The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-04-25
BUSINESS AFFAIRS.
III. Financial Men OF sew York Fore;
saw the ohtson,s OF the Quarrel With!
sp.in and AdJa,tsdlmsttsrs- "A Remark;

The Financial Men OF Sew YORK Fore
,.w the outeoms ors thr Qusrrei5 with
sp.,n and Adjusted "A Remark.
able Situation.
ep.elai Correspondence.
new YORK, April 3:s--The temper
N which Wall street hal. received the
Intervention decree OF Congress and
the Presidents uitlmatum TO spaia
confirms tho view repeatedly expressed
10 these adviees. that tiie stock ex-
change had discounted the worst prob
abilities in the Cuban situation and.
adjusted the values OF Investments in
advance to the outcome that hasn't last
happened. With itstrat.ely crring In
.tlnct ot forecast, the financial commu-
atty has ioreseen the end from the be-
ginning OF this long and tedious excite.
meul; and. now that war has come. It
has no further adjustments to make.
no selling under the impulse OF new
fears. The men OF the exchange had
made ZIP their mind as to what amount
nf OlACUuut IipiI NluL 4AoN LAG u
value OF securities q war with Spain
called for: and the remarkable steadl-
ness Of Wall street, during the past
week, Is evidence OF a fixed confidence
70 their conclusions.
This absence u panic or sensation in
thc very presence of war Is something
remarkable and has rarely been Wit
messed In the worlds money markets
ynde. the i%ntlucpcc of like conditions.
Such catastrophes are Invariably at
tended with panic on the bourses and
violent fluctuations In the money a
Ne,s, which extend to other countries
than those directly concerned in the
hoIIlitiCs. In our case, we have stood
oeculIarly exposed to suffer from effects
Of this nature. We are probably the
most largely debtor nation in the
world. England. Germany, Holland
and France hold. according TO common
estimate, fully s., 900, 900, 900 Of our In
yestmrnts. These creditors have re-
Gently had their confidence severely
tested by the late silver agitation; and
IL might be expected that those fears
would be acutely revived by the finan-
cIol strain to which this war may sub
trct the country. That such 2a%pprehen-
Sons would cause a more or less i'm
portaut return Of corporate securities
from Europe was naturally TO be cx-
pected. and in fact has been looked for.
But no such movement has appeared to
ans appreciabie extent. The foreign
organs OF financial opinion, which at
times have had much to say about the
possibility OF our drifting upon the sill
yer basis. have had nothing TO suggest
about that danger being increased by
the contingencies OF war finance; Amer
.can securities have held their own BY
The side OF the issues OF other countries,
While Spanish As have declined thirty
points, and the amount OF stocks and
bonds returned TO our home market has
not been at all abnormal In amount.
This experience Is the more remarkable
IN view OF the fact that the floating
Indebtedness OF Europe to the United
States is so altogether extraordinary as
10 furnish a strong motive for influence
ins the return of our securities In order
TO avert shipments OF gold. Within a
few weeks, about SOS, 900, 600 OF gold
have been. sent hithcr in settlement OF
trade balances.1 and q balance OF not
lass taau $50. 900. 900 still remains to be
liquidated. Under ordinary conditions.
such a state Of the exchanges would
have caused large sums OF our securit-
les to be sent home. but no such move
nsnt OF any moment has occurred. This
,acs can be accounted for only pupon the
euppcsition that the foreign holders OF
these investments feel satisfied. that, at
present prices. they are sound and safe,
even In the prospect of the uncertain
al. . go, ~ -k,i, , o,ttr yordtrP avnraSS-
es the opinion of the banking and in
vcstmens interests OF Europe upon the
effect the wal. Is, likely 10 have on the
commercial and financial ste bilitt o.
this country. It would not have been
surprising had our foreign creditors
deemed il wise course TO sell their
holdings OF our securities In anttcipa-
ton OF the war. with a view5of buying
them back after The pressure OF the
struggle had worked Its full effect upon
them; and the factfthat they nave not
done 80 can only be regarded as i'm
plying confidence not only In the future
value of these investments but also In
our being able to sustain the burdens OF
hcst.litics without serious consequences
and in our being able to bring the
struggle TO an early and successful is
sue.
These foreign estimates agree with
the general view held in financia. cir
cies at home: and at the same time they
afford A most welcome confirmation OF
the prevailing sentiment on the stock
exchange. The effect of the struggle
Upon the material interests OF this vast
country cannot be accounted as a very
Gisheartcning factor. The vast superior
ity Of our ovc those OF Spain
cannot permit the conflict to be a pro-
ionged one. And X Short. its cost. whilst
possibly ruinous 10 Spain, cannot be OF
really serious moment when distribu-
ted among our vast population, with
tneic wealth exceeding that Of any 9th
er nation. II the struggle should cost us
Se0O,Nl0.O0O II will have its compensa-
lions not only In indemnity from Spain.
or Cuba, or both. but also in the restor-
alton Of a valuable commerce with the
Island, which is now lost to us.
The success OF Dur arms will give US
status before the world in matters TO
Taich We have hitherto little aspired,
put N which we can 10 longer afford to
permit our Influence TO remain unfelt.
for many reasons. It will pay us TO give
IN exhibition of ouT military and naval
prowess. There Is more than one
country and more than n question in
respect to which 1t may be well for the
world TO understand that the United
states may have to be reckoned with:
and L can do US no harm to give this
exhibition OF our fighting mettle. In
sutn concerns an outlay Of $500, 900 900
tnougn II may be all loss-is no matter
10 lfiShten seventy millions of prosper
ouh and productive people. There is no
reason why, when the war is In pro-
e'ess. our mines should restrict their
output or our mills cease their running.
me theatre OF the, struggle will not lie
N lae Md OF BUR accumulated prop
cry. In this respect, war will differ
ELeAilH rs !a.ltE .lasi E.ast ii.aaass kEaIn