The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-09-02
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Nav YoRE, August 3l.-Gradually,
during the latter half OF the month, the
position and tho spirit of affairs in
Wall street have been undergoing q
change for the better. Tho result Of
tho harvest may now DO regarded as
having reached an assured position,
Tasting tho various cereSt crop.-whtch
combined Wow Is tho true method oil
estImAte,-we may regard this crop
year as alfordlnG a full average output
The yield OF cotton may be- expected to
fall considerably short OF our largsst
recent yeau; but for the growers that
can hardly be regarded "a a misiortuuci
for, with the inevitable higher prices,
tho net return to the planters will be-
much better than that OF the larger
crops which sold so low that virtually
no profit was made on thep.
This promiSe OF prosperous agri-
cultural year means Il greSt ddGf tor The
commercial and financial situation. 1t
is the realization Of the ono condition
for which conservative men have be0n
waiting AZ tho condition precedent to 4
more complete restoration OF conf
denCe, II not only confirms tho I'M
provement in RhalrA up TO the present
time but alAo iustites tho hopa OF its
uninterrupted continuance until the
next harvest at least; the prospec! to
business men is consequently most en-.
coIraging. Tho railroads are already
beginning to show u very general return
to the old scale OF earnings; aud, with
the larger trade TO result from u good
harvest, 1t is safe to expect yet larger
increases Of both freight aud passenger
traffic from this time forward
Il goes without tho saying that these
wholesale developments OF business are
destined to still further enhance tho
value oil securities, especially those
which are dependent upon tho move.
men.s OF commerce, which means
especially railroad aud sound industrial
stocks.
OF course, tho uncertGiutieN attending
the disorGanized state OF the treasury
finances still remain unsettled; aud tt
must be conceded that thOre can be no
absolute restoration OF confidence until
that source OF distrass is removed. 1t
ia manifest, however, that q return to
sound and prosperous conditions in
our industrial and trading interests
must indirectly, ii not directly, con.
tribute towards strengthening the gold
resources Of the government So far MS
a revival OF business may increase our
imports it will DC tangible and well
come ovidenceto Foreigners Of our recov.
cry and prosperity, aud TO that extent II
will strengthen confidence in onrinvoSt'
ments and bring out European orders
for our securities. So far as prosperity
may increase our surplus OF exportable
products. it will help to create favor
able condition OF the foreign exchanges.
In this way, prosperity at home is CAL
Culated to bring back so much Of our
normal stock OF gold as has dritted to
Europe under late adverse conditions.
and is now resting Idle at nomi-
nal interest and awaiting oppor.
tuuity for investment. Alone OF them.
selves these tendencies could not, un.
der existing conditions. affect tho treas.
ury otherwise than by fcasautrg ito
liability to be drawn upon for gold for
export; they could put no gold into its
vaults, for Il has no longer any receipts
IN tho form oil gold. But, with gold
coming in aud securities going ont, tho
attitude OF the bHnks towards tho treas
ury would be very favorably changed,
Their stock OF gold would DO materially
increased; and, with tho restoration Of
normal condition Of tho ex-
changes and healthy condition Of in.
ternaI affairs. their confidence would be
fully restored. # would seem to be
reasonable assumption that, under such
concurrence OF favorable Ctrcum.
stances, the banks woild be found "a.
vorRble to q resumption OF their old ro.
lR.ionB with the treasury, including tho
disbursement Of gold for customs duties
aud tho providing OF specie Tor export,
the government on its mart making its
settlements at tho clearing house in gold
or gold certificates, as in the ants.pRniH
times. Current symptoms indicate tina.
tho present exports ot specie may
soon cease. ani It is greatly to be hoped
that this concession and tho growing
hopeful feeling may DO turned TO early
account by negotiations between the
treasury and the clearing house looking
to the resumption OF gold payments be-.
tween them, and thereby putting an eHA
TO thla embarrassing treasury question.
Il 4 -.