The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-10-21
Henry olewss Weekly Letter on
the Business Outlook.
WALL STREET REMAINING DULL,
UnoSsIuoS4 py a Return of FIrmnOss
In Foreign ExchAngs-Largensss OF
Imports a stubborn FAotor-A Tor
rlDlo Crash OF tho Knfar Circus Er.
nected Soon.
900 carapoall.ll.e oLll. Ml.plg.ne.t

teresL Tho situation affords liIIla to at
tract outside interest, and transactions
are chiefly confined to tho professionals.
Tho market, however, still shows con.
siderable Inherent strength in the alb.
sence oil any important realizing on
"Iong" stock.
Some uueasinoSs has been caused by
= return Of hrmaess III foreign OK,
change, Ths imports continue largo, aud
the advances in cotton and wheat tend
TO limit tho exports, and consequently
TO keep down ths supply Of commercial
exchange, There 10 also Ioms disap.
| pointment at the course oil the local
money market, for in spite Of the still
large dram oil currency to the interior
the rate oil interest keeps low. This
latter feature is discouFHging to the
hope that the foreign exchanges might
Ia ea'ed by relatively higher rates OF
interest here than prevail in Europe.
Another undesirable feature has been
the return oil stocks from London; that,
however, is not q positively discourag.
ing fact, rs there il q steady
pANHuN VIZ JULIUS W MI bAkguk
which about otlastI tho relux al
shares These iacts tend TO neutralze
the hope thar the course OF the foreign
exchanges would prove to be steadily
downward and would ultimately reach
4 pont admitting oil the importation OF
gold, Though not calculated to excite
any immediate dlstTust, this drift brings
another cloud oysr the prospects of tho
next three months, on which Considera.
| bio hopO had been built. Meantime,
there is still an absence OF definite indi.
| cations as 10 whether any really otiec.
live means are likely to be early devised
Tor strengthening the treasury against
tho next demand Tor gold Tor port. 1t
is TO be kept in mind, however. that
the lightpesS OF tho exports OF produce
means nothing more than postpone.
ment OF that movement. The higher
prices tor cotton and wheat give value
to those resources greater than that OF
last years supplies; and the fact that
| they arc nov being withheld from ship.
ment only means that they will 30 out
in correspoudingiy larger volume a.
later stage. Moreover, the longer our
| holders OF produca refuse To satl, the
greater becomes tue difficulty OF main.
tanning market prices; 20 that the
blockade OF exports may be trusted to
work It's own cure.
Tho most stubborn factor in the tor.
eign trade situation ia the lArRenesa OF
| tho imports. For the month OF Septem.
Der, tho arrivals Of foreign merchandise
show an increase over 1894 oiSl4, 100000,
or 20 per cent; and for the first nine
months OF the current calendar year, the
increase has been S91, $4,000, or nearly
20 per cent On the other hand, the ex.
ports oil merchandise are almost iden-
teal (both for September aud the nine
months with those oil the same Of last
year. Thus tho course OF our foreign
trade. since January lst, 1895, has been
SgTjOOO0O less favorable than It was
for the same period oil 1894. In these
nino months Of 1894. tho exports ex-
ceeded the imports by SIS, 900. 900; this
year the imports exceed the exports by
| $43,0OO,0O0. CouiempOraneouSl in
| 1894, tho net exports OF gold amounted
TO S73, 900, 900, while this year they have
beau $i3,OOO,OOO. Tho circumstance that
the net export OF gold has been so much
less this year than last, notwithTtand.
ing the large relative increase oil mer.
chandise imports in 1895, is TO bs ex.
planned chiefly from tho TACT that since
February last Ws have been able to make
a net export OF securities 10 tho amount
Of over 500, 100000. Tho latter move.
mont however, has now fallen to small
dimensions.
How FAR We may hope to place our
securities abroad during the next lew
months must depend principally ~
upon what may ba forthcoming IA re-.
spect TO the treasury gold problem, Rud
| ~ upon tho outcome oil the "kailiir"
craze in London and Paris. IA to the
| former, all IL uncertainty. AS TO the
"KaGlr circus, nothing il more certain
than it must come down with 4 terrific
crash aud that 81 no very distant peri.
cd. This weeks stock exchange set.
Element In tie suh has been sur.
mounted without serious disturb.
ance; but solely through adroit
fiaancisring oil the InoSt desperate
| cAatacior, Tho whole speculation rests
| upon tbs cardboard foundation OF ona
daring adYenturer. whose almost sole
resource is tho wind by which hO mas
| succeeded In initiating aItaost 80 the
| last point OF tension hundreds OF
| millions OF issucl mostly devoid ui nnv
intrinsic value. There is no solid CAPT.
| tnIist interest behind tho speculation 10
sustain IL whom the point OF collapse
Ha, been reached, and meantime tho
progress Of distru't aud reaIi2In: is
pushing affairs towards tho crisis. The
| end therefore Ia likely 10 be sharp and
sudden and must develop into 4 great
! sensation. 1t 10 not easy to sec, how.
uyor, why ii sh ouid severely OF lungluity
affect moro solid interests or moro sub.
stantiaI securities Tho coming break
down has been anticipated and no doubt
| measure provided against, aud whom
tho end arrives tho frat feeling will no
that of relief, aud tho nOTt that Of dis.
position to consider what issues of a
| bona lide character arc deserving Of al.
tontion. When that point has bssn
reached, Americans will have their
chance Of receiving better CnnsidUra.
ton.
Tho now agreement between tho rail.
roads IL fnAorably received on Wall
| street. lta ratification 10 u iorogonn
| conclusion, and tho reason why II has
had no Distinct elect upon stocks In
that, on tho ono hand, the market ilBO
wsitnpfessblo aud, on tho other, that
lie adoption had been largely discount.
oil In adyanCe. Tho agreement Ia, Of
course largely an experiment. IbO do
tnts pt dnpostt, penalty ahd eoHesRtfa'
ton Of management nf9 elements NJ
strength additional to anything hitherto