The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-12-20
sleclal cOrrospon1ence.

NEW YORK, Dec, ls-'rhe events OF
the past week have been favorable To
che stock market, There have been no
developments OF nature likely to dis
turb the steady growth of condolences,
and affairs generally appear TO be as
sumIng more encouraging shape.
Tariff, Cuba, silver and Il lot of dis
tlrblng questions which had kept the
country on the edge OF upheaval are
fairly GU; Of the way; and our legIsla-
tors are now wisely giving their atten-
ton 10 pressing home affairs and such
measures as Will promote the return
o, prosperity Currency bankruptcy,
reciprocity and other distinctly bust
ness or economic questions are forcing
themselves to the front, Currency very
properly leads them all; for this vitality
affects both our home and foreign rela-
tIous more than any other Issue, The
outlook for any thorough reform az this
session Is not particularly bright at the
moment. owing to widely different
views and the absence OF strong leader
ship; but partial success Will at least
be gained. and then the compagn OF
education can be pushed on until COM
plete and satisfactory revision is at
tanned. or one thing Wall Street may
be assurcd--that is that 1t has less to
fear and more TO hope for from Con-
eress than FOR several years past.
The business outlook is also another
substantial source OF encouragement.
The large gains In bank clear!ngs and
railroad earnings prove beyond dispute
that trade is increasing. There Is little
speculation and values are low, so that
these gains cannot attributed TO in
fIaton. This is the dullest period OF
theyearandy yet merchants, with lewe&-
cCptioNs, report business fairly active.
In the Interior the recovery has been
more pronounced than at the seaboard;
New York being laggard in this re-
spect because the brunt OF the late de-
preston was felt here, and the size and
variety OF the city's business interests
make It slower in responding to new In
luences than smaller cities.
Railroad earnings tell a remarkable
story. In the month OF November lSl
roads reported an aggregate increase
Of 20 per cent; and In December even
this rate Of progress is being surpassed.
In some cases our railroads are beating
the records for earnings; and, as the
gains are fairly distributed over the en-
tire country, 1t follows that they'must
be due to a general Increase OF traffic,
and not to single causes, although ship
ments OF grain, cotton and provisions
eeem to have been the largest items of
growth. Altogether the railroad situa-
ton is exceptionally satisfactory The
only dark spot is the remote probable
ity OF any pooling law. yet the rail-
roads are not likely to cut rates with
plenty OF traffic in sight, as at present.
our railroads are down to hard-pan,
Consolidation and reorganization have
put them on newand stronger footing.
As a rule they are now managed by
practical railroad men, not spectators,
and financial control has passed into
more conservative hands; so that there
IS little likelihood of a repetition OF the
dlsgraceful management which Charac-
terlzed American railroads In the past.
Increased earnings are enabling some
to resume or increase dividends, and
others will shortly follow, making them
desirable investments. These facts, as
well as the approach OF January dis
hursements, account for the present
dercurrent strength OF the stock mar
kct. The recent advance has been en-
outraged by local operators. and their
Efforts supported by the big holders OF
stocks. who are always the first to see
new opportunities.
favorable feature was renewed for
eIgn buying. Europe has Ions been so
bly OF our investments. and we have
been so completely thrown upon our
own resources, that less attention has
been paid to the London market than
usual. Some time ago this country de-
C'ared Its financial independence. and
lately foreigners have been bears on
THIS market to our benefit and their
own disadvantage. Apparently, how
ever there has been a change OF front
m the other side: and should Europe
huy with any freedom. the effect upon
values would be important. Increased
activity In both call and time money,
between now and the opening OF the
new year. viii he likely to hold in check
any further upward movement In the
stool; market. As matter Of fact high
ct rates % Interest will be sure TO pro-
due, q moderate rcnction from the re-
ce1t higher level OF prices, in which
"gert It VIII pave tho way better for
mo;Fo" forward movement early IN
January, and thereby give the new
lcag good send-ofr. Meanwhile, ! adj
Wee quick W-and.out buyng and SELL
iag Tor samll ppoflts only,
HENRY CLEWs.
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