TO be noted, however, that
40 far there has been, as a rule, only
nominal improvement in tho earning
capacity OF the railroads. This rise IN
the price OF stocks has therefore been
anucipatOTy OF an increase in earnings
which II ia assumed will DO iorthcom-
ing when ths improved conditions OF
trade and the forwarding OF tho new
crops have more fully worked out their
results. II is proper to note that this
is double assumption, in which II Is
taken for granted not only that the
earnings Of tho roads will improve, bnt
also tuat there will be no failure in tho
realization OF tho conditions on which
the Improvement II prediCaiGd,
namely, the early complete remedy OF
the arrangements which have caused
the treasury gold embarrassments. The
fact that this latter assumption has not
vet been finally placed beyond the pos
sibiiIy OF iIriure is the point on which
the bears" reil their main strength:
and it Is tho ono to which minds pes
simistically disposed will naturally at
tach some material Importance,
Individually, | think there is a rery
strong prsCoadsrdHcs Of probability that,
within the next few weeks, arrange.
ments will be completed by which tho
treasury difficulties will DO 80 adjusted
rs TO remove all necessity for further
issues Of bonds and exempt the govern.
mont from all further serious drains
upon its gold. Tony view, there is moth
| iugin the situation to prevent an arrange
munt being reached. a. between the
treasury. the banks aud thesyndicato, by
which exchanges Of gold between the
banks and the sub.treasuty would be
restored TO the harmonious and cOnser-
yative relations existing before 1893;
and there are apparent symptoms that
an effort nav DO made In that direction
| ut no very dislRnt day. But neyerthe'
less there are diversities Of opinion on
the chances OF such m early settlement;
few understand the intricaclos Of the
situation; SOME are misled BY impossi.
BILE schemes; and everybody is IN the
dark rs 10 what measures OF relief may
or may not be provided. All this means
uncertainty aud suspense, which can
only become the more troublesome the
longer it is continued II docs not ap.
pear either reasonable or safe to boldly
increase holdings OF stocks so long as
| there IL no relief from this unsettled
state oil things; and we can only, for tho
moment, recommend to our friends
careful and tentative attitude, hoping
for the best outcome. but not proma.
tursly acting on that hope.
The more immediate factors ocCS<Sy.
ing the attention oil operators Rro tue
prospect Of gold exports and the crops.
At the moment, tho shipments Of
specie show some tendency TO diminish;
but 1t is very difficult to judge how tar
this DRIFT may run. The unknown
"short" factor IN exchange acCumu-
inied Of late battles all calculations; and
all tina, can DO said is that every motive
seems to favor tho syndicate soon
averting the present large exports Of
gold; and yOt, in the present CompRrR.
two absence Of wheat and cotton bills,
1t seems possible they may find 1t nee.
essary to permit some further amount
Of gold to bo shipped. In two moro
weeks, tho contract between tho trenI.
ury and tho bankers will end according
to its terms aud that period is awaited
with much interest as poBsibly intro
ducing somo now features Into tho cit.
uation; which suggests n motive for
tho exercise OF conservatism on tho
| huvinU aida nj lhR mafkRt
lIENRY CLEWs.