The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-08-02

NEW YORK, July Si.-rhe tariff bill
has become law. Congress has dis
persed, and many important operators
nave responded by a week of realizing.
To the initiated, this result was not I'M
expected. They had discounted both
events in advance, and the moment of
contamination was for them the time
for selling, The consequence has been
that, during the past week. a large
amount Of stocks have changed from
large speculative holders to investment
buyers hands, London also has been
seller. for reasons which here had not
been expected to have any influence.
We have had many limitations that the
London exchange and British Investors
attach more importance than ourselves
10 currency legislation as an element
Affecting the value OF our securities,
and because the senate deferred imme-
dIate action on the Presidents request
for authority to appoint currency
commission, mainly because the mem
bers were anxious TO go home for their
summer vacation. London has thrown
a considerable amount of stocks upon
this market, as an evidence OF dIsap-
polntment In reference thereto.
Many OF those who have sold out dur
ing the last few days may be expected
to appear as an element In the bear con-
tingent until they are able TO get back
their stocks at lower range of prices,
For brief period, therefore. we are
likely to nave belligerent market,
with some irregularity In prices; which,
though It may be unwelcome to san
gulne operators, viii act as n whole
some test and conduce to activity In
transactions. At the moment, there are
influences calculated to encourage those
who are DESTROYS of buying at con-
cesslOn In prices. The effect Of the ad-
verse turn In the weather upon harvest
prospects and on the corn and cotton
crops naturally produces some hesita-
ton, the more so because the outs find
II to their interest TO eXaggerate the
Importance OF those adverse conditions,
Under all the circumstances. therefore,
the influences OF the moment seem TO
incline towards a temporary halt in the
upward movement of prices.
This. however. is to be regarded as
only passing cloud. All the conditions
that have been for several weeks con-
tribu,Ing towards a permanent rise In
prices are still in full force and must
Inevitably reassert themselves after this
brief halt AS to crop prospects two
things become more certain as the sea-
son Develops first. that our wheat crop
l. likely to prove one OF the largest ever
raised. and next, that the foreign de-
fc.encies OF wheat supply are extraor-
dinariiy important. These factors now
seem to be established beyond any pos
sibility OF change by later reports. The
prospects as to corn are less developed
than those relating to wheat. At the
moment, either a large crop or def
clent one may be considered possible;
but there is hopeful probability that
the present disturbed atmospheric con-
ditions may lie followed by run of
weather favorable to the maturing OF
the crop.
These agricultural conditions mean, In
the first place. a large increase In the
earnings Of railroads, which may be eN-
pected to appear from this time for
ward. In the next place, we may rea-
sonably expect an unprecedented export
OF agricultural products, the increase
applying to values as well as to guam
tity. The relatively high price OF
wheat, together with the extraordinary
volume OF surplus home supply, will
have n very important bearing upon the
current OF our foreign trade. To this
must also be added the export Of an
immense cotton crop. The outward
movement In these two great staples
gives a certainty of a year of extraor-
binary exports. On the other hand, II
is to be taken into the account that the
imports promise to be relatively light.
How far the advance in duties, under
the new tariff, will exclude foreign
goods remains to be proved: II cannot
fail 10 have some appreciable influence
In that direction. But II Is already an
accomplished fact that fully SlOO00000O
worth OF merchandise has been import
ed In advance OF the wants OF the next
twelve months; and what is Of special
importance In this connection Is the fact
that q large portion of those imports
have been already paid for, so that
their effect on the foreign exchanges Is
q thug OF the past. II Is plain that
these conditions lay the basis for an
extraordinary foreign trade balance In
our favor during the crop year upon
which We have entered. The probablli-
ties thus point to an unusually import
ant import OF gold And although we
may not he In any real need OF an In
crease In our stock OF the metal, yet its
possession will have very valuable eff
fccis, 1t will give us continuous ease
In the money market by replenshlng
the reserves OF the banks; and. should
the banks be disposed TO voluntarily
transfer portion Of Their uold TO the
treasury, II Will also strengthen the
metallic reserves Of the government
in any event, pending the earnest at
tendon that Is being directed towards
the condition Of our currency system,
lt can only have highly beneficial cf-
feet both at home and abroad, TO see
the UHuon's gold stock rising towards
tho foremost rnnk In the world, and
that Dy a purely normal process. All
tbis inevitably means n restoration Of
olniacucc, Commercial aud iinapclal
mat win carry us into a condition OF
great national prosperity. What this
means for our various forms OF cOrpnr-
At" Investment hardly needs to be said
Nothiug can prevent such conditions
from producing an advance In securities
urpusslng anything that Wall street,
In o. t'lDl conservative mood, rs ns yet
calculating upon,