The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-05-09
SITUATION AN UNUSUAL ONE
spcc.al correspondence.

HISTORY.
speclal Correspondence.
NEW YORK. May 7.1stocks have al
ready undergone q very substantial ad-
vance. Under ordinary conditions a re-
action in prices would be about due;
but the situation IS an unusual one, and
ordinary standards OF Judgment are OF
little value Just now. For this reason I
do not believe that the upward move
mcnt has even approached It's climax.
Irregularities must be expected with
the fortunes Of war; the uncertainties
Of diplomacy, and the anxiety to take
profits that may manifest themselves at
any time, Will also affect values: so that
the situation favors q more active, ir-
regular and advancing market for some
time TO come. Our magnificent victory
Mt Manila and the evident collapse OF,
Spanish power f~oreshadow still furthc.
successes on water and land. The people
are rapidly recovering from the shock
caused by the opening Of hostilities,
and the former feeling OF dread Of con-
sequence is rapidly giving way to n OF
confidence. Later on We must expect a
period OF c%xultation leading TO excuses
not approved by sober judgment. AL
ready there are signs that m1ny OF the
undertakings checked by the war with
Spain will soon be resumed as usual.
Buyers are taking hold with more con-
fdence: and those In command OF busl-
ness and industrial operations recog-
n!ze that certainty As taking the place
OF uncertainty, and that opportunities
are abundant to men Of courage and
sound Judgment. These are NOT good
times for the over-t'mld. Our railroads
continue prosperous IN spite OF sense
less rate cutting, to which stockholders
supinelY submit. In the third week OF
April sixty-nine roads earned nearly
l3 per cent more than last year, and In
the second week eighty-four roads re-
ported an increase OF over IA per cent.
With plenty OF traffic In sight, and rates
already low it. Is utter folly for the
roads to wastertheir profits In a wild
scramble for. business, and their a
ayers should be brought to strict &C.
count. The present p~hcnomenaily high
prices for wheat and other cereals are
destined to give a powerful stimulus to
business in the interior. Western far
mers are emerging from debt with
wonderful rapidly. and their increased
purchases must add greatly to the
prosperity OF the interior, to say moth
ing OF the Increased Industrial activity
already in progress; all OF which will
benefit the railroads and be anticipated
IN Wall street.
On Tuesday last the gold premium in
Spain was sixty-two-to-day 1t is Ill.
Spanish As are now down to thirty and
one-half. which puts them on q basis of
l3 per cent. Just prior to the Maine
disaster they sold at sixty-two and one
half. United States As to-day are 12l,
ex-intercst> recently paid. The gold re-
serve In the United States sub-treasurv
Is $780, 900, 900, as against nc gold re-
serve In the Spanish treasury. The
Philippine Islands, Spain's most valua-
bic colonies, have fallen into our
hands through a victory unequalled In
naval warfare, since last week, and
Porto Rico. which stil' belongs to Spain.
will most likely have the United States
flag flying urJn its forts early next
week-the same will be Cuba's fate
within a very short period. Spain will
then have no coaling or supply station
on this side of the Atlantic ocean or In
the Pacific ocean. Centuries OF dishon-
or and cruelty on the part OF Spain are
at last meeting with terrible but Just
%retributlon, and the effec. must inevl-
tably be to finally convert cruel. treach-
e-ous and inhuman Spain, whose mode
OF government Is a relic OF the baroar-
GUS ages. Into a nation purified and re-
deemed through fire and blood. quail
fed to rule over a Christian people.
Naval warfare with all It's modern
appliances Is a science. The firing OF a
big gun with precision requires mathc-
NAUTICAL calculation besides a thorough
~ trained eve. The American sailors,
like the American war weapons, are
thoroughly up to date: but there Is a
cad lack Of up-to-date training and In
telligence amongst the sailors on Span
.sh vessels. The victory achieved at
Manila, therefore, is not surprising. A
similar one may be expected In the At
lantlc, waters when the Spanish fleet
comes within meeting distance. Il 1t
ever does. Admiral Nelson said OF the
span!ards: I'm times OF peace they ore
great ~braggaGocios, in times of war
great towards, but great thieves all the
time"
Commodore Dewey's magnificent ma
val victory affords the first evidence OF
The material OF which u navy is con
etltuted and strengthens the growing
hope that the war will be q short one.
Inc fleets under our other commanders
VIII SHOW themselves capable OF equal
fkil and bravery; and there is no rca-
eoA Tor expecting that the Spanish At
iantic navy will show itself to be of rel
atively better fighting quality than that
which displayed It's impotence in the
Hsnt at Manila. Time will soon reveal
when and where the meeting OF the op-
posing fleets on the Atlantic Will take
place. Our success In that battle should
nfing the struggle TO a speedy end. This
spanish vessels being got rid OF little
VIII remain hut the capture OF Cuba:
anu that canno be a remote achieve
tnent. Even X the government should
ueem II in%eHpedient to land there any
considerable military force. owing to
.he fatality OF dhe climate during the
! not months, 1t Is certain beyond ques-
uoh that our de1rival OF the Spanish
a'my OF supplies Will compel It TO sur
.ehuer within at most q month or six
weeks. It seems wholly reasonable 10
Saicuiate upon these results with en-
.ie certainty. An Important reverse to
our arms could not possibly come from
my superiority. OF fighting sourc OH
.he part OF Spain. BY universal tcsti-
.nony. ,Spaln's soldiers are made up OF
,Ae poorest material conceivable. Those
~ Suoa-who constitute the force with
winch We should have To denl-arn