The Waco evening news. [volume] (Waco, Tex.) 1891-1894, 1892-05-31

NEW IOhNJ uhuy lnS
the foreshadowlngs of our advices of
the Dist inst, the stock market has
during the past week showed
symptoms of a reaction from Its late
"bearish" drift. The pessimists APP
pear to have come to the conclusion
that they have fairly discounted the
adverse conditions, and the manifest
ly oversold state of the market has
admonished them into covering their !
"short" contracts; and, therefore, al |
though they have continued to .ttack
prices, they appear to have done so
mainly to enable them to buy tor the
purpose of returning their borrowed
stock 1t has thus happened that the
clears" have been the foremost
buyers. This change In the current
has naturally developed better tone
and has caused some advance upon a
wide range of stocks. The "bulls,"
however, still feel somewhat timid
and bruised after the late severe
pounding from their opponents, and
have not been so quick as they might
hdNO DSOL Ill w iCCOuhu UnO
necessities of the "bearsu to cover
their large outstanding "short" con-
tracts. This is perhaps in part due to
the fact that the "bearsn have been
prudent enough to cover before the
foreseen improvements in general
competitions had become distinctly
developed. Be that as it may, the
bulls owing to the current lack of
strong and able generalship, have lost
a good opportunity for turning the
tables upon their opponents and in
augurating an upward movem mt.
AS the prospect stands to-day, it is
distinctly improved. The "bear"
campaign las nearly exhausted its
ammunition. The weaker stocks have
been hammered down to point at
which they may be considered fairly
tcheap. The earnings of the coal
stocks begin to show some of the
benefits claimed for the Reading COM
bination and are strongly supported,
and that is quite an important ele-
ment of strength. Richmond Terminal
though still an ertain factOr,is less
than it has been a cause of disturb
ance, and, should it he taken under
the wing of Drexel, Morgan & Co., Its
troubles, if not ended, will be indefi.
nitely postponed Atchison &
Topeka is attracting more confidence
and its new loan is received with
some favor. AS to the large group OF
Changers, which have so long been
kept in suspense by the rains and
floods, they now benefit from the i'm.
proving weather and the increasing
chances of average crops, whi!e the
instances of real and permanent in
Jury from the late weather have
materially lessened. The mercu ial
industrials" are, for the time being
, exempt from any special causes OF
disturbance. The net earnings of rail
roads for the first quarter of the year
proved to have increased nearly 1C
per cent over those of the same lime
of last year; and although the current
business of many of the western roads
is showing some decline, yet the re-
duction is merely the temporary
effect OF the storms and the impassa BILE
condition of country roads. The
services of the city banks are again
on the increase, the surplus shown in
last weeks statement being $19,500,-
600 against S., zoe, 900 year previous.
The exports Of gold have ceased
for low two weeks. although at this
season we are usually shipping that
metal. The current demand for bond
investments is unusually active, and
the scarcity in the supply was strlk-
ingly apparent i'm the fact that the
bids for the $40 000,0 of Pitts, Gin,
Chicago IL st Louis rs marketed
this week amounted to several times
the sum offered,
In these facts, we have a strong
! combination of conditions favoring
= the market, and their bearing on
= prices is the more important because
i there are now apparently left so few
factors in the situation OF an unfavora-
i BILE character. There is likely, how
ever, to be some waitinguntil the
1 cardinal question of crop prospects
\ is more settled. The news from the
West and Southwest becomes each
day more assuring; and so far as re-
i spects wheat, all thst can be claimed
1 is that Aood crop is possible, de-
4 pendent on the prevalence OF fine
weather from this time forth. AS to
Indian corn, the season of planting
is doubtless late, and in that case
there is always liability to the crop
being caught by frost. With another
two weeks of fine weather, the wheat
crop VIII probably become an inn
portant "bull' element in stocks.
The European situation continues
to gradually improve. London shows
more confidence in American stocks.
A considerable portion of the new
loan of the Pitts, Gin, Chicago d st.
Louis r.. r., was taken on that mar