The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-01-25

NEw YoRE, Jan. 2i.-Henry Clews &
Co.'s weekly circular suya:
During tho past week there has been
what may DO considered a healthy
break in tho stock market. A conbi-
nation OF influences has favored tho
disposition OF tho clears" to make n
demonstration in force against tho
"bull" side. Tho situation OF our rela-
tons with Chile has been made lurid
with war paint, and the pens OF rumor-
mongershavo. becndipped in cnsanguin-
edink, asaccompanimentsof sensational
assaults on the "bull" position. Stimuli
tancously, tho disagreement between
Mr.. Could and tho Western Traffic AS
ISOLATION was distorted and exaggerated
into shapes calculated to excite apprc-
tensions OF widespread freight war;
and what seemed to give color to these
distortions was the fact that Mr.. Gould
himself had nothing to say calculated
TO allHy such fears. Tho still unsettled
differences rs to apportionmcnt OF pro-
duction between the anthracite corpor-
ations was also made 10 play an inilu.
entail part in the tactics OF attack. Tho
iact, also, that Europe has recently sold
considerable amount OF stocks on this
market, with the effect OF stiilcning
foreign exchange and postponing the
expected resumption OF imports OF gold,
has been made to perform service in the
"bcar" assault. There was enough ma
terial in this combination OF circum-
stances to back a reasonable extent OF
selling, and it was skilfully used by tho
"bear" leaders, followed by the whole
rank and file. A vigorous dcmonstra-
ton made on Tuesday resulted in q de-
cline OF IL to 3.points throughout tho
list. This success, however, developed
an excess OF "short" sales, and the dis
covery OF the dangerously ovcrsold con-
dition OF the market caused, on,thc fol-
lowing day, 4 rally to about the range
OF prices from which the decline
started.
So far as respects influences acting
from outside the market, there, has
been no important change during the
week. The foreign markets have afford
ed no support to New York. On the
contrary, they have unloaded on this
centre; but, with the present abundant
means here for carrying stocks, these
realizings have had no serious effect.
1t now appears that London's long
waiting for ''the moving OF the waters"
ut New York was not with view to
the resumption OF speculation but to
the getting rid OF its stocks. II will not
be surprising ii they arc bought back
at higher prices at a later date. Wall
Street is perhaps about evenly divided
as to the probability OF the Chile i'm
broglio developing into war. In Tues
days "bear" performance, it was as
sumed not only that war is probable
but also that the war would be q great
national disaster. To the latter sup
position, Wall Street at least sees an
other side. War could have no bad
effect on the national credit; for the
losses and costs would have to be paid
by Chile, and ii they proved larger
than our fractions little neighbor was
able to pay, they would still be SO small
i'll proportion to our resources as to
produce no effect upon the financial
status OF the government, and would
only all the more strikingly exhibit tho
power and greatness OF the republic
The national exhilaration and the large
naval and military expenditures would,
however, have direct tendency to dc.
velop activity in certain branches OF
business, and the effect on Wall Street
would be to stimulate speculation.
Some surprise is felt that, in view OF the
unprecedented amount OF our current
exports and the relative moderation OF
our imports, gold should not be coming
in from Europe.