The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-12-12

for Januarys-Ihe Wool Market.
gpceial Correspondence of Inteliigoncer.
NEW YORK, Dee. 1O.-As December
advances. the dullness in Wall street
usually incident to that month becomes
more apparent. Holiday Interruptions,
the making up Of yearly accounts, the
settlement Of annual balances and the
reservation Of operations for the Janu-
airy disbursement Of earnings upon In
yestments-each has It's influence at the
moment In postponing transactions. At
present, therefore. and perhaps close
upon the end Of this month, business
may be expected to remain quiet. There
is, however. very general feeling that,
under the favorable conditions now exc
istIng in business at large and in all
sections of the country. there should be
very active market at the opening Of
the new year and a consequent rise in
prices; and It is not impossible that, in
view Of the intrinsic frmness OF the
market and the smallness OF the
chances Of any recession Of prices, there
may be some free buying later In the
month in anticipation Of a probable rise
in prices in January. In any case,
there is nothing that can be construed
into an argument for selling; and, upon
the whole, the probabilities seem to IA
yor the prospect of at least moderate
buying movement for the remainder OF
this year.
The week was made important by the
virtual completion OF the peace treaty
with Spain, which yields to the United
States the concessions so brilliantly
won in our contests on land and water.
Spain made the best struggle she could,
but finally had to yield 70 the inevlta-
BILE. She has now met the same fate In
the diplomatic encounter at Paris. This
happy result consigns the American
Spanish war 10 history, making proud
record for this country, but very sad
one for Spain.
Another important event was the
meeting OF Congress, which brought
out the Presidents message, which
was certainly. to say the least, very
conservative document. 1t was wisely
devoid of all spreadeRgleism. 1t was
simply narrative OF what had occur
rcd between the adjournment or the
last Congress and the meeting of the
present one-a most historical and
eventful period. Wall street was moi
scnsatIonally affected by either Of these
two important matters. due to the fact
that as usual the full effects of both had
been anticipated and discounted. Still,
there Is much ahead that Is encourage
ing for higher prices for the good active
properties. The new year now near at
hand will present more brilliant out
look than almost any previous one. Tho
disbursement for interest and dividends
will aggregate larger than ever'before.
Railroad earnings, Judging from the
amount OF material IN sight waiting to
be moved. win be equally encouraging.
The prospective continued ease in the
money market Is also aNfactor OF no
small dimensions. II there was ever a
genuine reason for q January rise In
the stock market II Is reasonable to eX-
pect its advent at the opening Of the
new year u. is true, good many
stocks have already scored large adj
vance; but during the depression which
prevailed for several years 1t was very
evident that prices receded much below
intrinsic values; now. with the reverse
conditions which confront US, prices are
not likely to- reach figures before the
end comes as. much too high as they
were too low during our mercantile and
financial dark age period from March,
1892, to 1896.
In taking view of the situation, our
trade balance which 10 constantly In
creasing-must not be lost sight OF, as
1t is the most remarkable trade show
Ing ever made by any country. It's to-
tai for three years up to date, will be,
including the net exports OF silver
about S976,00O.0O0 deductlng from
which the net imports Of gold, Sl5G0OO,-
OO0 and $500, OO0,0 900 for debtor items,
other than securities, outside OF the
trade movement we should have a net
balance now in our favor OF about $780,
100000. This has been onset, however.
in some measure. by our purchase OF
securities from Europe during the three
years: but exactly TO what extent 1t is
impossible to say. 1t is perhaps quite
safe to say that the net import ~ Sc
curltles does not suffice to Offset the
credit balance OF 900 by a con-
siderable sum: so that Europe Is prob
ably stlll materially in debt to the Unit
ed States: and the Indebtedness still
due us from abroad glves this country
q call on Europe for more gold than
they can spare without Inconvenience.
When our securities were depressed
they were returned 10 us from abroad in
large quantities. instead OF sending us
gold. and now the floating supply of
our bonds and stocks on the other side
in the hands OF people willing to part
with them Is comparatively very small.
with the improved condition or affairs
on this side and the prestige and high
credit which this country now possesses
with foreigners. those who hold Ameri-
can securities are not likely TO sell
them. 1t Is therefore not going to be
80 easy in the future for nations IN debt
10 this country to llquidate their oh
legations excepting through gold pay
ments. This gives the country the OPP
ton OF letting this Indebtedness remain
M European centcrs at high rates OF
interest. or OF drawing the yellow metal
from them any time II Is desirab,e to
do so. We certainly have now, and will
have for some time To conc, the call on
Europe. They not only appreciate our
securities, and want TO keep what they
have. but they want to hold the gold
which they owe us too. We are In po-
sltion, therefore. to say to them-you
must either pay US so much Interest on
what you owe us, or else settle up.
Tho movement among the savings
banks 10 reduce their rate Of interest
on deposits naturally attracts attention
ms a factor bearing upon thevaiue Of Sc
curitics. In recent years. their interest
allowance has averaged to ~ per
cont II IL NOW DrdDOsnd TO reduce the