The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-07-15
SPECIAL Correspondence ofils hieihlneg.

~ must DO helu IN mlnu that raUToau
stocks have had a remarkable advance
Of about ten to fifteen points, Some
persons will argue that this has been no
more than was justified by tho improve.
mont in general conditions; others will
reason that II was largely in auticipa'
ton OF improvements to come; others
again will attOmpt to demonstrate that
the rise was engineered by those who
had sIocks to soil; while not tOw will
detect spots Of weakness, such aa are III
eyilable from prolonged moyemeL, in
ono direction like the late rise. Each
Of these arguments have in themselves
a degree Of truth. In my own opinion
the market for railroad shares has not
had strong enough test to justify a
further advance under present Condi-
mons. So far, the bears have directed
their attention chiefly against Indus
trials; and, "a railroad stocks are strong
~ hold, no concerted movement has
been made against them. OF course, this
IL because tho position Of the railroads
is intrInsically strong but II docs not
assure them IRON reactions OF moderate
proportions; especially as the bsarH
have been strengthened by declines in
the Industrirls. IN wheat cotton, etc.
There is also a coed deal OF fear about
the future attitude OF the Loan Syndi.
cate in its control Of the exchange mar.
ket which, while unWNrranted, has it,
effect among both the timid aud the pru'
dent Exchange is very high owing TO
the scarcity of commercial bills, aud the
Woll.iniormod would DO neither sur.
prised nor alarmed II a moderate
amount OF gold was shipped to Europe;
rs it may DO some weeks before bills arc
drawn in anticipation OF cotton or grain
shipments. The effect Of gold shipments
upon tho stock market IN It's present
condition would DO somewhat uncer.
tain. Tho position Is such that 1t might
easily DO temporarily used to advan-
tage by the bears, provided tho latter
showed sufficient courage. Other fac
tors which discourage tbs bull move
moct for the time being are these: The
crops are not yet beyond danger; We
are in tho period OF midsummer quiet;
the money market is likely 10 soon
harden, and London has not yet fully
digestod the large amounts oil sccuri.
tics taken during tho last Eve mouthS +;
all of which are considerations which
demand caution iu speculative opera.
lions.
OF the distant future, tits needless to
saw, it continues highly promising.
Crop reports show continued improve
ment, aud at the lower prices there are
better prospects Of exports, which are
needed to prevent gold shipments, I'M
less We should DO fortunate enough to
send securities in continued large
amounts. We are almost assured Of q
bountiiul corn crop, and for all our
cereal products are promised better
prices than year ago. Western jobbers
are, without exception. preparing for q
heavy fall trade; and it is not 10 DO sup.
posed after recent lessons 10 Ovortrading
that they are making such liberal pur-
chases Of boots, shoes. dry goods and
clothing without knowing that the
farmers will DO compelled aud able to
buy moro freely than they have boon
doing. Even more important than tho
batter agricultural outlook ia the Groas
industrial revival, which has made such
phenomenal strides since February last,
and which is destined to continue Tor
months TO come with little interruption.
Quite recently "Bradstreets" estimated
that the wages OF a million workers had
been advanced 10 per cent. The eIlect
OF this, and tho large number OF iormor.
~ lido hands now employed, has not
yet been Seen. II means a much larger
consumption Of all the necOSsaries Of
life.
Every wear the United States be.
comas moro important rs an industrial
country. Its industrial aud CONNER
cial growth Is more rapid than its agri.
cultural development; and Ia o'ti.
mating the iu,ufo We must give these
new divisions of our national ocCu.
pations greater weight IN our conclu.
sions. Our great railroad systems are
no longer so exclusively dependent
upon crops as formerly; for grain 10
oftOn Carried at Improbable rates, and
traffic in manufactures Ia constantly IN.
creasing. UnqueBtionably tho present
great trade revival means vastly moro
TO the railroads than tho crop situation +;
although the latter is Of course still OF
| RF0Nt lUlDOIAhutb luE bukl W. hNitNk
aud indirect influence upon traffic.
Every indication points TO unusual nc.
uyily during tue coming fall aud the
iron trade, always ono Of tho surest
barometerI, 10 pointing in thht dtrOc-
ton with exceptional pOrsistency.
Az for doubts about tue syndi.
cate and tho treasury outlook
lhoy arc without foundation. No
alarm neod be caused II the
treasury Is compelled TO borrow fow
moro millions. Congress will soon be
obliged TO provide now sources Of reve.
nuo; and there Is a probability that the
Improvement In business will increase
the public revenue, which has not yOL
been taken into account Tho vital
point Ia tho gold reserve. That Ii we'll
above tho limit, and not al all likely 10
DO intrenohed upon. Alarm about the
silver cfazs is equally unnecessary; for
It Ia already olIocluRlly broken; and
nobody well informed or Of experienced
Judgment snpposes that the syndicate
IL going to jugglo with the exchange
market In order to force n now bond
issue. Tho profits OIL tho latter would
bo nothing Ia comparison with thu In.
Jury that such trick would work In
othor directions; IN say nothing OF tho
loss OF honor aud reputation which such
eminent bankers would not think oil in
curing. hENNf Views
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west virginia Pensions.
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