The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-04-04
s,,,,a, Correspondence.

NAV
past week business in Wall street has
been attended with some singular
phases OF excitement and oscillation.
ON Saturday last. set In n sharp cover
,rr Of a large outstanding line OF
Shorts" which was continued on Mon
day, accompanied with ONE specula-
five buying, with The result OF q rise In
prlccs ranging from three 10 eight
POINTS. Al the same time. the official
report on the Maine disaster disclosed
nothing calculated to raise alarm about
our relations with Spain and the Presi-
dents confident hope Of accomplishing
n peaceful settlement of the more gem
cral question helped To- producc n more
hopeful feeling through the market.
These aspects Of the political situation
were construed as afrording an oppor-
tunity for at least n transient bull
movement, and there was consequently
nm active speculative buying of stocks.
principally by local professional opera
tors. This reversal of the previous
downward tendency OF prices was, how
ever. only ~m0mentary, On Thursday,
realizing set In. with an average drop
Of two points. and prices have since con-
tlnied to decline. The wide oscillations
Of prices throughout the week have been
as much due TO the speculative s!tua-
lion as 10 any real change In our rela-
tons with Spain or the prospects as to
peace or war. Wall street. however,
follows the rising tide of excitement In
the country at large. and there Is no pre-
dieting with accuracy a day in advance
what will be the course OF values. Buy
ing and selling are alike attended with
more than ordinary risk.
There Is one good feature In the other
wise threatening situation. The condi-
ton Of the foreign exchanges abund-
antly fortifes us for the possible con-
%tlngenclcS of war finance. The. impor-
tations OF gold still continue, and up 10
date The c~onsiEnmcnts TO this port. via
Atlantic and Pacific ports. aggregate
about $4,000. 900. Although there has
heen. during the week, some sending
f!rward Of forelg2 bills held here for
Temporary investment. It Is estimated
that some $4,000. 900 more are still so
held: representing so much esource OF
early maturity obligations either to be
llGuiddtcd In gold, or extended, or set
tied for by the return Of securities In the
event OF an acute war scare This con-
stitutes n resource amply sufficient to
protect our financial position In the
event OF the Cuban question developing
into actual war. This fact alone shields
us against the International financial
arrangements which usually occur as
one OF the immediate effects OF the out
break OF foreign hostilities. Instead OF
being exposed to the remittance OF bal
nnces due 10 foreign countries, we are
In the position. OF a largely creditor ma
ton and able to cali home n heavy
amount of loans extended to other coun-
tries. 1t Is not easy to Over-estimate
the value of this situation. Should the
government be driven to the last resort
Of war. the banks would be strongly
protected. and so the whole structure Of
commercial credit would be safe. What
ever other dangers or losses we might
have 10 face. We should be safe at the
point where our Internal system Of
finance is most dependent. This fact
would greatly contribute towards avert
Ing the interruption Of industry which
ordinarily setsNin with the occurrence of
foreign hostilities. and therefore should
tend to prevent any apprehension of
really serious business disturbance.
Moreover, war, notwithstanding its de-
structlveness, Is attended with its own
sources OF demand. which arc by no
means inconsiderablc. The effects of
that demand Immediately appear In
1uickencd markets. while the effects Of
The destruction do not show until a
much later period. The first effects OF
the war OF lS6l-65 were apparent In the
general imitation OF prices and ar alb
normal activity OF trade; the reaction
airy arrangements were delayed until
the panic OF 1873. At the beginning of
that struggle, we had only Sl5, DOC, 900 Of
gold In the country; to-day, we have
S50.00 0 900. War always becomes n Sc
rIous Question.of gold resource: and this
difference between now and then Is an
advantage OF the utmost value: the
more 81 as the threatened war would be
OF far inferior magnitude to that OF
thirty-iivc years ago. Still. although
we might safely count upon these anne
ilorations OF war when it had got fairly
under way. its immediate effect would
De a sharp shock TO all the markets;
but. as that result has already been an
tlclpaled, It's sevcrcr features would
soon disappear. and speculation would
become conspicuous features OF bust
ness al large, but especially in stocks.
Al The moment. IL Is impossible TO
loresee what may be the outcome of the
present highly critical situation. II Is
perhaps SAFE 10 say that the average cN-
pcctation OF the country incllnes much
more 10 war than peace; and yet O pa
enc settlement Is by no means impos-
eialc, Apparently. there is no doubt
mat the President. as much as congress,
is resolved to accept no settlement
which doe not provide for the independ-
chce OF cuba. That extent Of concession
is so i!atly opposed to the pride OF Spain
ana 10 the dynastic responsibilities OF
Inc queen regent. and would involve
such political risks to the present gov
eminent, that Its immediate acceptance
must be viewed as next to impossible.
ING proposal, however, would afford Il
basis OF further negotiation, and 1t
WOULD remain To be seen what compcn-
salons for the sacrifice could be offered
by the United States. II we are pre-
p"Fcd 10 oitcr or guarantee any financial
engagements which, whilst avertln:
war. would recuperate the finances and
'tredlt oil Spain, there can be little doubt
maj the European powers will apply n
pressure In favor of our terms that
would leave Spain her choice between
accepting our proposals and eacriflcing
at sympathy or help from other coun-
uses. Spain appears TO have already
sumnlhri!y rejected the Presidents pro-
noSals for Cuban independence, and thus
We arc In the first phase of n most dill
sun n sensitive negotiation. which il
sure to bring international influences
mo play. The dangerous aspects OF the
ftt,'atian will daily become more i'm
,IeSsire TO the public eye and the popu-
ar excitement must increase. The most
setions danger OF the moment, however.
~ from he impatient members Of con-
s'pS' who seem TO prefer Il warllkc
helhOl for freeing Cllhn These unrnlI.