The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-05-09
Henry CLOVIS Wookly Summary OF
the Money Situation.
IMPORTANT FEATURE OF TIE Week
The Condition of tho European Mar.
kets as Revealed IN the reports.
Tho Acute Stage OF tho Crisis Is
Past..-rht Crop situation.
Special Correspondence u Inc ln,ellig:nc.r.

. uC'hc anu NeW England, tho still IN.
decided course us to tho reconstruction
OF Richmond Terminal and tho exports
OF gold, about which, owing to the
position OF silver. tho market ia scnsi.
tive. These factors havc been tho main
source Of ammunition for tho "boars;"
who hayo drawn literally upon them.
Tho adverse position OF these stocks
seems to have been reasonably dis
counted, and tho foreign exchanges
developed u tendency. towards falling
Of, II not IN early cessation, in the
shipments OF gold. On tho bull" side
Of the market, there has been an i'm
provcmont in tho tono, aud tho con-
viction strengthens that there nre ele-
ments which warrant moro confidence
than has been apparent for some time
pnst. This feeling has become so
marked that commission houses are en-
couraying buying in anticipation OF an
early upward movement; especially us
holders OF stocks decline to be frightened
into selling by tho bear" raids.
There is ono feature OF tho situation
tho full Importance OF which has not
yot been fullyapprcciatod. We refer to
the condition Of the European markets
as revealed in reports which reuch us
only through mail sources and are
therefore slow in producing their due
etioct on tho spirit OF tho market. One
press correspondent, noted for his con-
serrative estimates, writing from Lon
don, says: "There is much better
feeling in tho American department.
For nearly two years European holders
have been selling American securities
persistently, and it is now believed that
all tho stock held upon borrowed money
or by embarrassed houses has been
disposed OF. Tho best informed believe
that tho stock carried over in the mar
ket is really for American account, not
for European. II this DO so tho ground
is prepared for Improvement. Every
ono is now satisfied that the acute stage
OF the crisis is past; everyone sees that
the prospects ,are favorable in the
United States, and the fact that
American capitalists have bought such
immense quantities OF American stocks
is in itself calculated to cncourge opera-
tors. Besides, money is very cheap, and
likely to continue so, and there is little
encouragement for speculation except
in American securities. EVERYTHING
points. therefore, to Il much more &C.
tive market after while" Private ac-
counts from London confirm these init.
nations OF recovery OF confidence in
financial circles and OF the consequent
probability OF q renewal OF the demand
for Investments. Reports from Paris,
Berlin and Vienna show that though
the feeling remains conservative, there
is marked recovery OF confidence, and
transactions in securities exhibit dis.
tinct revival in the more substantial is.
sues. Tie banks are embarrassed with
.lut OF idle funds and begin to show
less OF the former caution about the
way of employing them-all OF which
tends TO encourage the business at Lon.
don.
Cheap money at the worlds money
centres, concurrently with gain in
confidence and the repair OF the late
many weak spots, must act beneticially
upon American securities. Pc ing ex-
empt from the political uncertainties
that affect such wide range OF Euro.
penn investments, and possessing the
quality OF growth in value concurrently
with the rapid development and the in
crossing wealth peculiar to this coun-
try, our stocks and bonds present at
fractions not only permanent but also
to transient investors which are special
to them. They have proved stcadier
than any other investments since tho
great Barring disaster, and it has been
found easier to market them in large
amounts, without depressing tho price,
than in the case Of almost any other
class of investments. The TACT that
New York has, within the last twenty
months, demonstrated its ability to take
caro- Of the largest amounts ever likely
to be sent home. is also strong recon-.
incubation, and predisposes London
operators to prefer them to Colonial
and Foreign issues Argentines, Span.
ish, Turkish, Portuguese, Egyptians,
Russians, &C., are no longer the specu-
latiyo fnyorites in London. That mark.
ct ia cautious after its late experiences
and therefore prefers dealing in stocks
which, whilo iuctating in price, yet
posssssa solid and constantly broaden
ing basis OF value. At prescnt, London
is baro OF American stocks, perhaps
more so than for many years; it is rea.
sonablc therefore to expect that the
growing case in money and tho recoY.
cry OF confidence Will attract back to
that centre considerable amount OF
tho stocks that have been returned to
lis in such immense volume since the
Barring calamity.
Tho western crop situation remains
about stationary. Tho season is late
and tho promise for wheat considerably
below that OF a year ago; go that the in.
dications, Mt present, foreshadow barely
an average crop; but tho unusual sur
plus to DO carried over would give us
about an average supply for export. We
hear from reliable source that oil the
available freight room ior wheat shin
ment has been taken up to the LIST OF
July, and that it provides ior some
10000, 900 bushels, all OF which is under
contract to DO forwarded to Europe
within that period. Il this bo true
which is not unlikcly,-it will have n
very beneficial influence upon the iinan-
cial situation, as it will materially les
sen the usual spring export OF gold. Tho
conditions on the other side tho Allan
tic strongly Indicate tho need OF our
wheat, while there is no existing posi-
tive requirement to draw from US our
gold at tho present time; on the con-
.rnrv h aro urn haitian fu,il;t;o, 60. ~,
p!oyng banking balances hero than in
Europe.
1t is, as yot, too early to form any
trustworthy Judgment as to the pros.
poets Of tho cotton crop; but such par.