The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-08-08
FINANCIAL REVIEW:
Henry olews's weekly Report OF
the Money Situation. 8
THE MARKET SCANNING STRENGTH
And nreadth-Buslnoss WIN Bo Dis.
turbed Less Than Usual This Prest.
Dental Year-Thc Gold movement.
The Crop situation is Encouraging.
p1ttal o0rTepo,t.nx Of the intelligence.

Special Correspondents Of te Intelligence
NV YoRK, August 6.-The market
slowly but surely gains in strength and
breadth. Some interruption OF tho adj
vance has occurred through untavor.
able circumstances and the absence Of
large operators at the various summer
resorts. But this is of little conse-
,qucnce, in fact, it is more desirable
than the first stage OF the advance
movement should be slow in order that
the foundations, SO to speak, have am
pie opportunity to harden. Sudden
spurts do not attract general buying Of
stocks, and the aurest means OF restor-
ing confidence is by q slow and persist
ont advance, such as has been shown
during the last few weeks.
In previous adyices 1 have given q
list Of twelve reasons leading TO a be-
lief in higher prices. These Same rea-
sons are still in force, and will bear re-
emphasis. There ia every reason, also,
to believe that business will be dis
turbcd much less than usual this Presi-
dental year. The political battle, ]
believe, will be fought almost entirely
upon one or two strictly economic ques-
tionS, aud the struggle will be remark
ably free FROM tho personal and sec.
tional feeling usually aroused in a ma
tional election, chiefly because OF the
exceptional character Of both candi-
dates. Whichever ia successful, 1t is
morally certain that business will suffer
but little in final results by the coming
campaign. SO far Us applied to the e&-
ecutive branch Of the,government.
Tha outward gold movement has
been the most serious check to en-
thuslasm OH the bull side. This ieat.
ure, together with the growing use OF
silver, is Of course a source OF uneaai-
ness. Nevertheless, this question has
been uppermost for a long period; and
its follieR and dangers ara taking no one
by surprise. We arc less alarmed than
Europeans, who at such a distance nat
urally take the most cautious, il not the
worst view. Asfor tho foreign demand
for gold, that has been stimulated by
scarcity OF commercial bills; the back
wardness OF cotton exports accounting
in considerable degree for this. Perhaps
the most encouraging feature OF the sit
uation is the assurance OF continued
a in money. The west and north
west are well supplied, with currency;
and as Chicago is steadily growing as a
reserve centre, and crop requirements
will be less urgent than u year ago,
there need be no uneasiness about
money rates during the remaining sum
mer and autumn months.
Some remark is made concerning the
less favorable character OF railroad earn
ings; still it should be remembered that
comparisons are now being made with
the extraordinary figures OF last year.
The fact remains that many OF the lines
are doing a very profitable traffic, and
that the financial and physical condi-
ton of many lines is even better than a
year ago. Increases and decreases in
gross earnings are not always the true
measures of market values. The specu-
lator, as well as the investor, must take
into consideration net results and pros.
pective earning capacity as wellas other
factors. This Is especially true Of such
lines as diverted a large share of last
years earnings toward betterments,
which will enable them TO operate more
economically in times when there Is less
pressure OF traffic.
Still another factor of encouragement
is the crop situation, which has GER
tainly shown much improvement over
last month. No one now expects such
a prolific yield as last year; nor is such
desirable in view Of present low prices
and that Europe's requirements next
season will be much less urgent. ES-
perience has proved that fair crops at
fair prices are the most satisfactory to
growers. This is what we are promised
this season. Last aso we suffered
from IN overproductton Of cereals and
cotton in spite OF the short crops OF
Europe. Our farmers and planters are
still suffering from this cause; but the
diminished yield OF cotton, corn and
wheat this forthcoming year ought to
bring them some relief.
In conclusion, the situation is an
encouraging one, and the facts certainly
warrant an improvement in the values
Of better grade securities, with which
the less desirable issues would OF
course sympathize to a fair ratio
extent. HENRY CIEws.