The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1891-08-31
THE STOCK MARKET Room.
Henry Clcw's Opinion of the sItuation-An
Encouraging Outlook.

Henry Clew's Opinion Of the SituntiOn-An
Encouraging Outlook.
Spocfal Correspondence Ofth IHtdligaleT.
NEW YonX, Aug 29.-The "boOm" In the stock
market has now had four weeks Of trial The
movement has steadily gained in strength and
breadth; the "bcArs" have retired from oppo.
sitlon to It aud many Of them have gone owes to
the other side; It has commanded the confidence
OF London, which from being a free seller has
become mn active buyer; Il has extended from
the share market 10 the long dormant bond mar.
ket: the volume Of business has risen 10 three
fold what IL had previously been; the other
speculative elites have caught the Injection
from New York. Nh "UutSIde" interest has en-.
tered the market large enough 10 show that
there Is no lack Of either nienuS or disposition
among the public 10 speculate or 10 Invest when
they are satisfied with the situation; and prices
have considerably advanced, while the advance
has not been checked by renliEInGS which have
been made by large holders, but still continues.
These ihcts arc sufficient evidence that, lt
least, the "bOom" Is backed by large measure
Of confidence that It Is more than spnrt engl:
ncercl BY a few lnrge and needy holders OF
stocks, rs Mt first suspected: and that there Is
large body OF Influential opinion In Wall street
and ont 10 the effect that the present situation
of the country iav0fS an era OF national pros.
pprIty and consequently better prices for invest.
incntS. Judging from present NymptOins, there
II II reasonable probability OF the boom being
supported and Of MI active and rising market
bcing maintained through the fall season. Per
hapS the only danger lies In the usual tendency
OF speculative movements To rush from one eX-
IRENE TO another aud thereby quickly exhaust
themselves Tho spectacle m such an extra
Ordinary harvest rs the present one Is naturally
calculated TO arouse u speculative enthusiasm
which may carry prices up at railrond pace to
All elevation far above what the occasion renlly
warrants Such movements are neither healthy
nor In the long run. really profitable.
80 . The money market affords on the
whole, nm encouraging outlook. The reserves Of
the banks have al last begun 10 decline freely
under the drain Of money TO the interior, and
large us the surplus Is, aS compared With one or
two yenn, yet Il Is necessary Tor the banks 10
depend upon being literally Reinforced with
cash from some outside source. Some amount
may be expected nficr September lSt nom the
redemption Of U. 5. ~ PER ccnts-Abont q mil
lions Gi which remain 10 be extended or r.
deemed; but Ivhatsum Will be redeemed the
event only can show. The main dependence Of
the banks must be upon the return oi gold from
Europe, which seems inevitable, the only open
question being that Of amount. Apart iron the
effects OF the prospective extraordinary exports
OF wheat, Il deserves notice that the national
exports arc showing large incrcaSe-those for
July being $4,000 above the same month Of
ls9-whIiSt the July imports fall 81. 100 90 be.
low those Of last year. Tie securities movement
changed from one OF return 10 that of export
and the rates for sterling exchange show weak
Bning tendency In sympathy. ltmay be q few
weeks before specie imports In: but tho prOs-
pcctiYc movement Is near enough to prevent, In
conjunction With the treasury payments Of re'
deemed rs any important siringcncy In the
local loan market Henry CLEWS.