The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-05-16
r,cou Affairs on Wall Street Is
Immaterlal.
INTACT, IT HAS DOOMED.
CERTAIN STOCKS = THE s1TuA-
r1oS IS MARKED BY A REcov-
rpY OF CONFIDENCE IN FINAN-
crAL MATTERS AND A REVIVAL
OF THE ACTIVITY OF TRApE-A
+. FACT OF wE1GlrTY sIaNIFI.
CANOE.

vth Spain. Unuer oTullury Sonaitiohh,
me beginning OF hostllitles upon a large
,c.l. and with imperfect preparations.
nigh, be expected to create disturb
onr., o, confidence and serious prostra-
,,oa In all markets. This is no
more than has been common In the ex-
o.rIence OF other nations. But. In our
case, war has thus far been attended
with a marked recovery OF confidence In
snance and O revival OF activity in
trade. The government Is devising
mans OF heavy taxation and considering
,he authorization OF large loans; but the
country tnds In nll this no reason for
contra sting its Industrial operations. the
.sonle no necessity for reducing their
s,nsnd!tures. Labor is well employed;
and there is no shrinkago In values to
indicate o falling on In demand, but
rather a general frmness In the COM
merclal markets and, In some, a mater
iai advance In prices. Nor is this rise In
values due to any interruption OF sup
niles from other countries, for the
Standards have SO far been unable to
check the current OF our imports.
The state OF feeling In the financial
markets surpasses the most sanguine
eYpec;ations. In anticipation Of the
war, there was some anxiety among the
lenders of capital, which showed Itself
IN n material contraction OF the loans
NJ the metropolitan banks and a dispo-
sItIon among the interior banks to draw
home DEPOSITS from their agents in this
cI,y. Money on call was cheap, but on
~ because there was an ~indisposltlon
70 employ It on time loans or discounts.
within three short weeks, NIL this Is
changed. From the interior, currency
Ia flowing h!ther from the subsidiary
financial centres. The note brokers Of
this city, which In April found it al
most impossible to secure buyers for
their paper, are now able to dispose OF
Il In about the normal volume. The
cI,y banks are discounting quite freely
and have reduced their rates on time
loans by III to 2 per cent. In brief, cred
II operations have resumed their nor
NAL course. New enterprises recurring
large investments OF capital. which have
been held In suspense for many weeks
IN view OF the possibilities OF war, are
now coming to the front again, and
bankers In the fotatIon business seem
10 be quite hopeful of the prospect Of
investors supporting meritorlous under
takings.
In the stock market, the reaction
from the ante-war depression exceeds
all expectations. In anticipation OF the
war, the question was no go much
whether prices would advance under
the influence OF hostilities as whether
they would not suffer O still further de-
cline.
Upon seventeen active stocks. the
rise since the opening OF hostllities has
averaged about nine points; nor does
the upward movement appear to have
yet,e1hausted itself. II began with the
room professionals; next came In the
large speculative houses with their
wealthy clients: and the latter having
realized freely within the last few
days, their stocks have since been freely
and profitably taken by the outside
public, who show confidence in q still
higher range Of values.
The extraordinary course OF things
expressed in the foregoing facts deserv-
es 10 be considered In estimating the
probable future course OF the securities
market. It plainly shows that the pos
slble depression and stagnancy which
was deemed possible in anticipation OF
the war has not been realized. That
fact Is full OF weighty significance. 1t
demonstrates how much Wall street has
learned In the way OF estimating COM
pler and disturbing situations since the
silver crisis Of 1896; how much 1t has
gained In clearness of judgment and In
courage to act upon a common sense
conviction. 1t proves that the men OF
finance have learned where to fix the
limit TO the legitimate effect OF events
disturbing the normal current OF busi-
ness. And, above all, 1t shows that
Wall street has, at last, learned the
much needed lesson that It needs much
more than transient troubles, than even
such a war as we'have undertaken. to
warrant q surrender Of confidence In
the. steadlness OF the vast machinery OF
production and wealth which consti-
tutes the material greatness OF this
foremost Of all nations. 1t has taken a
war to teach us how much shock and
now much sacrifice the United States
can stand without suffering or real oc-
caslon for wlncing. The whole cost OF
the war Is a cheap price to pay for this
'nestimable lesson. It Is the greatest
contribution to the stability Of public
confidence and to trust In our CONNER
cial and financial framework that has
peen forthcoming In the history OF the
country.
thursdays market was slightly dis
turoed by the unsatisfactory results OF
certain small operations OF the block
adlng fleet at Cardenas; the second
thought, that we shall gain more from
tuch experience than We may lose, how
ever, has had It's ready restoring eff
iee1. Naturally, the London market for
our securities Is less sangulne than u
own, and English holders have been
,atge sellers during the week; though
na!i OF the stock so sold was subse-
quehtly bought back again. AS the GEN.
we OF the worlds political news, Lon
aoh Is exposed TO the, canards manu-
.actured on behalf OF Spanish interests.
anu most OF these sales appear 10 have
ueen due 10. false stories coming from
such sources. These operations. coming
UPON daily transactions OF about 500, 900
shales. have, however, scarcely a rip
pe Oh eject upon the home market.
Aithoush, In war movements. there
.ss neen an interval OF absence OF on
spcuous exploits, yet preparations ore
~ process which. at a little later stage,
tg ny great II not decisive results.
me spanish fleet is at last within our
da.y reach; and. within two or three
rass, we may witness the great naval
~ which Is likely TO put an end to
sIs, %as. So fnr. u operations have
my e ~ the worlds respect for our
inu siai resource and left but one opIn-
NJ w. 40 70 the final, IL not early, outcome
! The struggle.
ss n1pressing my view In genuine Yam
phrase n spirit, l should say that
w o,i ! citizens have enhanced In the
4s valuation Mt least 50 per cent
. uI H