The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-04-01
On Wall STRAIGHTFORWARD Con audience
IN Our Securities In London-wo
Have Not Escaped. However. From
tho Unfavorablo Contingencies Con.
nectod With sllvcr-Trado Pros.
poets Encouraging.


ally, after tho advance OF last week,
thCro has boon considerable selling to
realize profits. It deserve notice, how
ever, that these salea have had much
less effect upon prices than might have
boon expected, one set OF operators be-
ing ready to take what o,hors doom 1t
prudent to sell. which ia significant owl.
denco OF tho improved market valuation
Of securities aud of conviction that
prices arc Destined 10 a still higher
range OF values.
London continues to exhibit renewed
confidence In our securities There has
been no important. realizing hero GU nc.
count OF that market, aud tho oper-
a,ious on the London exchange are
assuming quito active phase. Il IL
ovident that british investors have 70.
gained, In an important measure, their
former confidence in our Investments.
That first condition OF buying having
been realized, there are other helpful
consequences that are likely to follow
Nearly everything dealt in on tho Lon.
don exchange has been forced up by re.
cent speculation to un1casonably high
prices and tho main thing in which it
is now possible 10 create an exciting in
terest is new gold mining enterprises,
which are being extensively organized
and most OF which appear to DO OF a
very dubious aud unattractive charac.
ter. Improved confidence in our obi.
cations and their current relatively low
prices, together with the prospect OF
their increased earning capacity, can
hardly iail to restore very materially
the demand for American Investments.
The extent TO which this source OF de.
mand might alternately develop may be
inferred from tho TACT that tho amount
OF our stocks and bonds returned in
1898 and 1894. under the effects OF tho
silver scare, has been generally esti-
mated At not loss than S200,000,O00. The
amount OF gold bearing bonds exported
last week was S2,0000 900; but this week
the shipments have been light.
Tho revival OF the London market 10
important as having direct bearing on
the foreign exchanges. AS it was al
most entirely the return OF securities
that caused tho extraordinary exports
| OF gold during the late depression, so
the renewal OF exports OF these obliga.
tons will tend to hold the shipments OF
specie in check, thereby facilitating the
restorative work OF the Loan Syndicate
and STRENGTHENING the position OF the
United States treasury. 1t is also
matter OF some weight, in our relations
with European investors that there is
now every assurance OF an immediate
return to state OF general national
prosperity. As a state OF panic and dc.
preston has always an uniarorable eli.
feet upon the foreign credit OF nation,
so state OF prosperity encourages con.
fdencc, for the plain reason that indus.
trial activity is conducive to good earn
inss and diminishes the risks OF invest
ments. It may be said that we have not
yet escaped from tho unfavorable con.
tingencies connected with silver; which
is true. But do the United States
stand alone in that respec, :?
Judging from the accounts that
reach us, tho commerce OF
Great Britain and her dependencies
is suffering much moro than ours from
this cause. And in Germany tho i'm.
portant aSrarian interest has espoused
the cause OF bi-me.allism with an energy
which shows tina: country to DO vitality
concerned in the silver question. In.
deed it may DO seriously questioned
whether, as political issue, there is
more danger OF uuwholesome legislation
on this question in the United States
than there is in either OF those two na.
tions. Under these circumstances, it
is not easy to see why England should
single out our investments for special
discrimination on account OF our silver
agitation. Tho truth is that the late
alarm among British holder, OF our se-
curities was caused less BY tho silver
situation. rs such. than by tho fact that
tho United States treasury might DO.
come incapacjtatel for Keeping Its de.
mand obligations srconbscks and
Sherman notos-on a parity with gold.
They were less concerned about tho
amount OF our silver circulation
than about the supply OF gold
available for keeping tho legul
tenders at par. They hayo the
utmost confidence in other countries
whose stock Of silver ia proportionatcly
have had no distrust in our case had tho
treasury been assured OF stock OF gold
which could not DO exhausted by tho
holders OF five hundred millions OF gov.
ernment demand obligations. The
United States government had no such
assurance; and consequently 1t was sub.
joct to drain which might possibly in.
volre uncomfortable arrangement to
every form OF investment, excepting
possibly such az wore payable in gold
coin. That WAS our weak point, and 1t
was tho chief cause OF the return upon
US OF tho immense amount of foreign
held obligations not payable specifically
in gold. That danger has been rene.
died BY the loan syndicate. which has
not only replenishod tho gold reserve Of
the treasury. butalso affords reasonable
assurance that the government will be
protected against any such contingent
cics us have brought tho treasury 80
near the suspension Of gold payments.
We risk little in saying that. so long rs
tho government is shielded ut this
point, there will no no effective reason
why Europe should not maintain its
formDr regard for American securities.
In general trade the prospects romnin
encouraging. 1t ia conceded in NIL mar.
kots that prices have touched bottom,
and that lays basis for buying which
has not existed for tho last two years.
Manufacturers havo pretty generally
reached stage at which thoy can afford
to produce at tho current scalo OF prices,
though porhapa with strictly moderate
profits, and tho consequence Is m in.
crease Of orders and preparations for
materially enlarged production. In all
branches OF tho iron trade, excepting