The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-08-15
FINANCIAL REVIEW
Henry olews's weekly Letter on
the Money Situation.
COURSE OF MARKET UNCERTAIN
influences to Contend Against That
Were Unforseen.-some Unfavorable
Rumors-..Unsuccessful Efforts of
Bears to Circulate False Reports
Tho Situation is, on the Whole,
Very Favorable.

Special Correspondence Of ne IntsVioeneer
NEw YonK, August l3.-The stock
market has had several influences to
contend against which could not have
been toreseen, viz: Reports of damage
to the corn crop, unfavorabIe rumors
concerning the Reading deal. and
further shipments of gold. The latter
were not important; but the time OF
year aud our peculiar sensitiveness at
seeing the precious metal flow to
Europe, attach greater Importance to
these shipments than they would other
wise receive. Unquestionably there is
great deal OF uneasiness concerning
tho future of our currency system both
at home and abroad, which this loss OF
gold stimulates. At the same time
there is more alarm than necessary in
some quarters; and though the dangers
are real, they are still quite distant
The very fact that they are better
understood to-day than ever before is OF
itself an omen of good. Foreigners, who
have been sending back their holdings Of
Americans for months past on this ac-
count, have failed entirely in measur-
ing the change of sentiment towards
silver which has taken place in the
United States. They fail to appreciate
that the power OF the silver lobby at
Washington has received its first real
rebuke, and that henceforth the tide Of
battle between silverites and anti-silver-
ties is likely to be in the favor of the
latter. Unless all indications fail, the
next Congress will witness more Wig
orous and able campaign against exist
ing silver follies than has yet been
seen. 1t is this hope that the remedy
will be applied before the crisis comes,
as well as confidence in our ability to
carry the burthen, that has induced
American bankers and capitalists to
purchase and hold the securities which
Europe has sold. 1t was the want OF
this confidence, as we'll as the unsatis-
factory state Of trade and finance
abroad, which forced Europe to sell
The efforts Of the bears to force out
stocks BY means OF false rumors about
the corn crop were not very successful.
All such rumors were silenced by the
Government report for August first,
which showed the condition of corn to
be S2.5 per cent, against Sl.l per cent
the previous month. In some sections
there has been considerable damage by
drought, especially in Kansas, but later
reports OF subsequent rains are more
satisfactory. To most observers the
August crop report seems to have been
q disappointment; yet it should not
be overlooked that present low prices
OF wheat, corn and cotton are all due to
the over-production of last year. A
smaller yield of these staples this year,
provided quality proves fair, is really
the most fortunate circumstance that
could happen. There is no prospect
whatever OF q shortage OF cotton, corn
or wheat. There will be surplus enough
of each left over to meet all possible
deficiencies OF the coming season. Had
we experienced another year OF such
abundance as last year, there is no tell
ing at what prices the chief farm staples
would have dropped to.
The immediate course OF the market
is uncertain. In view OF present low
prices and the confidence with which
stocks are held by big capitalists, there
would seem to be room for an advance,
particularly as all the unfavorable in
huences now visible are either dimin-
ishing in intensity or have been amply
discounted. AS the public are not in
the market, and real activity or advance
would have to be inaugurated by some
of the big leaders who have not yet
manifested any disposition of this sort.
One or two attempts were made in the
industrials and few special stocks;
but their success has not yet tempted
any imitators. Possibly, the fact that
there is an outstanding short interest
OF some consequence discourages opera.
tons on the bull side; though in case OF
a genuine bull market this would be an
element of strength. Upon the whole,
the situation is not an unfavorable one;
but until the legality Of the coal COM
bine is decided and other tendencies
become more settled speculative opera
tons will have to be conducted with
caution. HENRY OIEws.