The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-08-05
FINANCIAL REVIEW,
Henry Clewa' Weekly Latter on
the Business Outlook
CONTEST STILL WAGES FIERCELY
In tho Speculative Aroma Between
tho Bears aud tho HuIls-Tho Mar.
kst In Strong Hands-Amprioan
Securities in Europe-Gensral Wall
streot Situation.


ShSgs ANNehS"
Spoeii ooTa9oEd:1os ofhs IRlsltgaep,
NV YORE, August SIN the specula,
tive arena, the contest between tho
higher and lower eide still wages fierce.
ly. with varying results, Tho "bsars"
mainly concentrate their force, on the
IndustrialS a, being both inlrlnsicAlly
and StrateVcally the weakest Tho
"bulls" direct their support, with much
drmueiS,SO the railroads, and especially
the Changers With ups and downs in
both groups OF stocks, however. prices
do not on the whole very materially,
Ono Of tho main dependencies OF the
"butiI" iI in the expectation OF GomS
settlement oil Reading RfAlrs that will
place competition among the coal roGdS
under more conservative control; an-
other Of their hopes 10 that the trunk
lines may perfect some scheme TO pro-
vent future cutting Of rates; aud yet
another that q phenomiRally large
corn crop may greatly add TO the traffic
OF tho roads running through the corn
belt.
The "bsarS" base their position on
the contention that, on stocks at large.
prieeI have already risen to their full
intrinsic value, and that 1t Is moit con-
ducivO to an active and Trustworthy
movement that prices should DO ALLOW.
ed 10 decline several poinls at least.
Moreover, they insist that the uncer-
tainty attending tho position OF the
treasury, especially in tao event Of the
syndicate Withdrawing ilS protection,
this Is a matter that naturally produces
aoms hesitation In the larger move.
mentI Of capital. And 1t Is not to DO
denied that not only do London adviceI
report the beginnings Of feeling OF
that sort, but that the English market
isIhowinS more disposition 10 sell than
to buy speculative properties. This
may easily prove to be more disturb.
ing matter than We, In the midst
Of so much buoyancy Of feel.
ing, are at present prepared to
admit. London appreciates at its
full importance the fact that, at pres
ent, wa have no real certainty that,
within few mouths, We may not tind
the treasury reserve to new drain; and
it would DO very much contrary to tho
usual precaulion OF that market II it
did not discount the Worst side OF that
possibility. Under existing circum-
stances, the speculative transatlantic
element has 1t in its power TO free
down the prices OF our securities held
there. By selling at New York, they
might find 1t possible to precipItRte the
very expert drain on tho gold reserve
the possibility OF which they now fore.
see aiming TO thereby be enabled to
buy in RgGiu at subsequently lower
prices. This 10 speculative opportu.
nifty too tempting for u 10 assume that
the Bhrewd operators OF London will
surely allow 1t TO pass unimproyei.
There are those who assume that the
recent large new negotiations Of our
securities in Europe will be continued
10 such an extent ne to bring gold to
this country, overlooking the fact that,
even should such prove to be the fact,
there will be no way by which the in.
coming specie eau get into th9 trsaIury
when the syndicate has closed its opera.
lions. II may be safely taken for
granted that London aud Germany will
be distrustinl toward US until come real
aud permanent protection OF tho treas.
ury reserve 10 provided; and that fact a
u standing menace to exports OF gold
from this country. There Is no evad-
ing the force Of this fact; and ii is avery
unWise sort Of optimism for hnancierI to
shut their eyes against II. Tho trus
policy OF conservative Wall street, at
the present moment, IL not to passive.
IL hope for the best when the wors. Is
possible, but to unto its whole influence
in order to establish conditions which,
without the help Of Syndicates or any
other artificial and transient contriy.
anceS, will permanently shield the
treasury against all possibility Of losing
ilS gold. That is the imperative need
Of the hour.
Tho'e arc factors, however, which arc
not exerting much force at present.
Just now the market Is In control OF
strong hands who see IN the excellent
business outlook and the prospect Of
big corn crop the best OF arguments for
Hitting the market to a higher level.
The stubbornnos' with which stocks
are held is much in favor Of such ma.
nipulation. When stocks refuse to do.
cline, az they did with remarkable 70.
gisiancs in July, tho trading element
who are chiefly interested in activity
are apt to try their success in putting
them up still higher. There arc not a
few largo operators who would like to
see the market have m additional ad.
vance. so that better reasons for reac.
ton could be found than NJ present
offer. August Is frequently month Of
rising prices; and while the more die.
tant future demands caution, /. would
give ~ no surprise II those now In con.
troll OF tho market succeeded in obtain
ing better prices before general reAliz.
ing sets in. HENRY CLEws.