The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-04-18
BUSINESS BAROMETER.
Wall Street Pas,es Through Another
ws,k without anyy serions Happenings
The Possibilities and Pfobs biiiilss OF tie
a.. .c.,,...to,, n,.f., <y.trh.d = "a


wax withont snyy sarious u sppsninHss
" situation DULY Weighed.
special Correspondence.
NEW YORK, April 1s.--wall street
has passed through anotherweek Of the
crucial stage OF the war question with
out any serious happenings. on the
stock exchange all has been quiet; not
only as respects the amount o. trans
actions done, but also In the way Of alb
f,cntion from political excitement or
warllkcl apprehension. The situation
mas been no long under the public eye
,hnt Il has been weighed on every side
OF lis possibilities or iprobabilitics The
discussions OF the 'two houses OF cou-
grcss were waited for with some anxiety
and little hope, but the exciting process
OF debate among these arbltcrs OF the
question OF peace or war had little cf-
tcct, for they only confirmed the fore
gone conclusion reached In the public
mind. It may, DO said that the chances
Tor peace have ceased 10 be an appreci.
able factor. In prices, and yet there are
few sellers either on speculation or In
ycstmcnt account, and almost no stock
coming here from Europe. n
This latter fact, coupled with the abb
scnce OF any further advance In the
Bank OF England rate OF discount, Is a
significant matter; for 1t implies that.
a, the foreign financial centres. there Is
no expectation of further serious action
BY the European 'powersin ur.relations
with Spain, which In some quarters has
sl.d III
for precautions. III such action were
contemplated by the six powers, It could
not have failed to show It's forccastings
in the higher circles OF finance in Lon
don and OH the continent. Indeed, flnan-
cIcrs would have welcomed such pre-
text as means OF checking the outflow
OF gold to this country through pro-
noting the return OF our stocks and
bonds. The stcadlncss with which. Eng
lsh and German investors cling to our
securities under, existing conditions Is a
very gratifying exhibition OF confidence
In our ability to Withstand the effects OF
war; and Ia especially so when contrast
ed with the fact that Spanish bonds
have lost nearly half their market
valuc; It is however. onlya counterpart
Of the steadincss with which our. sccuri-
ties are held at home. The feeling Is
very steadily gaining ground that while,
as an immediate effect OF the actual
declaration OF war, there would be
sudden shock causing some partial fall
in prices, yet the drop would soon yield
to recovery. The only important factor
initiating against such course OF the
stock market might possibly be forth
coming from the money market. The
demands of the government for money
might prove to be n source Of fitful dis
turbance: and yet Il Is to be considered
that all the receipts of the treasury
would so into carly disbursement and
upon conditions least calculated TO lock
up money from public use, including a
free use Of the national bank depos-
itorics.
At the close of,thc week. prices do not
vary much from those OF a week ago.
There have been ups and downs, but the
one has about offset the other. The In
fux OF gold shows no abatement. The
total amount received or engaged for
shipment now reaches $50, 900. 900. and It
Is estimated that about $30,000.00 OF
bills are still held in this country, dcs-
tInued TO bring hither that further sum
Of gold. g.eiha * ~
The government March report on our
foreign trade shows another remark
able addition TO our foreign creditor
trade balance. The uncertainties con-
Eccted with our relations with Spain ap-
pear to have had the effect OF swelling
our exports and contracting our imports.
The shipments OF merchandise for
March amount TO Sl16.S00,000, against
s9c,?o0,000 for the same month of last
year. showing an increase OF s24.600, 900.
e SNr, ,tra
fell sl4. 500, 900 below those of 1897 COM
pairing the inward and outward trade.
We have an excess OF exports over I'm
ports last month amounting to $50. 100,-
900. while for the same time of last year
the surplus OF exports was only sl3900.-
900. The extraordinary balance OF trade
IN our favor thus continues to Increase
without any abatement. We have made
net import OF gold during the month
amounting to s29.5O0, 900; but that was
largely due to bills of exchange drawn
against exports of previous months and
held back for temporary investment.
The Presidents message favors the
recognition OF an Independent future
government for Cuba. to be founded on
the vote Of the whole people OF Cuba.
and not that OF the insurgents alone
The iunta. understand. has accepted
this as a satisfactory arrangement. and
the insurgents, whom they represent,
will work In full accord with the Presi-
dents position. His message serves to
fully iustify'the complete confidence re-
posed in him by the American people
throughout this crisis. He has brought
Into action every honorable means for
the preservation OF peace, and now that
these have been exhausted, he turns the
momentous affair over to the court OF
last resort and. in the consciousness OF
duty thus far faithfully performed,
stands ready TO enforce their verdict, be
1t honorable peace or honorable war.
NO nation was ever SO near q war as
This and escaped from it; still. there Is
yet left some ground for hope Of a peace
ful settlement Much depends. how
ever, upon fiery speeches and their in
iinence unon congress. General Lees
testimony before the senate committee
OF foreign affairs was conservative and
70 MS credit because II was devoid OF
sensational effort. It's effect. therefore,
should be to tame down rather than in
flame the members Of congress-, and
thereby prcclpitate action such as would
bring about hostilitEes.
The point raised that Spain Is bnnk-
rupt and is In consequence weak foe.
IS not well taken. In the event OF Spain
gong TO. war with this country 1t will
certainly be impossible for her to raise
money by The sale OF her bonds. as they
nave already gone down TO 42k. and In
me event OF hostillties they will go down
70 PROBABLY Is or less. She will there
iore naturally abandon ambition to keep
UP her national credit, and hence inter-
tSt on her outstanding obligations will
be sure to be dcfaulted on. This
amounts to about jlOo,OO0.00o year
which she will have for war p,,rposcs.