The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-07-19

Special Correspondence.
NEW YORK, July i7.--There has
been some setback to the hopes enter
taIned two weeks ago of the malnte-
nance of strong bull market through
the summer months. The realizing of
profits has run further than was ex-
peeted, and those who wanted 10 lay in
stocks. inelnding operators OF import
ance, seem TO be in no hurry about buy
ing. but prefer to take their chances on
the possibility OF a quiet market be-
tween now and the end Of the recrsa-
don season. In the meantime, there are
no new conspicuous elements Of stimu-
lus to give prices a fresh vigorous up
ward start. The tariff question has
ceased TO be live issue, and the COM
pletion OF the bill may be the occasion
OF as much realizing as buying. The
great coal strike Il a matter about
which WalI street cannot be Indifferent
and were IL not that the professionals
hesitate TO take chances upon such lick
lie riakH the ''bears" would probably
have been free sellers upon this Inter-
ruptioa to an important branch OF in
dnstry with Its hurtfui bearings upon
other branches of trade Under these
conditions, the speculative market
lacks Interest for the moment, but has
lost none OF Its settled flrmness, and all
the indications are favorable to a
steady and well sustained course OF
prices through the summer.
At Washington, the indications point
to an early close OF legislative proceed
inss. Owing to differences between the
two houses, the tarlff discussion seems
likely to be prolonged few days be-
yoad what has been expected; but from
the symptoms OF the moment, II up
pearH likely that no fuy.aer important
measuTes win he undertaken In Con-
gress. The President has again post
poned the introduction OF his request
for the appointment OF currency COM
mission: which, IN connection with the
delay OF the conference discussion on
the tariff suggests 4 probability that
the rnoney question may be allowed 10
stand over until December, and then be
handled directly by the administration
without the mediation OF an extraneous
commission. This is the more probable
because the secretary Of the treasury is
preparing a measure OF his own and in
doing go Is consulting with Representa-
tives Of the indianapolis Convention.
Although the President has promised TO
bring this question before this special
session OF Congress vet In view OF the
possibility OF such action clashing with
tiie tafim bll aud of the fact that the
now late stage of the season would
leave only four months for completing
IL - -
public opinion would hold him excus-
able should he conclude that circum-
stances Justify him IN refraining from
ureseut action In this matter. This Is the
more likely because an influential pub
lie sentiment Inclines to the view that It
~ Questionable whether the question
could be best approached through
an Y outside commission. "a Con-
efessuen VIII naturally feed that
~ their action Is TO be ~ form
ulated from outside their own ranks,
IT'S Initiation should be undertaken only
by the administration under the guild
ance Of the secretary Of the treasury. II
may well be asked whether II Is not a
delicate invasion OF the privileges and
functions Of the houses of Congress to
ask them to authorize body of private
citizens TO devise a measure which they
themseives have been constitutlonally
chosen 10 frame; and It Is hardly to be
exnected that such an intrusion upon
legislative functions would be gracious
" received In Congress, or that 1t would
conduce to the best possible result
Congress may be expected to feel that
az IA to be held responsible for Its ac-
tiou, II should be left free In shaping It's
measures. Mr.. Mckinley will, we do not
doubt. be supported by public opinion u
he should finally act upon this view OF
the subject.
The contamination Of arrangements
for re-constructlng the entire mortgage
debt OF the Chicago & Northwestern
Railroad upon 3is per cent basis Is an
other great step towards placing our
railroad finances upon a sounder and
more economical footing. This move
rnent Is but in its beginnings and Is des-
tined to cover some thousands OF mil
lions OF mcrtgages before Il reaches It's
rosguu1matlon. Its ultimate effect up
an Junior securities and upon preferred
sioclts and on the better class Of COM
NON shares Is self-eyldont and taken In
connection with the reduction In the
prices Of materials and machinery used
bv the roads the change amounts TO
dlstInct elevation In the character and
safety Of railroad Investments at large.
Thls may be calculated upon as one OF
the Influences that will be steadily trib-
utary towards the restoration OF rail-
road stocks from their late eNtraordl-
nary depression
The extraordinary exports OF this
country for the past fiscal paramount
ing 10 over $1,000. 900, 900 and resulting IN
an excess over imports Of s2s7jOO.OOO.
makes most gratifying showing, and
Is IN itself strong incentive for the
growth OF confidence In business circles.
The present United States treasury ball
nnco, showing 2s2.OOo.OO0. sli2,si9.0OO ot
which is In gold. Is also most favor
able feature Another favorable factor
Is that there Is not only promise Of
rood crops, but also Of hiEh prices; so
Tint We are now witnessing strong
stock market and also one equally 20
Tor bot1n grain and cotton, che three
markets being backed by confident
buying This ls an unusual clteum-
stance and one which Wall street has
not for a long time experienced. II
foreshadows also that the import Of
gold will soon start this way In cx-
change for our products and securities
Europe will be sure TO buy both In large