The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-07-08
FINANCIAL REVIEW.
Horny oIowa's Weekly Letter on
the Business Outlook.
THE TRIUMPHANT BULL CAMPAIGN
BrIags About Now Situation Ia ,hs
Stock Aarkot-suFprIslng Prlocs,
Bears VIII Take Advantage of tho
OBSERVATION-DISCLOSURES no Longer
Leading Factor,

Special Correspondence; ofths Intelligence.
NEw YoRK, July 6.-rhN stock mar.
ket has entered upon a distinctly new
stAGei new not go far as respects the
main underlying Gonditions,-in which
there ia no chapge-but in respect to
the current speculative attitude aud
tactics OF operators. Tho triumphant
"bul" campHigp'ot thelast three months
has brought about now situation.
Prices have risen to d pitch that sur
prisos oven the most aanguine, and
"bull" operates have made oxtraordi.
nary profits, Among conservative Specu.
INtorS, there Is feeling that prices are
now, as a rule, up to what tho imms'
date facts Of the situation warrant
It is conceded that tue general drift Of
the conditions that control values sug-
gests the expectation of further ad.
vance when the harvest has been gath.
cred and its beneficial atter.eaectS upon
trade begin to appear. But between
nov aud then there Is an interval Of
some weeks, during which possibly no
influential developments may ba forth
coming. As matter OF speculative
tactics II appears desirable, to pro-
iesIional Spectators, that this interval
might we'll be used for the purpose oil
realizing profits on the strong rallies
and thereby laying the basis for re-
purchases a. later stage. with q view
to new upward movement In the fall.
AlGo, the absence OF operators on their
summer recreationa Is encouraging to
this sort Of attitude,
II 10 not TO be supposed that tho
clears" will allow this opportunity to
pass unimproved. A long experience
OF conditions adverse to their side has
made them impatient for an opportuni'
~ for attack; and it isnot likely they
will permit tho present. partial lull IN
"bull" activity to go unappropriNted for
their benefit. We do not undertake to
say how far they will venture in making
repriIals on the reposing bulls" nor
how far the "bulls" are likely to retail
ate. Our judgment 10 that the posi-.
mists are likely to provo cautious, aud
that the opGlmists will not be found
willing to part with any considerable
amount OF stock OF much lower prices.
Nevertheless, the "bears" may DO ex.
pected to do their best, for the early tu'
ture, TO test the market at what they
conceive to DO its weak points, as much
perhaps from 4 nero spirit Of fight rs
from any strong hope Of making dis
tinct impression on prices. Tho late
fierce attack on the industrialS AID the
attempt 10 atillen the rates Of foreign
exchange are part OF these tactics; the
failure OF tho break in the industrials to
break the railroad list iS sample how
ever OF the sort OF result the bears"
may expect from all such movements.
But while immediate conditions seem
to favor Temporary lulli in the larger
speculative operations, it Is not impos'
sible that events near at hand may re-
viye the buying movement sooner than
is now anticipated. Tho reconstruction
proceedings in the bankrupt railroads
are now making rapid progress, and
announcements may be forthcoming at
any moment which would create now
excitement and bring into the market
mass Of stockS that have been tied mp
pending these readjustments. More.
over, the corn crop has possibilities Of
proving q very important element in
the value Of the stocks OF roads serving
tho great corn belt Should that crop
maintain lie present promise to the end
OF tho season, it will prove very valu.
ablo help towards the moro complete
revival Of business throughout the
country. To sum up tho matter, while
the condition Of affairs at tho moment
seems to tend toward temporary lull
in speculation and'posSibly to moderate
fluctuations in prices, yet this position
may quite possibly change for revival
Of "bull" activity.
London is no longer leading factor.
That market porceves that New York Is
now capable Of taking caro- OF ttscft and
Of the foreign markets at the same time.
It sees that great confidence has taken
hold upon our people; that power com.
mands tho confidence Of London; aud
Europe may therefore be expected to
follow tho drift OF our home market
rather than antngouize It so long as II
tends to increase profits upon foreign
holdiuga HRNRY CLEws,