The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-05-16
FINANCIAL REVIEW.
Henry CLOVIS Weekly Lettor on the
Money Situation.
OUTLOOK is STILL FAVORABLE
On Wall strcct..-Thc Crop Reports
late, but Prospects arc That They
viii Como up to tho Average.
Trade Conditions Sound.
Special Correspondence Of he 1te,tgrnc,r.

ional' market. Tho "bcars' continue
to pursue tho policy Of attack; but in.
stead OF making an advance all along
the limo, are cautiously combining their
u%ssaults tosupposcd weak spots. These
demonstrations, however, have the OF.
foct OF keeping tho market sufficiently
unsettled to induce. postponemont OF
contemplated buying by tho outside ole.
ment; and, to that extent, tho pessi.
mists may boast Of a certain degree OF
success. The bears however, do not
fight for glory, but dollars; and so long
ms they arc winning them, there is n
very reasonable probability Of continu.
ing their tactics. There still a few OK.
ceptional conditions which encourage
Thorn to maintain n Micawberish atti.
tude-such as the uncertain state OF the
crop outlook, the possible failure Of the
Richmond Terminal reconstruction
scheme, tho threatening attitude OF the
Pennsylvania authorities and OF Con.
gress toward the Reading combination,
and the uncertainty about Mr.. Gould's
position toward tho market. These are
their main sources Of support; but they
have already so exhausted tho force OF
these factors that it is doubtful, il each
n should issue adversely, whether
prices would be materially affected. Tho
only new unfavorable feature Is in tho
reports OF disastrous Western floods,
which has caused some selling OF
Granger stocks.
On the other side, none of the favor
able conditions have yet been dis.
counted, the "bulls apparently feeling
satisfied that tho situation is sound
enough to be allowed to rest until their
opponents have tired themselves out
and are willing to allow tho market to
take its natural course. The "bull'
leaders are satisfied that general condi-
ditions are drifting in n healthy direc-
ton and that each week strengthens
the merits Of. their position, and thoy
arc therefore willing to wait, II neces-
sary, until o still ripper situation comes
and when they may find the clears" in
u more exposed condition. The MAY
official crop report,though not inspiring,
shows q general improvement on the
position OF a month ago. All the crops
are late and the weather remains un-
stimulating. but the condition shows a
higher percentage, and as indications
now stand there is nothing inconsistent
with the possibility OF average crops;
for a slow growth,-al! other condi.
tons being equals unusually
conductive to u better maturity
and q richer yield than comes
from the forced stimulation produced
by a high temperature and dryness.
The crop report deals cautiously with
the question Of cotton acreage, on the
ground'that planting is this year unus-
ually late. 1t estimates that on the 1st
OF May, only rs per centof the intended
planting had been effected, and says
that, SO far rs present data would war.
rant an estimate, the-decrease from last
years acreage may be taken at is per
cent, but defers a definite conclusion
until the pturns OF June LIST are forth
coming. This warrants some hope OF a
wholesome decrease in this years plant
ing; which, il realized, will be q great
boon not only to. the cotton states but
to tho country at large. A decrease Of
even 10 pc. cent in this years crop
would restore cotton to Il price which
would yield Q moderate. profit to the
south upon this great staple and there
by help that section out OF its present
embarrassments.
The trade OF the country at large, OK
cepting tho South and the Pacific coast,
though nowhere booming, may yet BIO
regarded as in q sound and conservative
position. The bank clearings for April
show in this city an increase OF g. per
cent over last year; in the Middle states
of III per cent; in the Middle western
of 1913 per cent; and in other western
OF 81 per cent; whilst in New England
there is 4 decrease Of 3.5 per cent; in
the Sonth OF 0.5 per cent; and in the
Pacific OF ST. per cen. Considering
that the general tendency OF prices is
downward, it is reasonable to conclude
that the gain in tho quantity OF pro-
duets and properties transferred is not
fully reflected by these increases in
bank clearings; which seems to war
rant the inference that the volume OF
current trade is larger than is generally
supposed and explains tho improve
ment in tho earnings OF tho railroads.
Each succeeding week shows recov-
cry in Jul relations with the London
market. The two marts, however, are
waiting upon each other, each watching
for the other to make a forward move
mentand each afraid lest the one should
seize the opportunity OF any rise in
prices to unload upon the other. Under
these circumstances, London is espe-
cially feeling its way, and yet appears to
be gaining confidence that New York
will keep pace with it in any advance
movement. At tho same time, the tone
OF the London market shows a recovery
in its intrinsic condition and 3 sound,
though slow, progress towards GONZALES.
cence. This week London has been
much more q buyer than a seller on our
market. The demand, however, has
run rather on bonds than on stocks, and
has shown q preference for second.class,
low-priced mortgages. This demand
has helped to weaken the rate for ster-
ling bills, with tho effect OF stopping,
for tho present at least, the outflow OF
gold.
Tho improving tendency at the Eur
opean financial centres is encouraged
by symptoms which suggest a hope
that more amioable relations may be
established between the nations whose
mutual jealousies keep them virtually
upon a constant war footing. The in
terest shown by the British government
in tho silver question and her ex-
pressed intention to participate in the
forthcoming bi-metallic conference may
be regarded Us auguring we'll for the
chances OF something being accom-
plished through that means Of mend
ing, il not restoring, tho lost status OF
silver 8 Compared with gold. Tho uni