The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-04-20
epeeIal correspondenee.

Aueek huAAI1t luG Ht1E week mas
shown some Improvement Of feeling.
Some Of the factors noted IN my adj
vices Of last week as having an unfav-
orable aspect, have sInce changed for
the better. The impression Is gaining
ground that President Cleveland Is not
likely to precipltate alarm by hasty &C.
ton on the Cuban situation; which has
The eject OF mitigating an apprehen-
sion that had become quite acute since
the resolutions on that question re-
Gently adopted by Congress- In busl-
ness ahalrs. also. there has been some
recovery of tone. The ahs spring
weather has given an lmpetus 70 the
demand for seaAOnRble merchandise,
and the cffect upon the distributing
trades has been quite marked,
A better feeling prevails in tie textile
trades, and the disposition shown by the
mill owners to restrict production and
reduce wages suggests a prospect that
this important group Of industries may
soon find the way towards a better reg
ulation Of their interests. In the iron
trade, also, important progress has been
made towards remedying the democrats
Eation In prices through forming com-
blnations IN different branches OF the
business for the purpose Of preventing
excessive competition and placing pro-
ductlon upon a paying basis.
The official spring crop reports have
had, on the whole, favorable result,
The present condition of the wheat crop
has the effect OF strengthening the
price Of that cereal; and yet It does not
prevent the possibility OF the crop
finally coming out better than present
probabilities suggest In any event, the
Fise in wheat has. at the moment, an
eXhllarating effect upon whatever Is
dependent upon the farming Interest,
Upon the whole, the general outlook Is
construed as presenting more hopeful
the tide In favor Of some recovery In
business.
The export movement in gold does not
appear TO warrant any uneaslness.
There Is undoubtedly light supply OF
bills and some moderate amounts OF
gold are going out. But, as there has
been a loss on some Of the shipments,
1t is to be presumed that the outgo Is not
entirely in the regular way Of settle
ments but in part TO meet some special
demand. It is rumored that these spe-
cIal shipments are destined for Russia,
or to compensate European banks for
gold deposits wlthdptwn from them by
the Bank of Russia! and 1t is also inti-
mated that the Imperial Bank Is pre-
pairing for the resumption Of specie
payments. We take II, however, that the
idea of resumption Is merely a loose
inference from the gupposition or the
fact-aS the case may be-that the
gold thus leaving New Fork Is intend
ed for st Petersburg. The rumor Is dis
credited by the fact that We have little.
or no information from London, nor
from any Of the continental centres, that
Russia contemplates the resumption OF
cash payments. One Of the leading Lon
don financial papers few days ago de-
MED that the Bank Of Russia entertains
any such purpose. Moreover, Il would
not be an easy matter for that bank to
accomplish any such feat as is attri-
buted TO 1t. The llians9 between the,
drawback upon the sdredt 81 th9 bank.
The bank Is one OF Russla's engines OF
war; which fact does not help It's credit.
The political policies OF the state are
so chronically disturbing and danger
Gus as TO involve constant risk to the
bank; and thus Il comes to pass that.
although the bank is now In many re-
spects well managed and Its gold re-
serve Is held at a comparatively high
ratio TO Its circulation, yet the current
premium on gold at St Petersburg Is
so per cent. Moreover, II there were
amy serious purpose OF resuming gold
payments, that premium would quickly
show the effect Of such change; where
as the premium remains stationary.
Still II Is perhaps not improbable that
CT pAtaFnhtIPpr NAV hn VNpnuftPiHN uT0tds
for II has been pursuing that course for
some time past and has recently accu-
inulated considerable sum: but It Is
much more likely that such a course
would be in contemplation of warllke
possibilities than that Il Is intended for
the resumption Of gold payments, There
Is no question about Russia favoring
the gnid basis; and rs her trade has
been gaming In prosperity during late
years, an opportunity has thence arisen
for strengthening her financial position;
which occasion, both. for political and
fiscal reasons. she has been willing to
turn to account, Whilst, therefore, Il is
not improbable that some OF our gold
may be going to Russia, yet there Is
virtually no reason TO suppose that II is
for a purpose that would require 30
large an amount Us would be needed
for the adoption OF gold payments.
Moreover, 1t Is to be remembered that.
II gold Is going out for this eXtraneOus
purpose. Il does not the less. on that
| account, become n contribution to-
wards the settlement OF our adverse for-
eign balance, and therefore Is 10 be re-
Rarded as 30 far reducing the amount
Of gold that would have TO be shipped
| in the ordinary course of the exchanges.
| In other words. RUSSIA has to pay US
30 waskan Hk - he tnlF
from US; and that claim settles an equal
sum Of foreign claims against US. For
these reasons, these special exports OF
gold. whether for Russia or other des-
tination, may be dismissed as a harm.
less bugbear.
A matter really much more import
ant. as bearing on the gold movement,
Is the important change that has APP
peared In the drift Of the foreign eX-
changes. For each Of the last three
months, there has been an Increase In
our exports OF merchandise and n de-
crease In the imports. The returns for
March evidence continuation Of this
tendency-the exports showing n gain
over last year OF ten millions and the
Imports decline Of three milllons The
Imports OF 1895 were extraordinary;
first, because pending tarlh legislation
| had checked impottRtlons and exhaust
ed stocks In 1894; and, next, because
the reduction OF duties naturally had
for It's first effect the stimulation Of i'm
ports and the over-supplying OF the
markets throughout last year. The I'm.
port movement has thus been exposed
| 10 a sudden check; and II would not be
surprising II this years receiptsof for
eign goods should fall some sixty To
seventy-hve millions short OF those OF
1895. The condition OF Over-supply due
To this cause. as well as TO an over-pro-
duction Of most kinds OF domestic man