The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-07-18
FINANCIAL REVIEW.
Henry olews's Weekly Letter on
the Money Outlook
UNUSUALLY DEVOID OF INTEREST
Is the Situation in Wall street.--Both
sides Evenly alancod..-The Begin.
ming of a Financial Reyival in Eu-
ropc-..Bright outlook for Steady
Recovery of Trade aud Finance in
All the Nations.


NEW YORK, July lO.-1ne elLuatlon IN
Wall street is unusually devoid OF fea-
lures OF active interest. The two sides
to speculation appear to be so evenly
balanced, as to force an advantage, that
neither one cares to undertake any
movements of Importance. The "bears,"
it is true, are as always, on the lookout
for chance for a skirmish, or a raid,
but they find the positions Of the
"bulls" SO well guarded that such
demonstrations are cautious and feeble,
and any damage they may inflict upon
prices Is soon repaired. The absence Of
special occasions for excitement affords
an unusual inducement to operators for
taking liberal summer vacation; and
both professional and outside operators
arc consequently maintaining passive
attitude, though prepared to defond
any outstanding interests they may
have left behind. Probably the amount
OF stocks resting in this position ia by
no means inconsiderable; but such
holdings are chung to with confidence,
|
garded as steadily improving, and be-
cause it is therefore expected that the
fall will open with situation favorable
to higher prices.
The impression appears to be very
general, and we think the event is
likely to show that it is wcll founded,
that tho series Of reactionary intlu-
ences which set in with tho Earrings
suspension have now, alter an interval,
OF about two years, worked out their
worst results, and that henceforth
whatever changes may arise in the gen
eral situation are likely to be for the
better. Indeed, already, traces of
steady recovery are apparent both in
the old world and the new. Though
capital is still cautious, yet it begins to
SHOW anxiety for employment. The
willingness OF the London Rothschilds
to undertake loan OF Sl5,000,000 for
the Transyaal government is a 'signif-
cant symptom Of tho disposition OF
London capital to return to investment
in foreign enterprises, and it will have
its effect in encouraging the recovery OF
like enterprise in other quarters. It's
the keynote Of the beginning of fnan-
cial revival in Europe. Even thusearly
also, there are signs OF the return of
life among the dry bones left in the
wake OF the destruction of credit and
enterprise in the Argentine catastrophe,
and the great mass Of obligations which
had 80 enormously overdiscounted the
resources Of that fertile country are
now finding buyers at advancing prices.
while the premium on gold is steadily
declining. The harvest prospects in all
European countries, excepting consid-
cradle areas of Russia, are hopeful;
which-taken together with the prob.
ability OF surplus OF close upon 200,-
100000 bushels OF wheat being avail
able for export from the United States
means a year OF cheap bread for the
millions Of European populations
factor which, in that part OF the world,
always contributes to popular content
and the encouragement OF trade.
Tho aforementioned symptoms war
rant the hope OF steady recovery OF
trade and finance in the nations OF the
world. This is the more important to
the United States because the foreign
financial depression of the last two
years has been attended with the re-
turn OF large amounts Of securities to
this country, and with large drains
upon our stock of gold-movement
which would naturally be reversed in
the event of recovery abroad. 1t is
doubtful, however, whether sufficient
importance has been attached to the
significant fact that we have so little
felt the pressure arising from this I'M
precedented return OF our obligations
and the withdrawal OF our best money.
1t has caused no perceptible check upon
our industries, nor has it prevented the
issue on this market OF large amount
OF new corporate loans; and had it not
been for the fears excited by the in
sane silver agitation. this exemption
from sympathy with European causes
of trouble would have been still more
marked. That there is steady, not to
say large, improvement in the volume
of home trade now going forward, ia
made clear from the fact that the clear
ings at the combined clearing houses OF
the country, for the first half of the
year, show an. increase Of Is per cent,
Notwithstanding that tho transactions
at tho New York clearing house have
been largely curtailed by the creation
OF the stock exchange clearing house.
Under the general conditions above
cited, and in view OF clearer ascertain
ment OF the results of the harvest
which still remain a matter of uncer-
tain estima,e-it seems reasonable to
infer that, after tho quiet of the sum
mer recreation, the men Of Wall street
will awake to tho appreciation Of a situa-
ton exceptionally favorable to tho value
OF securities. HENRY CLEws.
HoMtolpEs M 1900.