The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-08-01
FINANCIAL AFFAIRS.

PITm Uuderiono RTeVaiA ~ ne S'oeA
,,a,.,t. but several Factors Seem 70 In-
,,rf,,s with tie Upward Aip9en'sni.
rreclai correspondence OF Intelligeneer.
'' NEW YORK, Juig ga Asm under
.,nc prevails in the stock narket, but
~. .asraI factors seem to interfere with
q, nnyard movement at thia time. The
M. leaders are not actIsS evidently
nre,errlng a reaction on which to accu-'
.nnI,te n new line Of stocks % carrying
=, The advance without interruption.
1rn,,I ,bey are ready Il Is useless to cali
cnlate ufon booming prices; but 1t is
,scu 20 observe Influences at work
which In due season. will overcome all
,r,,aciag barriers. and compel even the
nc leaders to come into line. We refer
10 the multiplying evidences that the
country has already entered uponsa
,ra Of exceptional prosperity. The war
:, NON a factor of secondary. import
aBce. Peace rumors have had little eff
ssc, partly because Of a disbelief in
snalu's readiness to accept our terms,
and partly because peace is being dis
coppted in advance of It's accomplish
m.Dt The controlling influences Just
now are the encouraging conditions in
agriculture and Industry. Upon these
our future prosperity chiefly rests
War may prove q stimulus to trade, but
genuine prosperity was never built up
IN a war basis. Il Is more important to
xrow that the farmers have had one
prosperous season and are getting out
Of debt at an astonishing rate. Another
,easoo of large crops, fair prices and
Cood exports Is in prospect. Cotton Is
Ssry low in price, and q large yield Is
snticipated; but the cost Of production
Sas been greatly reduced, so that grow
Srs wIIl not suffer hardship. The south
has also benefited bV large fruit crops
nd decided Improvement in industrial
conditions there. In New England the
Industries, especially textiles, are not in
satisfactory shape; but the situation Is
Improving. In the central west manu-
Soc,urIng Of all sorts Is In active pro-
Eress. The production of,plg IRON dur
Ing the last six months was 100000
tons: much the largest half years pro-
duc.lon in our history. Our foreign
trade has resulted In a heavy. trade bal
a1ce In our favor, which promises
large influx of gold, not to speak OF the
amount likely to be soon received from
the Klondlke. The extension OF our
territory also foreshadows a more ae-
live foreign trade. Money Is easy; con-
fdcace Is rising, and all the CHIEF trade
forces seem to be concentrating IN the
direction OF business revival. Under
such conditions railroad s prosperity
must be continuous; and it-is for such
reasons that we have implicit conf
Htnce In higher prices for stocks later
OF, 40
Wall street interests has been the
pcace oyertures advanced by Spain
;srouah NJ. Cambou, the 2FFench am
tassasor at Washington. s93e eircum-
stances has had less effect on the stock
exchange than might have been expect
cd from an occurrence OF SO much Inn
rortance. The truth Is that the men OF
finance lack confidence in Spaln's good
falth-a natural enough consequence OF
her well-earned reputation for cratti-
ness IA diplomacy: and dealers in Sc
curltIes are therefore disposed to defer
dlEcountlng the chances fof peace until
further Evidence Is forthcoming that
size is really prepared to negotiate In
Gsod faith and upon basis which the
T;a.ted States would be likelYto accept.
The Spanish government now stands
between the fire Of two parties; on one
side a large rural and commercial pop
u!ctlon who desire peace and perhaps
would not be very exacting about terms
and. on the other. the aristocracy and
the army who are as yet too proud to
Yield and have faith In the proves OF
their army and think they may redeem
some OF Spaln's lost fighting prestige.
1t Is by no means iRconcelyahle OF
Spanish statesmen that they should
think Il good stroke OF home policy to
coaclllate the party Of peace BY propos-
Ing settlement at the present stage.
Much az our military plans Is as yet I'M
accomplished, and nearly oil we shall
claim has yet to be actually won-a
fact which In negotiating. would GER
valuly be no help to our case. II the
Urlted States government should accept
an armlstlce. our troops at Porto Rico
and in the Antilles would lose their en-
thuslasm, our fighting progress would
be arrested. and Spain would gain time
and an opportunity for recuperating her
Aghting strength. Should Sagasta dis
r-vor that our terms are Unacceptable
and that he dare not take the risk OF
provoking serious disturbance by
.opting them, then. having done what
he could to satisfy the peace faction he
would be free to play TO the war party
by declaring that peace with honor TO
Spain Is at present impossible and APP
peal!ng to the country to stand Dc the
army 10 the last extremity OF endur-
unee. 1t is certainly not beneath what
may be fairly expected Of Spanish
s.atesmanshlp that spain should resort
10 dllatory tricks OF this character; on
the contrary, Il Is the kind OF action we
might reasonably look for; and the
fact that the present incipient stage OF
our operations has been chosen TOT
making peace offers Is suspiciouslv
suggestive that this may prove to be
her game. 1t smacks strongly or
cas,lllan trick that we should be asked
for an armistice and a POSSIBLY long
suspension OF ilostillties within rev
days OF our certain capture OF Porto
Rico ana when the completion OF our
capture Of SpaIn's army in the Phillp,,
pines may be any day expected; ana
!5r this reason our governments re-
Eronse to VI. Cambon's overtures needs
To he most cnretullF guarded by pre-
cautions. HENRY CLEWS.