The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-03-07
BUSINESS AFFAIRS.
Ir,u street Market has D.sn Irregular
.rd ponderaniiy tvenit--Thu Infiu-
lii. Cuhn n q uc.I Inn MIMI Mar.

n, lag, settling Into callner mood. A
,oberer view is taken OF the critical sit.
n,,lon Introduced by the Maine disas.
,sr. The waiting for the conclusions OF
Inc naval court OF inquiry has imposed
upon the public at large q certain meas
,,c NJ gelt.restralnt and a disposition to
,mdrc the case upon the evidence OF fact.
which IL well calculated to nllay undue
nYrItemcnt and to bring about final
and lust public judgment. Meanwhile.
there is n better chance for approaching
The rights and responsibilities of both
par,Ies 10 the issue SO unfortunately
,aIscd, and the great dangerS attending
an undIscrlminat!ng passion for. mere
,eytngc ure much lessencd. Th!sIis the
,nore gratifying because, In the View OF
Mall street, the real danger has not
heen SO much In any probability that
The Spanish government Will be found
directly responsible for the disaster, us
that the evaporation caused by the Ca
tEstr0phe might develop into n popu-
lar passion for retaliation which would
compel the government TO resort to n
treatment OF the case which would re-.
Ult In actual war The calm and APP
paren,ly pacific attitude OF the adninis-
ration and the assurances Of the Sec
retary OF the navy have been interpre-
led as meaning that no such resort Is
likely TO be found necessary; and the
financial interests have construed this
meaning that the last extremity OF war
/, not among the real probabilities OF
the future.
The net effect OF these assurances,
however, has not been TO produce any
important reaction from the late decline
in securities. On the contrary. the
market has been irregular and prepon-
derately weak. The aggressive bull"
element has almost forsnken the mar
ket, the commission houses have not
encouraged buying policy, and control
has thus fallen largely Into the hands
Of the professional room traders. Such
spurts OF strength as have fltfully ap-
peared have been mainly due 10 the
covering of short sales, and the buying
for long" account has been quite NOM
iEal. At the same time, owing to the
comparative stringency OF money In
Europe and the prospect OF continued
exports OF gold to this country, Europe
has virtually ceased buying our securi-
ties and London has been q seller on
this market to the extent OF probably
10000 shares during the week.
Apart from the foregoing influences.
financial conditions have shown an I'M
provement. The etiluN of currency to
the interior banks. connected with the
war scare, has largely diminished. The
fall In foreign exchange, consequent
upon the rise in the local rate OF inter-
est, has brought out engagements for
the shipment OF over s., 600 900 OF gold
from Europe 10 this city; and the re-
suit OF these movements Is an easier
feeling In the money market. Foreign
exchange has Slightly stiffened, but
still admits Of small profit on imports
Of gold. The condition of our foreign
trade balance remains such as to admit
OF very large gold remittances 10 this
country: but 1t Is uncertain how far
such shipments may be actually made.
The arrival here OF at most SIC, 0I0, 900 of
the yellow metal would produce drop
n the local rate for loans and probably
sharp strirgency In Europe, which
might easily induce revival OF local
Investments in foreign exchange and so
effect rrolongatlon OF the large out
standing balances due from Europe to
TIE United States. 1885,
The annual statement OF the Penn
sylvanla railroad Is accepted on the
street as q conclusive demonstration of
the reality and extent of the revival of
Industrial activity. The net earnings of
the united system shows surplus, af-
ter payment of fixed charges and d!vi-
bends. amounting 10 SSH. 900 compared
with Sl,lil,QO0 for the previous year;
which ls remarkable evidence OF re-
covery in our most fundamental indus
tries. The railroads generally continue
the high rate OF increase in gross earn
lnSs that has been reported for the last
eight months The annual statements
OF the companies may be expected to
heEcefoEth present some surprises graf
flying 10 investors.
The political atmosphere Of Europe
seems TO have become once more clear
OF war clouds. The Dreyfus excitement
~ France has for the present subsidized,
leaving behand. however, some omin-
Gus possibilities. Diplomatic assur-
hnces from London and Paris intimate
that many causes of difference between
France and England are undergoing
healthy treatment, with the prospects
OF pacific results and more amicable fu-
tu-e relations between the two coun-
tI.tS. The points Of difference between
Great Britain and the far east alliance
have been arranged on a basis which
gives promise of at least few years
OF harmonious development OF trade in
China. All this has a tendency to re-
store confidence at the financial cen-
Tres Of Europe. so long kept in sus-
pense by the sem!-hosti!c relations be-
tween the leading powers.
The one cloud that hangs over our
c"A horizon IS the Cuba question: and
Dnfu lie \ -
expect any real buoyancy or activity In
the stock market. There Is good reason
10 nope that the questions raised by the
Maine disaster may be paclilcaliy dis
posed or; but. granting all that, there
SUI! remains the larger and more seri-
Gus question as 10 what our government
may deem Itself called to do towards
bringing the Cuban struggle to q close.
We therefore may not congratulate
ourselves that the trouble Is over when
!he Maine question Is disposed of. AS
20 me immediate phase OF affairs with
spain the court Of Inquiry Is required
70 eve one Of the following decisions:
!. ihat Is was an accident through an
explosion from within. 9. That It was
from Without caused by the explosion
Oh nine or torpedo. which involves the
government OF Spain. 3. That 1t was an
OUTSIDE , explosion as an act OF q fanatic.
,, lhat 1t was an explosion the cause
o, which, whether from the inside or
OUTSIDE, they have been unable to as
certain. II an accident, the loss falls
upon This country. II by design, which
involves Spain, It is casus belll. II the
aet OF fanatic 1t is simply a matter OF
manages against the Spanish govern
M.nt. and In the event OF n Disagree
h.eht between the two nations as to the
measure thereof. the Case will have to
w cec!ded by arbitration. In the case
O. the cause being unascertalnable,
"paln could not be held liable.
our government has Issued no ultima
tun 10 spain that the lngurrection must
ne put down by March ist: It NAV have
lhtImllsl tint IL .....r. = -, i--'I