The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-03-15
STEADY DRIFT
Toward Recovery Throughout the
Business World.
HENRY CLEwS' WEEKLY LETTER
The Prorrsn OF HsaLiu'tmem Has set III.
The Causes Of thv Depression arc DL'ap.
PsarlnE The European war Sears--Ths
Coming Ses,Io" Of conErrss Ws"crNi
Trade Outlook.
spocIal cotre,nonaenee.

Special CnrTcSrOudcnce,
NEW YORK. March Analrs in
Wall street are sun following a process
OF demonstration and development which
though not universally seen nor under.
stood. Is steadily working towards bet
ter conditions and higher values. Tie
tcuth Is that people are awakening TO
the conviction thar the last four year,
OF depression has no. been due solely
to our monetary troubles, bu; that Its
causes have run deep into our whole
business structure. There has been
an earthquake disturbance Of the
general basis ot business, aitectiua al
most every form OF capital and inNest-
ment, and helping to produce the par.
alvSis OF production and the Interrupt
ti0n OF trade u which Ne have had such
sorry experience. The special uaaer'
lying cause has been the extraordinary
increase in Yl1n; and In The general ca
pacity for prediction srtsing from the
progress OF invention wiihin the last
twenyty or twenty-five years, The an
due expansion OF production from the
callse has produced a decline In prices
which affects everybody aud eyery in
tesest.
To the wagc-cnrning classes, # has
brought many Ereat advantages. but to
the owners OF large capital It has
meant decline in the value Of almost
every kind or property they hold
Clplal has therefore been less sought
FOR employment and has yielded smaller
returus or none at all; and Its owners
have been verV CaUii0us about how
they employed H. Every interest has
TINS been sIDitten with staEnatlon, and
!ew have understood what II meant or
where to look for remedy: they have
simply stood still ana waited Tor light.
or course THIS condition " things has
been greatly aggravated hy the fears
excited by the silver movement ana oy
the disturbing political symptoms that
have been developed bg the elections.
We had a similar aud about equally
prOtracted reaction following the pane
OF 1884. arising from similar causes
but that first shock OF these earthquake
disturbances was Ear less severe than
the one from which we have been SUI
feriRE since 1879. :
There Is plain and ample evidence
that the process OF REIMBURSEMENT Of
.hese arrangements has nov set Ia. We
ire beginning 10 understand the causes
u our troubles. and that this Is the FIRST
lure step towards recovery. The nat
lral process of selG-cure has distinctly
let In, and the Kaleidoscope OF AFFAIRS
s forming into a new order aad rtGw
combinations OF It's parts. The rate OF
interest has been low because capital
.ould not earn Its usual profits: and She
lecline in the earnings OF capital Is haN-
ms the effect OF Increasing the mar
Iet value OF investments, and that IS 90
yay. people lind they have to Invest
arqer amount In principal In order 10
yet a given rate Of interest. This Is the
essen of the hour and one which the
owners OF capital have NOW 90 learn;
md they are beginning TO perceive itS
'prce TO yield to Il. The late negotia.
non OF the Lake Shores City millions
Dan, nj rae somewhat below 3Na per
sent netiS an object lesson as 90 this
new tendency such transaction FOL
lowing old standards OF judgment
would hardly have been Thought pOs-
sihIe: and Ve. no. only has It been
oapmptly effected. but It's real sig
nlfieanCe Is rightly understood and in
yPRtaES hRVs learned the lesson that.
relatively speaking fall in the rat" OF
interest means ii rise In ;hc value OF
principal. Since that loan, there has
been q marked upward tendency in
good railroad bonds, which has not vet
reached It's maximum. and the stocks
must naturally follow In sympathy,
This DRIFT, take Il. Is one OF the mos,
ImVnrtant tendencies NOW at work In
Wall street; and venture 70 j,teulS'
than will be found to evert steady up
ward pressure on prices fdr eoastdera-
BILE time 10 come.
The European war scare has exercised
a somewhat depressing Influence on the
stock marke: during the week. To-
wards the close however there has been
mitigation OF that pressure, The best
advices from london and the continent
express entire confidence that stage
has been reached IN the negotiations
between the powers which insures T.u-
rope against the possibilities OF war,
and the foreign markets have therefore
shown n general recovery OF confidence
and Of prices, with which ours has sym
pathIZed. For the moment, the Cuban
question has ceased 10 be a directly dis
turbing influence. but the possibilities
OF future complications between our
Government and that Of Spain are q
sort OF bogy in the closet which the
market cannot wholly exclude from Its
consciousness.
Wall street Keeps a watchful cy" upon
the bearings OF the coming extra session
OF Congress. and much interest ~ felt
in the question as TO how long II may
aft. for the longer the session. the larE-
or viii be the volume OF iInpOrtGtiOn9
in anticipation OF the higher rates Of
duty 70 be adopted. This Is n factor
which has an obvious bearing on the
future OF the local money market and
the course of foreign exchange Judg-
ing from present Indications and from
the fast that for the last twelve months
the imports OF merchandise have been
extraordinarily light, II Is to be expect
cd that, from this time forward the ar
rivals OF foreign goods Will be very
large in volume. Already, merchants
are arranging for loans in anticipation
oft his movement, on which they agree
10 nay more than the now current rate
nj interest. At the same time. It ~
quite possible that the Imports may
turn the exchanges nEHiHst u9, with
the effect Of causing exports Of gold.
Considering the lageness OF our late i'm
uortations OF gold, such a movement
would Ell only normal and. with our
large stock Of The metal, We could meet
Il without any strain Moreover, by
easing the foreign money markets. IL
would tend to encourage exports OF our
SECURITIES IN Europe ind would help re-
vivC the movement In that direction
which Is now temporarily held IN check.
Such conditions would Of course tend 90
streaRthcn The money market here but.
up 10 certain limit, that would be
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