The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-06-20
BUSINESS;A..F
The Rcactionnry Tendency OF tile
Stock Market S
OBSERVATION-DISCLOSURES
no uNsE1TLE PRICES ON WALL
sTREET-A PURELY sPEcVLA-
FIVE MANEuvER-No ADATE-
MENT IN THE REVIVED PROS
.pERITY OF THE RAILROADS.
THE GROWING STRENGTH OF
THE FINANCIAL sITuTIoN-rIIE
DoND ISSUE CAUSES NO NONE
rARY DISTURBANCE.


TARY DISTURBANCE.
spcclal Correspondence OF In,elllgencer.
NEW YORK, June 1s--In oir letter
pf last week We called attention 10 a re.
dictionary tendency in the stock market
md intImatcd TINT i might be contin-,
ued. The business OF the week past has
confirmed these forecastings. Leading
operators who had realized on their
holdings OF the higher grade stocks were
anxious to depress prices in order 10 buy
In again for a fresh rise. AT this juno
ture. another set undertook to advance
the lower grade stocks, which had not
risen proportlonately with the higher
priced securities. This embarrassed the
Scheme OF the influential operators who
we're trying to reload ut lower figures;
and. in sclf-defense, they have this week
directed their attack upon the market
sndiscriminately; the result OF which
slas been an unsettled market, causing
considerable realizing on all classes OF
stocks and general fall in. prices. This
movement Is purely speculative ma,
Geuver, directed towards a readjustmcnt
Of the range OF prices, SO as to admit Of
fresh campaign, starting with lower
prices and therefore affording better OPP
portunlties for profit and an Induccment
TO fresh activity. At present, this
movement Is too successful to be aban-
toned and seems not unlikely 10 be con-
tinued until still lower range OF values
has been. established. gf E
General conditions are not wholly ia
rorable to movement Of this character.
There Is no abatement OF the revived
prosperity OF the railroads. On the
contrary. the crop prospects promise
another harvest OF unusual abundance,
md though the prices Of the new crops
may not rule so high as those OF the past
season, yet the results to the railroads
should equal those OF the crops Of 1897.
The war goes steadily on towards the
final success Of our arms, with rea-
Eonable prospect that next fall the
Spanish possessions In the West indies
md the Philippines will have been
formally transferred to the United
States.
The feeling Is taking strong hold OF
war may prove to be. 1t will yet result
in a great awakening OF the American
people to a consciousness OF a destiny
broader and higher than they have
dreamed OF, and thai it viii result In
new policies which must largely develop
the commerce OF the country and elevate
our standing among the nations. This
IS "bull' factor which must add con-
tinuously to confidence in American In
restments and enterprise. The growing
strength OF the financial situation,
which makes the providing of 5000, 900
FOR immediate war expenses a matter of
secondary concern and productive OF no
degree Of monetary disturbance, carries
with 1t most material contribution to
public confidence and makes any really
Important reaction in the securities
market almost impossible. The state
ment OF our foreign trade for May ex.
hibits another surprising addition to
that excess OF exports over imports
which has been for many months past
piling up an extraordinary balance in
DUE favor. due from nations which have
always been large lenders 10 US upon
open credit. Eff :.-.,-.q ~ :
Conditions like the foregoing do not
afford much help to operations under
taken to depress values, and they may
soon prove q bar to the systematic
marking down Of prices now in process.
Experienced operators OF large means,
however, are able, within certain lin
ttations, to force the market in lirec-
ton contrary to Its natural drift; and
when there.iS a. comparative absence OF
sanguines outside support, their success
Is all the easier. My own View, how
ever, is that the present artificial pres
sure on prices is not likely to proceed
much further without. developing buy
ing which may obstruct the tactics of
those who, for the moment, are playing
q bear game.
:, The breaking up Of the great Letter
speculation In wheat Is not unlikely to
lead to some revival OF operations in
stocks. The immense transactions In
grain have drawn off speculation from
the stock exchange for several months
I past. and both at Chicago and here the
uncertainties about the wheat situation
may be expected to divert attention
back to stocks under the encouragement
: Sf the current downward drift of prices.
1t has not suited the purposes OF the
eellers Of stocks. to take much note of
another remarkable foreign commerce
statement. and the figures, published on,
edncsday. consequently gave no slim
ulus to nrinarket. The facts Of the Of
lcial exhibit are not, however, TO be de-
prived Of their effect by conveniently
ignoring them. The May exports OF
merchandise exceed those Of 1897 by
s32,i0O.000, and:are s5G,9S0,O0o in excess
OF the value OF the months imports:
For the first eleven months OF the fiscal
year. the merchandise exports exceed
the Imports OF goods by sci. $3.50, 900.
which confirms the expectation hereto
Tore expressed In these advices that the
surplus of exports over imports will
reach fully s600.000,0OO. IL we add to the
shipments Of merchandise those of silver.
amounting to s40.9G7 ,000) the total ex-
tcessFof Imports, for the eleven months
VIII amount to S6l2.SG5. 900. In lIquIda-
lion OF this creditor balance, we have
imported s97.040OC0 of gold, making the
net creditor balance, for the eleven
months, S5l5.S250OO. Making the most
liberal allowance admissible for the
ltems. debtor and creditor, not included
an these purely trade returns, and also
Tor the net debtor balance on account OF
the foreign movement IN our securities,
II hardly seems allowable 10 estimate
me balance now! due to this country by
Europe at less than Sl50,000,000 to $780,
10000. AS the present relative rate OF
interest at New York and London at
lords no sufficient inducement for buy
lngs bills OF exchange on Europe for In
vestuent here. 1t seems not unlikely
mat we may soon witness resumption
OF Imports Of gold. The only thing that
can prevent this must be q greater dis
parity between the local and the Euro
pcan money rates than now exists. The
tt.f... - =