The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-05-30

[ OkDl.NhA'~ va. T. sfI--
..,.I,l Correspondence OF Intelligencer.
'I NEW YORK, May 2S.-under date Of
Anil :, our regular weekly letter to
.",,oners contained the following.
.N,cb bears reprintlng at this time, ow-
Tag 10 It's accurate diagnosis Of the
.l,puton in the financial markets:
So "rhe temper In which Wall street
"a. received the Intervention decree OF
roprress and tho Observation-Disclosures
:, spain confirms the views expressed
!, our recent advices that the stock ex-
change had discounted the worst prob
abilities In the Cuban situation. and
adjusted In advance the values OF In
,s,,nents 10 the outcome that had at
rs, happened. With its rarely errlng
instinct OF forecast, tho financial COM
,upIty had foreseen the end from the
beginning OF the long and tedious ex-
element, and now that war has come
|. has no further adjustments to make
mo selling under impulse OF new fears.
The men OF the exchange had made up
,h4r minds as to what amount o. dis
eonnt from the normal market value OF
sScuri,!es war with Spain called for,
and the remarkable steadiness OF. Wall
street during the past week Is evidence
al fixed confidence In their conclu-
el0ns." '.'9
Since the above was written the adj
vance IN many OF the! active securities
dealt In at the exchange has been at
last Is per cent: thus showing that the
anticipation of bad newS Is what, scares
people, and not the, realization. OF It.
These toreshadowings have been more,
than realized In the actusl course OF
The stock market. anticipation, went
far beyond a rational discount Of the
worst possibilities of actual war: and
the subsequent course Of prices and the
present strength OF the market are but
the adjustment OF effects arising from
an over-tlmid pess.mism. The mar
shall!ng OF our military and naval pow
er. the successes we have already won,
and the certainty of others Immediately
pending, are but revelations OF the
power OF the nation, and It's ability to
Command the respect OF the world; and
It Is natural that such demonstrations
should have the effect Of inspiring con-
fience in our finance as well as in our
power. The successes Of the war. the
prospect war has opened OF an eHpan-
sion OF our commerce and the elevation
Of our rank among the leading nations
hare suddenly opened the eyes of our
people to a truer conception OF the
greatness and destiny OF the United
States and Wall street Is not slow to
catch the inspiration Of these une1-
pected revelations. No one now stops
10 take serious account OF the costs OF
hosti!ities. though 1t, Is conceded that
they may turn out considerably larger
than was at first anticipated: for. hav-
Ing had a new opportunity OF measuring
ourselves by other nations. we begin to
see that few hundred millions more or
less. counts for relatively little in a ma
ton conceded to be the wealthiest in
The world.
. II {.
In our timid reckonings previous to
The war, We measured our ability to
bear military burthens mainly by the
standards of our ci'.il struggle: further
Inquiry has taught us that while, since
that period, our population has more
than doubled. our wealth has more than
quairup!ed. 1t is therefore seen that
this arous!ng Of the dormant energies
0: the nation may easily prove to be
worth far more than 1t costs, viewed
as mems Of stimulating our people in
tae struggle of International cOmpeti-
ton which is becoming. 60 acute In all
parts OF the world. 1t begins to be fore
seen that this controversy with Spain
VIII prove to be the occasion Ola great
rational awakening, that will result In
en- extension Of our influence and COM
me.ce throughout the world. Such Gle
nents as these become In many ways q
reinforcement OF public confidence, and
instead OF arrestlng the operations of
nance tend to quicken and broaden It.
The present position OF finance In this
country IS q most extraordinary one.
In the midst OF war. the condition Of
NE foreign exchanges Is such as to
pace the money centres OF Europe vir-
,aaiiy at our mercy. We are permit
thg balances due to this country, to
me amount OF probably close upon
sW.VVl0OO, to remain on temporary
loan, and yet are buying extraordlnar-
ny large amounts our securities held In
Ansland, Germany and Holland.
within year, we have drawn from
Europe fully sl0o,ooo,oOo In gold. and are
IN position to draw about an equal
amount more, Il our convenience
should require. Our stock OF the yell
10" metal has reached the highest total
10 our experience. and for the first time
exceeds the holdings OF any other ma
uoh. In the face OF heavy military
taxation. and In prospect OF large gov
ahment borrowings, Wall street Is
oouyant, and the prices OF securities are
tieadIlv advancing. Such concurrence
OF conditions, indicative of financial
strength IN the presence Of an import
any war, has hitherto hardly ever be-
fallen q nation. ~
eastilian pride Is not yet prepared
70 concede; nor burst Premier SaEasta
Us YET confess the unwelcome truth to
a's "i'urlated people. But all European
governments see and acknowledge the
Inevitable. and 1t may be expected that
we powers which most enjoy SPANS
soniidence will, at no distant day, e1-
.'c'se pressure upon the government 20
secept their Intervention In behalf of
pace. on conditions likely 10 prove ac-
eep'a Die TO the United States. In tho
meantime, Spain may be expected TO
1uFsue n policy OF dilatory evasion OF
oh'act with our fleets, In the hope OF
sene turn OF sheer luck Detailing her.
snu IN endeavoring to create diplomatic
States. =. =, -. Il - - S
me reduction In the Bank OF Eng
: rate OF discount from per. cent to
pe cent Is important as having a
s,ssrlnl; on London securities. as 1t rop-
, .eSents return OF ease to the London
, M'oneR market after the reverse condl.
~, .'n Tor long time past. The effect Is
" " remove the necessity for tho return