The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1891-08-10
STOCKS AND SHARES.
Tho Condition OF tho New York Market
and Prospects for the Future as seen by

Tho Condition OF the New York MARKET
and Prsspects for the Future as seen by
Henry Ciews.
Special Dispateh 10 ne Igtolt0noz.
NEW YoRK. Aug. s.--During the past week the
stock market has shown more activity and some
recoyeries in prices; but the advances have been
mainly due to Increased sales by the ''oears"
having created sudden demands for covering
"shorts," while there seems to be no improve
ment In the real spirit and tone OF the market.
No sooner Is one line OF short contrAcW lllul.
dated than another Is put out at the consequent
advance which Is evidence OF increasing defer
mInntIon on the "beAr" side The dlspoaition
TO sell has been increased by the notable weak
ness of the Gould stOcksf and especially q Union
Pacific, which seems 10 have no friends either
here or In Europe; and II Mr. G. Is not an active
"bOnr'' he Is at least counted. In street opinion
Us passive one, which for practical pHrposes y
reekOned as being almost the same Thing. as II
leads Others to sall with Nll the more assurance.
All the symptoms indicate that II Is hopeless
to cxneet any extFavAgant buying spirit until
there are stronger indications OF removal Of
the prevailing dlstrtiSt than a. present exist.
The Geeh.iRg tendency Of good crops Is now
little heard OF. for the reason that there are so
many serious obstacles 10 that factor having the
effect upon prices that would attend II unuer
normal conditions, How much Of our grain can
Enrt = tAke7 What prices Will Europe pay lot
our Wheat? In what form Will II pay for It'll
gold, In goods, In returned securities, or even
through borrowing IN the United StAtesf II the
payment Is not made to liberal extent III golu,
what will he the resources Of our banks tof meet,
iug the Western fall drain Of currency AND II
securities should be returned to even put 9
moderate extent, what would be the aplllty OF
our market TO receive them7 And. again, now
far will the present unsettled condluon OF
European finances tend 10 embarrass the imam
clal and commercial markets under the eStraor.
binary ImpOrtatlons Of American grain that Will
have 10 be made?
These are the kind OF questions that are now
occupying the attention OF the speculative in:
tercstS. Every one Of them has direct and
vital bearing upon the value OF securttesi ana
yet II Is impossible 10 form satisfactory lndg:
ment about the probable outcome OF any one OF
The problems. X general feeling Of uncertainty
Is the result; and uncertainty Is even more DC
mOralizlnR than clearly understood actual ca
tSstEophe. Il paralyEeS enterprise, causes gen
eral takingin OF sail, contracts credit, discour'
ages buying and encourages selling, ana prO'
duccS shock OF general apprehension. NO
doubt, the current adverse probabilities or pos
sihiiitleS arc exaggerated In the public MIND;
but that Is consideration OF little practical
value; for In dubious situation Il i bnt human
nature 10 discount and TO prepare for the worst
that may happen, and prudent men are always
found willing to make sacrifice tn order 20 es'
cape possible disaster. While, therefore, 1t lnny
be conceded that fear Is now exnggernting more
or less the gravity Of some aspects OF the foreign
situation, yet that fact cannot be expected 10
nrCycnt a great deal Of realizing on securities
and, therefore, cannot be trusted 70 avert CON
se0uent decline in prices.