The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-09-13

tory OF our DanhlHS OpeIdFIuHS-ho
withstanding that general prices are
now fully 10 per cent lower than they
were az that period Further evidence
OF the large expansion of business Is
Afforded by the loans and discounts OF
the New York City banks. For the week
ending September 4, this item stood at
$500, 100000, which-as Will appear from
the following statement of the maxi
mum OF loans in the fall months since
1SS7-ls the highest sum reached at that
season OF the last ten years.
1897, September .,....,...... 1868, 900, 900
1895, October II ,..."....". 456, 100000
1895, September IA ..,..,,...,.. .522, 700, 900
1894, October 6 ......,.."..... 50O,3OO,OOO
1898, September 2 ......"..". D0,2O0'OOO
1892, September ......,...,,. 4TlOO,OOO
1891, September 26...,........ 4OS,OO0,OOO
1880. October II ........ 406, 800, 600
1889, September 2S ..,........ 400 300, 900
1883, October "a ........".".. Se3,7O6oOO
The city banks are now lending four
teen. per cent more than the highest
volume ever attained In the history of
their operations. This Is incontestable
proof that the amount Of current busi-
ness transactions exceeds all precedent.
It Is true that we now have about TO-
100000 or more population than we had
in 1S9O-the period OF highest previous
maximum OF loans-bHt against that
fact must be set Off the great fall in all
values that has occurred since that
date.
The sudden expansion to a condition
of normal activity has In It no element
OF speculation. II Is in response TO bona
iide wants, and shows none of the du-
bious elements OF q mere manufactured
boom" The fact that such measure
OF recovery has come within the short
period Of three or four months Is n very
satisfactory sign of the sound financial
condition Of men of business. 1t means
that the weak elements OF credit have
been weeded out during the recent de-
preston and that merchants have their
finances in sound shape for meeting
the requirements of period Of large
commercial expansion.
What may be the magnitude of those
requirements is inferable from the ex-
tent to which the satisfaction of wide
range of wants has been postponed
during the last four years In every
branch of production, excepting those
most essential to subsistence, this pro-
cess OF postponement has been in force.
In buildings in the home and its fur
nishings, In the wardrobe, In our fac
tories and In the construction and main
tenance OF railroads. this avoidance of
expenditures has been rlgidly enforced,
Four years OF this sort of economizing
is probably about equal 10 the citlzen's
total expenditures of one year; and that
years measure of abstention from the
supply of reasonable wants has now TO
be made good. 1t Is one thing that
there should be such an important pres
sure for an extra supplying OF wants;
It Is another that the business thus
created should be done at fair rate OF
profit. OF this there Is no reasonable
cause for doubt. The downward ten
dency of prices has been arrested: sur
plus stocks are being fast cleared off,
and In all directions consumption Is
gaining on production. At last, there
fore, we seem to be In fair way to-
wards remedying the great excess OF
supply over consumption which has, for
several years past, been forcing the
great fall In prices and the extreme de-
preston In business, We have, In fact,
reached a new starting point upon a
Tower basis of costs OF production and
of prices to consumers; which means a
broader production and the capacity for
a larger consumption per head of popu-
lation than we have hitherto realized;
to say nothing Of the new wants arising
from an increase OF l0,00O,00O In our
population since the beginning Of the
current decade. These facts have been
steadily forcing the readjustment which
we now see In full operation. They ex-
plain the great revival and justify 1t by
making the movement natural and per-
manent
II Is this process which constitutes
nine-tenths Of the cause OF the current
remarkable recovery In the market for
Becurltles. Other minor causes, chiefly
of n political nature there have been;
hut they would have produced little
Visible effect without this radical re-
construction in the conditions Of pros
ductlon and distribution, OF supply and
demand, In the commercial markets.
The people find no difficulty In compre-
hendlng the meaning OF these new cle-
fnentB in the situation; the factors toll
their own story to every common-scnse
observer; they explain to cverybody'H
satisfaction the basis OF the prophecy
ings OF better times. II In this clear
comprehension of sound and natural
reasons for expecting an era OF renewed
nHIIOUhl UluHlNllA9 NNAi'" 'NfAAlAAF NV
iuatifes the present sangulno feeling or
The stock exchange. These conditions
have made speculation Inevitable, be.
cause they hive restored to securities
nil the inherent value they had lost
within the last four years OF decline
Thus the market needs none OF the arts
~ professional manipulation 10 put ~
prleos. Values rise because the earning
capacity Of corporations Ia Increased
ana because that Increase Ia seen 10 HI
Of n bona flde and permanent nature
n prloeB do not advance ut once to AZ
extent commensurate with the import
nnce OF the causes affecting them, II II
becntse Of the great breadth and diver
atty Of the supply Of Issues awaiting tn,
improvemcnl Prices can be RAISED
AMY By parulHg through n mnrlici pro
ccga Of dealings. Those exchanges have
10 bio repeated indefinitely 10 produce
that effect. and when the stock " h.
sizes an the mnrkct " ondlogHly varlot
and enormous In amount the mCchnn
ism Of finance can accomplish The thHl
nny by process NJ slow detail nnd bl
constantly changing operations from
one net uf issues 10 another This mus
account for the seeming aluwnCgg q
prices In advancing to patty with tt0
Improved condition. Affecting values
nnd this II w which nnorlH Upporlunl