The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-04-22
'pettal Correspondence Of ne inialfQeae.r

prices, Wall street has received n new
upward impulse. Tho revival during
tho last half OF March was n real tcst Of
the intrinsic condition OF tho market.
Tho rest that followed i. was equally 80
and tho outcome OF that second stage
has been equally Satisfactory. It has
shown no exhaustion Of cithor tho in.
restment or speculative spirit; no die.
po,ition to rest on tho profits rcalizud
upon tho rise, and none 10 force n down.
ward reaction In order TO mako n lower
basis Tor a now upward movement.
There seom TO have been a lack OF con.
idence in tho succcss Of any a,tomptt to
mark down values; oyon tho "bears'
have shown no faith In such a policy;
and holders have held firmly to their
stock on tho conviction TINT they arc
still undervalued aud susceptible OF q
further advance.
Undor these conditions, MI that was
needed to q irosh upward squirt was
some new conspicuous stimulous to the
already existing confidence. That has
been forthcoming, in tho form OF a sud-
den and remarkable riao in tho price OF
cotton, petroleum. wheat corr aud
becvcs-tiyo articles which supply fully
forty por cent OF tho entire value OF our
exports. There has boon some differ
encc OF opinion as TO now far these I'd.
vances arc due to speculative influences
and to natural causes. There can be on
question that, in tho case OF each ar,i-
Gle, there aro legitimate causesat work;
and there is us little doubt that those
causcs have been turned to account for
speculative purposes. But Wall stree.
reasons on the facts thus:-that 80 lar
as tho influences producing tho rise
In prices have been natural, they
show that the downward tendency in
trade valnos has spent its force; tina.
diminution OF production has conc as
lar as low prices will permit; and that
demand is ginning upon supply, so n, to
foreshadow from this time forward an
upward movement in commercial val.
ues. On tho other hand, so far US the
rise in staples ia connected with specu.
latIon, it evidences in the first place,
that speculative operators havo been
expecting this change, and that they
arc prepared to follow it; while the
readiness OF speculation TO undertake
large operations in tho leading staples
is proof OF the recovery OF confidence
among this class OF operators. The OK.
preston OF renewed vitality in speculR.
lation naturally encourages the stock
exchange interests. aud suggests the
probability OF an increasing activity in
the movement Of securities.
II begins to be realized by the. hereto.
fore most rampant bears that this coun.
try has turned its back on pessimism,
and that the only n to prosper here.
after is to DO optimistic. 1t has been a
long and dreary lane for business pco,
pie to wade through, rs its starting poin,
was really the Barring panic in Novem,
Der, 1890. over four years ago. The en-.
ergies OF the people OF this country have
been crippled more or less since tina!
time. especially %duringthe last twoyears
If | mistake not, the impetus has now
leGisimately started on its upward move
ment, and will gain strength from now
onward until It reaches extremes in
many channels. One excess usually
follows another. The improvement,
thus far Is certainly OF a substantial IA.
ture. 1t Ia visible not only in tho oil mar.
ket, the iron market. the cotton market,
the grain market, but also in tho security
market. and last, but no. least, in tho
silver bullion market. A. an evidence
that the advance in the white metal /,
considered permanent. tho silver goods
manufacturers have ju.t decidad to ad
vance the price OF, all silver.manufacY
tured articles 20 Dor cent. The success.
full hunt for gold all over tho world en-.
ters into the situation. This years pro
duct OF the yellow metal is likely to be
the largest on record. Thorc arc cvi.
dences OF a gold craze in Colorado equal
to the former silver craze In that sec
ton. Everything tavors tho develop
ment OF the mines in Colorado; tho eli
mate is perfect. tho mines arc accessible
by railroads. and the greatest smelters
in the world arc located in that couutry
which arc equal to all emergencies.
The real extent OF improvements
now going on among our manufactures
Is not generally unIeratood or credited.
The mos. publish" class in the coun Y
at the present moment arc tho manu-
iac,urers. They are better situated
than any other class to feel and meas
uro the frat throbbings oil a new i'm.
pulse OF demand; and it is their te4ti.
mony. in almost every branch OF trade,
that tho outlook Is most encouraging.
In many cases, they have tho courage
10 demand higher prices and to wait, il
necessary, until thoy can get them.
Their orders are on u larger scaIe than
for the last two years, and they are in.
crGas!ng their purchases OF raw mator.
ials in expectation that they may have
to pay higher prices for them. The
feeling, in short, is general that, pro,
viding tho stcadiness OF tho financial
situation can be depended upon, this
country is on tho verge Of an era Of very
unuBual prosperity. Wo arc in 4 poai'
ton to produce at lowor costs than eve
before. In this respect. we, have, with
in tho last two years. made very i'm
por,ant gains upon other mauuiac.ur.
ing Countrle,.
Tho pressure Of tho new tariff has &c
somc extent contributed to this; partly
by compelling manufacturers to i'm
prove their methods and ccononlizou on
the cost OF production, and partly by
the clieaponing OF some Of their raw ma
%tcrials. In one article or another, they
arc tr%cadingcloso OH tho hcols OF England
and Germany in the foreign markets.
and M OF tho early rosulta OF tho new
conditions is likely to DO n material in.
crease in our exports OF homo manuinc
turos. While tho conditions for pro.
duction stand thus iavorably. there il
al arroarago OF fully two years in Tho