The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-05-03
r..,,,l Correspondence.

pfaauineSB OF prices uhNS w" $40
,.,,rncterlstics OF business In Wall
,,rcet during the past week. The situa-
don Is generally hopeful and holders
:, "' .,euritles show no disposition TO sell:
INF on the one hand there is variety
~ uncertainties overhanglns the mar
,.,-such as the Greco-TurkIsh war.
~, cloudy outlook for the grain and
'''t,on crops, the starting OF gold eX-
lis and the restraint on certain in~
ss,stries pending tarlm legislation
while on the other hand, there
1, an absence Of any decisive
S,rtors toLdlhg towards higher
nrices. and the net result Is a neutral
si,pation Of quiet but confident waiting
AZ some influential bull happening
hat viii start up a buying movement.
,Ss bears" meanwhile cOntenunE
Themselves with brief and cautious
=" me- ~, exciting news from tie seat Of
,lr has been on the whOls. conducive
% strength In the financial markets.
me sffctcs here are dependent upon the
,smner OF the markets OF London FaFls
md berlin: und, at those centre. II -
,aken for granted that the disasters
which have befallcn the Greeks must
rrsult In a speedy conclusion OF the
war upon a basis which VIII anord
more satisfactory guarantees Tor future
harmony In the politics OF eastern i IN
rnpe than have hitherto existed Ihe
erect OF such IN expectation is 20 keep
,hs foreign bOurses steady; which "
bout All that can be expected until
,scss cypectatlons become accomplish
sJ f,rts. when very material recovery
~ no value OF national securities
,S,uId naturally be forthcoming. There
s,Ssars 10 be a deRrth OF new enter
Trises seeking capital in Europe; and
rrrntiators and investors, impressed
nv Inc fecuperative tendencies develop
i-r IN Inc United States are waiting for
r - as the occasion for fresh invests
,,,snts In our securities. As matters
.,,,d Al the present moment. THIS Is
Inc factor upon which 4 revival OF ac-
tiy,,y an this market is more likely 10
sspend than on any other influences In
S The sudden starting IN OF exports OF
-oiJ though NOT entirely unexpected,
S,s rather surprised Wall street by the
iaTrruess OF the amounts OF the ship
meats the sums shipped and engaged
g5r shipments up 70 next Tuesday being
10000. This movement Is incidentai
N the state Of the Continental markets.
paris has been large seller oil hhtlrs
al London. and Vienna is a free buyer
q the metal for communicating the
Austrian resumption scheme. LONDON
can meet these demands at Eool pr0-
nj hy drawing the gold from New iotk-
Yet. looking At the figures OF our loE-
slrn trade, II not easy to find any con-
sinsiye reason for expecting that the
outflow will reach really important ui-
mens!Ons.
ME movement in merchandise and
the precious metals shows an excess OK
eXports over imports amounting 10
ssh 500 900 II we charge ourselves with
$3.50 900 600 as the net debtor sum accru.
ing on interest payments, travellers
credits, freight and passenger charges
Immigrant money, OUTLAWS OF foreign
vessels in our ports, etc-which Is GER
talnly n highly liberal allowance-there
viii stIIl remain over $3.50. O00, 900 due TO
US on this nlno months balance. II this
balance has been extinguished, there Is
no way in which It can be done except
through the return home OF our secure
ties and the withdrawal OF foreign capi-
tai finding transient employment IN
various ways in this country. Ana YET,
while such Offsets are acknowledged 70
have risen, perhaps few foreign bankers
would be willing to admit that they
have amounted to any such Important
sum. It has been commonly conceaeu
fbat about so. 900 900 worth OF stocks
and bonds were returned Immediately
after the election; but II h. ben gem
orally supposed that. outside that Item
the exports Of securities for the nine
months have about eQuaiied the
amounts returned home. -
The question then arises-was SlAO'
col, 900 OF foreign capital-employed mere
as bankers balances, on MORTGAGES on
commercial accounts, on industrial un-
dertakinE, etc.,-withdrawn TO Europe
during the violently strained state OF
confidence created by the Bryan cam
paiEn? II seems In the face OF these
facts. that unseen operations OF TINS
Character did actually occur 10 an ex-
tent more or less appruTimatins that
extraordinary sum And yet 1t Is not
entirely necessary TO charge the whole
Of this sum to that account. The abuh-
dance OF idle home capital which mas
during the late months led to the EN-.
ployment OF some 80 10 60 millions OF
dollars in the extraordinary purchase
u exports bills, Is now. that such opera
tons are no longer profitable, nnding
employment in providing for cash
nayment for a considerable portions OF
The large amounts OF imports that are
arriving in anticipation Of the advance
tariff duties. This is especially the case
in respect to the imports OF sugar and
WOOL: in regard 10 which II Is perhaps
more than safe 10 estimate that
81. GOO. 600 has thus been paid. am dis.
posed to regard these antlcipatory pay
ments FOR imports as having more 10
do with the exports OF gold than ordin'
AIRY thradc causes. But. OF course
these llquldatlons in advance OF the or.
binary usage will correspondlngly tell
in favor Of our balance three or your
months hence.
The general condition Of the country
must with fair allowance for special
incidental circumstances, be regarded
as presenting a hopeful outlook. or
course, until the new tariff bill u dis
posed Of, manufactures must De- 10
some extent, held In check. and Imports
may be expected 10 be large. These
conditions are abnormal and produce
some temporary arrangements and
good deal Of grumbling. but. when the
tariff takes effect. the imports VIII
moderate and there viii be a sudden In
crease Of activity in the Industries to
compensate for the now postponed pro-
duction. In the meantime. the retail
trade appears 70 he, for the most part
IN healthy condition: and the jobbng
trades therefore cannot have much rcn-
son TO complain. except about the OBJ
staclcs 20 arranging for their supplies
Tor the fall trade.
The crops are in an uncertain posi-
ton The heavy rains have been un-
favorable 10 the growth or wheat; but
The stage has not been passed at which
fine weather might convert the feeble
plant into fair crop. Cotton Is in m
uncertain position. The floods have