The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-06-20
THE BUSINESS WORLD.
The Review of the Week and the
Future Outlook
As SEEN THROUGH WALL STREET.
Henry CIews' Pointers as to the Con.
ditton of Trade-.Tho Cotton Crop.
and tho AntI.optlon Bill.-wool Mar
ket-.Amount of Wheat on Hand for
ExpOrt..Thc Prevention of Strikes.
steelaI corependeaoc d Me Inlellg.,lssr.

Special Corresponding ~ TIE ih'eUgtacT.
NEW YonK, june, 1S-Henry Clews
review Of trade says: During the past
week much Of the business on the Stock
Exchange has grown out of the efforts
OF the "bear' operators to get out OF
the false position in which they had
placed themselves by over discounting
the worst probabilities connected with
the late storms and the crop situation.
Large amounts Of "short" contracts
have had to be covered, and that, in the
face of buying orders from London and
also from outside operators. Apparent
ly, the "short" interest has been mainly
covered, excepting in one or two spe-
cialtles, such % Rock Island and Chica.
70, Burlington & Quincy; and the de-
mand thus induced has caused agener-
al advance in prices. Tho rise in values
has brought out moderate amount Of
long stock, which for tho moment
checks the upward movement; but the
predominant feeling is one Of increased
confidence.
The report of the department OF agri-
culture On tho condition OF the growing
crops removes the past misgivings as to
the prospects OF wheat. The general
average condition OF winter wheat Is re-
ported as $50. It is to be remembered,
however, that since the date OF this re-
portthe weather has been stimulating
and generally favorable through tho en-
tire wheat belt; so that q report as for
the present date would, in all probable
ity, present a still higher average con.
dition. In 1891 the June condition was
966. AS the acreage OF this year is
about the same as that oil 1892, any dit
ference from last years extraordinary
crop must arise entirely from variations
OF condition. AS to spring wheat, the
area is about the same as last year, but
some doubts have been entertained re-
specting it in consequence OF the storms
having delayed the planting.
The corn crop still remains in so
much uncertainty that II is out Of the
question to venture upon any approx
mate estimate in respect to it; the most
sanguine reports however do not pre-
tend to compare it with that OF last
year. The acreage is likely to fall be-
low that 1891, and although it Is gener-
ally reported to be making good pro-
gress. yet the lateness OF the planting
can hardly fail TO expose tito more than
the usual risk from early frost. This
fact holds the stocks Of the corn rail
roads in suspense.
The situation OF the cotton crop can
not be regarded rs satisfactory. The
official report gives the condition as
about the same as year ago, $50
against S5.7.
At the moment this staple stands ex-
posed to special injury from the anti
option bill passed by the house Of rep
resentatives and awaiting the decision
OF the senate. II is now reported that
there is less certainty OF the senate re.
jecting the measure than has been sup
posed to exist, owing to the farming
and planting interests having brought
shard party pressure to bear upon lead.
ing senators. However this may be, the
possibilities OF the case are causing Sc
rious obstruction to not only the cotton
trade but also to a wide range OF other
interests. We learn that, at Liverpool,
arrangements are in contemplation for
taking up the American. option bust
ness, II it by law becomes prohibited in
this country. This would give to Eng
land the complete control Of the cotton
markets Of the world, seriously to the
cotton growers detriment In this coun.
, try. The question arises-where would
the planter stand in the event Of the
American dealers being prevented from
buying for future delivery? 1t is i'm
possible to conceive anything more fat
uously blind than this attempt to limit
dealings in our chief staples to spot
transactions.
In spite however Of the uncertainties
at present surrounding our corn and
cotton crops, the country has now the
promise OF another year OF abundance,
which is calculated to strengthen our
investments and to stimulate the revlv-
ing European demand for them.