The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-05-30
FINANCIAL REVIEW.
Henry clews's Weekly Letter on
tho Money Outlook.
HOW THE SPECULATIVE MARKETS
Appcar..Tho Prospect Is Distinctly
1mprOvcd..-Dccreasc IN tho Exports
OF Gold..ThC European situation
Gradually ImrrovinG-.Tiie Coming
Monetary Conference.
corrt.ponaeaee q Id In%lAlLaenotr.

III our uuVlCcS oil INC
2lst inst, the stock market has during
tho past week showed symptoms Of a
reaction from Its latc "bearish" drift.
Tho pessimlsts appear to have come to
tho conclusion that they have fairly
discounted the adverse conditions, and
tho man;icstly oversold stu,e Of tho
market has admonished thcln into
covering their Short" contracts; and,
therefore, although they have cor.
tinucd to attack prices, they appess to
havc done SO mainly to enable thcm to
buy for tho purpose OF returning their
borrowed stock. 1t has thus happened
that tho "bcars' have been tho ioro-
most buyers. This change In tho car
rent has naturally developed n bcttor
tone and has causedsone advance upon
n wide range OF stocks. Tho bulls"
however, still feel somewhat timid and
bruised after the lato severe pounding
from their opponents, and have not
boon 80 quick as they might have been
In turning to account the necessities Of
the "bcars" TO cover their large OUT
standing short" contracts. This is
perhaps in part due to the TACT that the
bears" have been prudent enough to
cover before tho iorescen improvements
in general conditions had become dis
tinctly developed. lie that 81 1t may,
the bulls" owing to the current lack
OF strong and able ge~ncralship. have lost
a good opportunity for turning the
tables upon their opponents and i'll
a%ugurating m upward movement.
AS the prospect stands to-day, it is
distinctly improved, The "bCar" CAM
paign has nearly exhausted its ammun-
ition. Tho weaker stocks have been
hammered down to n point at which
they may be considered fairly cheap.
The earnings OF tho coal stocks begin 10
show some Of the benefits claimed for
the Reading combination and arc
strongly supported, and that is quito an
important clement OF strength. Rich
mond Terminal, though still an i'm
portant factor, is less than it has been
II cause OF disturbance, and, should it
DO taken under tho wing OF Drcxel,
Morgan Il Co., its troubles, if not
ended, will be definitely postponed.
Atchison x Topeka is attracting more
confidence, and its new loan is received
with some favor. As to the large group
Of grangers, which have so long been
kept in suspenseby the rains and floods,
they now benefit from the improving
weather and the increasing chances OF
average crops, while tho instances
real and permanent injury IRON
tho late weather have materially
lessened. The mcrcurial "industrialsh
are, ior the time being. exempt from
any special causes OF disturbance. The
not earnings Of railroads for the first
quarter of tho year prove to have in
creased nearly 10 per zen over those OF
the same time last year; and although
the current business OF many OF the
Western roads is showing some decline,
yet the reduction is merely tho tempo
rary effect Of the storms and the I'M
passable condition OF country roads.
The reserve OF the city banks are again
on the increase, the surplus shown in
last weeks statement being Slg, 800, 600
against s., 800. 900 Il year previous. The
exports Of gold hayc ceased for now two
weeks, although ut this season we are
usually shipping that metal. The cur
rent demand for bond investments is
unusually active, and the scarcity in
the supply was strisincly apparent in
the fact that the bids for the $40, 600, 900
OF Pittsburgh, Cincinnati, Chi cago & st.
Louisi4s marketed this week amounted
to several times the sum offered.
In these facts We have d strong com.
binatior OF conditions favoring thcmar-
kct, and their bearing OH prices is tho
more important because there are now
apparently lett so few factors in the
situation Of Al uniavorable character.
There is likely, however, 10 be come
waiting until the cardinal question oil
crop prospects is more settled. The
from the West and south west be.
comes each day more assuring; and go
lar as respects wheat, all that can be
claimed is that 4 good crop il possible,
dependent on the prevalence OF tiac
weather from this time forth. As to
Indian corn, tho season OF planting is
doubtless late, and in that case there is
always 4 liability 10 tho crop bcin.
caught by frost. With another two
weeks OF tine weather tho wheat crop
will probably become an important
''bull' element il stocks.
The European situation continues to
gradually improve. London shows
more confidence in American stocks.
\. considerable portion OF the new loan
OF the Pittsburgh, Cincinnati, Chicago
& 81. Louis railroad was taken on that
market, which brings out a considcra.
bic supply Of sterling bills OF exchange.
Specie is pilinG up in the Bank oil Eng.
land, and the ato for money in the
open market is now ! per cent. Atn!l
the continental rnntcrs there is n glut
OF money, which must sooner or later
stimulate the demand for Investments
and develop speculation. The political
atmosphere is culmcr, and although it
is momentarily disturbed by the iiman-
cial situation in Italy, yet the curtail.
mcnt OF tha: governments military cx-
pcndituros, which seems incvi,ablc,
OnHht to he 4 contribution, toward pub
lie confidence. Tho forthcoming inter-
national silver conference does not vet
excite here thcintercsl whichit its import
ancesccms to warrant, partly bCcauseilIc
public yet little information about tho
mnttcr and the progress Of tho negOtia-
tons, and partly because the uniricnd-
ly tone assumed towards it by II portion
OF tho British press modcratcs oxpccta-
tions Of full and complete succrss rs Il
result nf tho negotiations. At prcscnt,
it would ne prcE. turG to indulge in NJ
estimates OF tho profitable outcome OF
the conference, so little being certainly
known us to the rec! attitude Of the GOV
eral governments participating in it
and the personnel OF the delegates. Tho
deliberations however will be OF meal
CIInhlN vnlnc as showing what is nnssi.