The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-06-06
STRICTLY BUSINESS.
The Review of the Stock Market
By Henry CLOVIS
IT is FAVORABLE TO SECURITIES
The Bonded Debt of tho United
states...RccIprocIty With Canada.
Preferential Trade in EnGland..-Dry
Goods and wool.-PlethOrn Of.
nIoncy..-wheat Reserve.
Special Correspondence qf ths 1aieIlf1nor.

Special Correspondence Of ths InieiliGeneer.
NEw York, June 4.-During the past
week, says Henry Clews & Co.'s review,
the bears" seemed to take now lease
OF power and for time maintained as
tendency. Early in the week London
became a free seller on this MARKET as
some suppose partly on "short" &C.
count, and principally on Louisville &
Nashville, about whose financial condi-
ton foreign holders arc reported to
have received advance information.
This opened now weak spot to which
tho "bears" gave prompt attention. A
temporary injunction issued in New
Jersey againstRcading also cansedsOme
selling OF that stock, which, however,
was found to be well supported. The
professional traders paid some special
attention also to Rock Island and Bur-
lington & Quincy, probably to offset
the fact OF both stocks being very large
" oyersold. These, however, wore i'm
cidents of no great intrinsic import
ance, and the matter OF chief interest in
connection with them was that the
"bulls" should have permitted them to
have the effect they had upon the tone
Of the market. On Thursday, however,
change came over tho spirit oil the
dream OF the clears" The Leading sell
er seemed to have concluded that tho
"short" interest was growing quite
dangerously large, and hence there was
a general buying movement to cover
those contracts. News Of a favorable
change in the weather throughout the
great crop belt was accepted as warn
ing against being caught Short and
that being the one condition necessary
to give courage to the "bulls" the mar
ket stiffened at once and took an up
ward turn. Should the weather re-
ports continue to be oil the same tenor,
the market is likely to respond In the
form OF better prices,
Sales OF stock for London account dur
ing the first half OF the week strength.
ened the foreign exchange market, and
to that source of demand for bills must
be added the usual requirements for the
juno settlements OF balances. These
facts have led to the renewal OF moder-
ate exports OF gold; but that, being an
ordinary incident OF the June exchanges,
has already been anticipated as to its
effect upon tho market. With sur
plus OF S74,5OO,00O OF bank reserves,
against S7,5OO,0O0 q year ago, the export
OF a few millions of gold can be matter
OF little importance to the local money
market; while by increasing still further
the extraordinary plethora of money at
London aud on the continent, Its ultt-
mate effect can only be favorable to re-
yiying the foreign demand for our So
curities.
Tho supreme condition affecting the
stock market is the crop prospect as
influenced by the current weather; and
that factor is now less uncertain than 1t
was week ago. Expectations as to the
wheat CROP. are improving, but are still
strictly moderate. At the moment, it
seems probable that in some sections
the crop may be poor, while in most 1t
may prove fair, and in few really
good; still, these probabilities may
easily change within u few days for
better or for worse. The June report OF
the Department OF Agriculture will be
forthcoming in a few days, which will
afford more definite data than anything
yet forthcoming rs to tho prospects OF
winter wheat. Tho prospects offspring
wheat and OF corn must remain in the
dark until those crops have reached the
earlier stages OF development But
accepting tho most moderate current
expectations as to the wheat crop, the
heavy surplus left over from last year
may be expected 10 bring up the ex-
portable supply to about average dimen-
sions. That cannot yet be said of the
corn crop, and that is the fact which
weighs most heavily on tho stock
market.
The general trade Of the country, OK
copting the cotton states and California,
may DO regarded as reasonably prosper
Gus.
Taking tho situation and the prospects
as Il whole, We construe them as fairly
favorable to securities; but at the mo-
ment there arc certain undeyeloped
factors which tend to hold conservative
operators in check; aud We therefore,
for the present, counsel buying on
drops and realizing upon moderate
profits.
RRN. -