The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-01-24

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sp,clul Correspondence.
NEW YORK, Jim. 2?.--Dur!nG the
EARLIER part of the past week, there was
considerable realizing OF profits on the
stock exchange, with some consequent
fall in prices, the introduction OF the
Cuban question Into the house OF rep
usentat!ycs and the stir raised by the
Teller resolution having helped this
tendency. During the latter days. how.
ever these Influences lost much OF their
force and the market showed some I'M
p.oycnent, but 1t seems likely that
there may be some reservation OF buy
,pE until a vote Is reached on the house
proposal to recognize the belligerency
O, the Cubans. In the general sltua-
tIor OF the stock market there is little
change. All the good factors connected
with the railroads continue and the
prospects OF a year OF extraordinary
freight business receive confirmation
from current experience. The aspects OF
domestic trade are producing large ex-
Rotations for the spring business: and
although some interruption TO industry
may arise from the attempts In New
England TO adjust wages to the still
downward tendency OF prices, that Is re-
aarded as the chief condition necdful
10 a return TO norma. manufacturers
profits, and therefore Is viewed as
wholesome In Its ultimate effects. Still.
al the moment, there Is no really new
bull" factor calculated to give any
important stimulus to buying. and the
market Is therefore neutral and waiting
for something to turn up"
The january reinvestment demand
has conferred so largely upon railroad
bonds that those investments have ris-
on TO virtually unapproachable prices,
with the consequence OF diverting buy
.ng 10 the lower grade OF mortgages and
causing more demand for first-ciass
dividend paying stocks. These effects
Of the investment demand have not yet
worked out their results upon the spec
ulatire securities, but remain as an un-
discounted factor TO aid In some new
combination OF circumstances helpful 10
an upward movement In the stock mar
ket.
Our current relations With the foreign
Investment centres present features, OF
unusual interest. have recently called
s;tention 70 the cessation OF the return
o. our Investments from Europe, which
reached large dimensions during the
last half OF 1897. Now, this current
seems TO have taken the opposite d!rec-
tlon During last week. probably not
less than 10000 shares OF stock were
ssnt 10 London, Amsterdam and Ber-
lin: and within the past week some
scattering buying orders have been re-
ce!Yed, while there has been no evi-
ceace OF any selling. Had 1t not been
for the effects Of short harvests in Eu-
rope, We should probably have witness-
ed large foreign orders for our secur-
tiles; but the leading countries having
bad 10 make very unusual outside pur-
chasss of food products, the exchanges
have been turned against them to an
important extent, and the controlling
banking interests have not only dis
outraged the making Of investments
abroad, but also encouraged realizing
iron such assets.
This condition at the European CEN
tres has apparently not yet reached lts
elimination. With respect to this
country, it has resulted In the postpone
:nent OF very important amount OF
financial settlements, so that in one
way or another there matured bal
ances owing 10 the United States au-
eFegatlng not less. but possibly more,
thaa forty millions of dollars-a state
o. things almost unprecedented (except
once last YEAR, In our financial history
II mas been supposed that such extra
Ordinary conditions would soon force
1he'F own readjustments; but, at pres
eht' taere Is no evidence of any abate-
ineht OF the abnormal conditions. On
the contrary our December exports ex-
ceeded our imports by 10000, 600; which,
htter allowing for other net adverse
Nems In tie exchanges, means an in
crease IN our foreign creditor account
Of about $4,000 900, the settlement for
"h!ch Will mature mostly within the
next sixty days. The facility with
which our foreign debtors have found
~ possioie 10 postpone payment of these
uo"si'ohs is producing fictitious ease
" we foreign money markets: and,
s"ouu tnat tendency go little farther,
an equalization OF the rate OF interest
!,e!e ana abroad will neutral!ze the In
oucement which has made home lend
e's "l!iinS 10 Invest In these obllga-
,i0hs' Al present, we are still! buying up
pI!s o. exchange instead OF sending
lleiEi 10 the points of collection in the
uaua! course. and the amount OF such
oIlia now held here Is probably not less
'hah *SO'9cO.00O; and 1t Is this fact which
mainly explains why gold has not been
coming mere from Europe In large
amounts This lisa very interesting Sit
uu''Oh, yet not without some rather SER
IONS concern for Europe. For, should
'ne equalization OF the home and trans
atlantic money markets stop our con-
mutation pt these foreign advances, the
result might easily be a rush OF gold
upon New York In very important
amounts. At the same time, the rela-
NoEs between England and the powers
nggress!nS upon China are such as may
possibly produce serious disturbances
ot the foreign financial markets. The
oniy factor In this sensitive situation
Whicn can be considered hopeful for
european finance Is that, six weeks 70
Two months hence, our Imports will be
III tAeir highest and our exports at the
lowest; but It Is a question whether the
Existing extraordinary balance In our
1a'of mag not more than suffice to off,
eel Inc adverse balance which usually
ocCnrs IN the spring months and bring
WI.H i'lther at time when we are usu-
any exporting. IT. -5-
Although there Is good reason to sup.
pose that outstanding abroad of Amer
,.ah Investments Is steadily gaining, yet
u must be admitted that the conditions
ABOVE referred TO are far from condu
eve 10 foreign demand for them until
tneSe irregularities have been straight
,."eG out. And set the amount Of
nonas returned has already been so
MfEe that It is hardly supposablc that
any further important renux Will oc.
cur; Tie test vote in the senate on the
.eNeF resolution Is liable 10 be cxag-
to 10 -. To