The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-06-14
s...,,, Correspondence

Nrw YORK. June l..-The course OF
h,,,lnsss on the stock exchange, during
~ mast week. has been somewhat ir-
rsrpl,r The previous rise in prices
,Sowed liberal profits upon large lines
~ stocks and there was consequently q
SI,nosItloa to realize. That feeling was
a,,o encouraged by some uneaslness.
excited by supposed friction In our re-
,,,oas with the government Of Spain.
.n5 by bear" attempts to create an
,mprr,sIon that the ungenial weather Is
having a damaging effect upon the
growing crops. and especially on the
prospects OF the corn crop, Under
reese conditions. there has been a
,urh, reaction in prices, which prob
ssly would have been greater but for
Inc sim support received from London
hrylnr. towards the end OF the week.
tssrs was sharp recovery Of tone, and
the market developed a considerable
Increase OF activity With quite \ mark
ca advance IN prices.
Brief realizing reactions arc naturally
incident TO such conditions as are now
shaping the market The drift seems
10 Be towards moderate spasmodieal
improvements. rather than continuous
ssnruine buying and an uninterrupted
REQ The conditions producing the re-
eoyery are OF kind that develop grad
palIy. and Il Is only after the lapse OF
c.rtain period that their effects become
,onsnlcuous. The result Is that. al
thouFh prices gradually advance, yet
ne market Is kept in a staid mood
conducive 20 the taking OF moderate
pr1fts. with the consequence OF moder-
ATE reactions. Such a market Is
sac one 10 buy upon. provided the pun
csassr gets IN on the drops and realizes
mon fair advances; and present symp-
toms indicate that the market is likely
% maintain these charaeteTistcs foF
some time 10 come.
All the symptoms continue TO point 10
a steady conservative revival IN the
general business OF the country. Per-
hsps the men most closely In touch
vith the trade nerve are the railroad
managers and tie bankers, and among
those classes there IS but one verdict
a, 10 the business outlook. II is net
merely that their Information leaus
them 20 expect 4 good crop year with
fsir 70 relatively high prices tos tarT
pr6duc;s: they alsg report evidences OF
prsnsra,ion for a renewal OF activity u
IS Industrial a1d distributing inter
es,s which thcy expect 10 ind express
~ In 4 decided revival OK activity dur
inr ,hs fall months This recovering
tsTdpncv appears to be less the result
a. any expected legislation. talthoush
mrsA r. hoped FOR IN certain directions
'rrp the new tariff, than from the
fs.t fhlt The long depression appears 20
fsys about exhausted its Effects, ana
tbs ratgnral vitality u beginning 10
asssrt Itself Much has been said ABOUT
characterization. and undoubtedly We
have very seriously suffered from that
cause: bn. that depression has been
Ertaily Aggravated By 4 condition os
uadeg-consum9tou Win country "
g-,,s teeminE fertility n every source
o. wealth as ours. the usual note'ilell'
e towards a -apiAlr iacT'ls rs pro-
dus,i6D. which carries eiaag with u
sfsaty Growth 70 ne nhiulr 10 con-
su-re-,s yay r1.h.-g 1s the decrease ~
vrrts sat c5mts from yearly gain OF
orc AMI ore-hu.t mill pns In our Fopu-
lsilop Cor the last four Or ave years;
tbs natural Impulse towards faplu
ry5yr,N- ~ Dr,dlctiaa und consumption
b,s been he'd r. the sevsres. caeck py
he siI.e- rarf by thc treasury tFou-
Ne b. dangerous political tendencies.
tr 7.ayllke erazes and by decHnhE
pr,-es and n production w excess aI
consumption. In a country IKE th,s,
fpch Obstacles 10 progress cannot
cesrative forever. To q large eStehl'
tAey are cured by theiT OWL euee.s
The Americans slngulne Temperament
viii not brook repression ocyohi ! CT
tain limit. Four years absence OF Pr
mis- appeaIs 10 his courage nHd makes
hIrn wiling 10 take risk. -Four years
curtsllment Of his private outlays
Make nirri impatient for Increasing
his earnings. Influences OF this KIND
are now having their curing erect W
On the bad times. the trade feeiluB ~
becoming mafE normal, and htlle os
rttIe manufacturers and merchants are
e1panal1u their operations. Ihe eA
tension n this process feeds trade ana
its impetus is gradually carry ing uS
forward into normal conditions, II IS
mainly 70 this movement that we owe
the signs Of commercial recovery. ana
close observers Of the currents "i tftIy
err looking forward 20 the next IAli
season for the appearance OF dlstilS'
sdvance towards healthy business con-
dlti0ns A, present. these tehuehcttS
appear 20 b. most conspicuous W. ~
ives. and southwes; and IN the PACING
states; In the eastern states, where
conservatism Is more influential ana
over-suppIy mas been most prevalent
the recoyery is least apparent. The
eastern industries are also held back ~
the uncertainties connected with tarin
legislation. When the pending bill mas
Become law, manufacturers VIII KNOW
the basis upon which their operations
are 10 be conducted, and then a aIse
amount IL business now held ~ sus-
penge Jylll be released from restraint
IN wall street, there Is an tndcihlte
o8nssloEnesS that affairs are dFiltlnE
IA the direction here Indicated. ne
tendency Is seen through glass DARK
y and therefore has only a partlai el-
fs-t upon the market for securities
There IS plainly a much better lg w,
IN, no active buying In anticipation ~
the near approach OF realig nun 'i
Fpscula;lvc revival As the prospeC'
becomes more distinct, the STOCK eA-
change barometer may rise with a
hound. when a speculative boom VIII
be In order. Between now and then l
anticipate no important reactions IN
pdcrg. except In the case OF unforeseen
adverse events. OF which there Is now
70 probability IN sight. In the mean
time. steady moderate upward move
ment In prices seems likely to occur occur,
HENRY CLEWs.
Encouraging Fshturss'