The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-05-29
In tho Stock Market Which May Be
Expected to Check a Speedy Recov-
cry of Prices-Improvement iu the
Crop Ptospeots-Efrsct of the Re,
cent Bank Suspensions Not Alarm,
inc.
:rtn, corr,,nonacnee otne Inteuineneer.

now until the usual fall demand for
currency for moving crops, the reserves
are likely to stand in an unusually
strong position and that, when that de-
mand comes, the banks ara likely to be
we'll situated for meeting it The gen.
eral inference from this that reasona-
BILE probability is established for the
money market maintaining q fairly easy
condition hencetorth aud for the re-
mainder of the year,
This naturally has an assuring elect,
for it favors the probability OF holders
Of sound securities being able to satisfy
all their borrowing wants on good terms
for several months 10 come. The re-
moval OF doubt upon this point IS an
important gain; but not cure all.
There are certain doubtful factors af-
iecting the market; such as the caution
and disability of operators after tho late
severe shock, the tactics OF the peslmist
traders, the outcome in London OF the
great Australian failures, the partial
depression OF business at home, and the
weak spot among class OF interior
concerns.
Factors like these must have their in
fluence upon tho stock market, and
may DO expected to check speedy re-
covery OF prices. But it would be an
exaggeration Of their importance to
conclude that they legitimately forbid
any advance beyond the present level
OF values. 1t is to be considered that
prices now range but little above the
panic level; that the railroads are max
ing good earnings and are likely to con-
tnue to do so for some months ahead
that the competing supply Of new in
vestment coming upon the market Is
far below the average and Is likely TO
remain go for some time; that, in Pc
RODS OF low quotations like the pres
ent, investors are apt to exchange bonds
and other investments for railroad
stocks which are relatively cheaper;
and that when the London market has
recovered from its Australian shock
tho demand there for Americans is
likely to revive. These facts consti-
tute an element OF resiliency which is
likely not only to hold transient down
ward reactions in check, but also to OK
ert steady lifting force upon prices,
and that tendency has been manifest in
tho improved tone OF the market dur
ing the last half OF this week, both
abroad aud at home.
The worlds crop prospects have late
iy shown an improvement highly en-
couraging. In April general failure
OF winter wheat seemed almost inevt-
oh ,Ffkh 1ha ~ n uaRiAVHa 1n-
feiency in the supply OF that staple.
Now, in England and most OF the con-
tinental countries, the probabilities
favor abont an average crop and even
Russia affords promise Of leap from
u famine yield to good average out
put. In this country wheat shows
recovery from the conditions upon
which crop OF 440,0O0.0O0 bushels had
been predicted, while spring wheat aud
corn planting arc promising favorably.
This change may not favor the interests
OF the speculative holders who are now
carrying large surplus from our last
years wheat crop, but that is a small
Offset against the universal benefits
arising from cheap food the world over.
The most depressing circumstance
with which this centre has at present to
contend Is found in the state Of trade in
the interior This condition seems to
have originated almost entirely in the
late monetary scare and the attendant
collapse OF the "industrials. 1t had
been preceded by sound, conservative
and fairly active and profitable condi-
ton OF trade. The scare suggested by
the large gold exports, the drain upon
the treasury gold reserve and the sharp
precautions Of our local banks, together
caused the eastern and interior banks
to contract their accommodation TO Gus
toners, and suddenly the financial sky
became lowering and black from Maine
to California. In this way credit has
become suddenly paralyzed in every
section; the weak spots in trade, in
financing and III banking have been
roughly probed, and large amount Of
failures have been precipitated. II is
safe to say, however, OF these suspen-
sions that, in large majority OF tho
solvency, but from sudden and moro
or less indiscriminate Withdrawal OF the
usual credit facilities. Considering the
severity and tho universally of this
contraction OF credit, the wonder Is
that its effects in tho way OF
suspensions have not been much
moro numerous. This evidence OF tho
eoundness Of the general commercial
situation should pass for something
with those whose incontinent timidity
in iending hns done 30 much towards
producing this condition Of things,
This is evidence enough TO show that
those fears have exceeded any real oc-
caslon; and the true course, at the pres.
ont stage, for the New York banks to
their solvent customers, Is to mako their
present largo surplus more freely avail
able, Tho only possible reault OF dit
ierent policy must DO to further agra.
vate situation already mado needless.
~ severe. The present discrimination
against tho mercantile community at
our large centres may, unless speedily
moderated, nuedlessly bring many more
to tho verge OF suspension. The sltua.
ton Is ono that calls for broad and In.
tclligOnt comprehension OF tho real con-
dilion OF business aud for judgment
that understands how to protect tho
londor by protecting the borrower. A
little moro OF that policy would produce
great change to the tono and condi.
ton Of business throughout the country
at large.
For the present, wO deem II safo to
htv fnn1AFnlnlv Of ,,nnl aiorka nm Tim