The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-10-28
FINANCIAL REVIEW,
Henry CLOVES Weekly Letter on
the Business Outlook.
ANOTHER WEEK OF INACTIVITY
on Wall notwithstanding DulInOsG
Tho Causes of It--Mauipulitlon OF
stooks-DowNward Tendency Has
+, Not Yet Spent Its Full Foree-uo,
favorable Factors
srtelal cor,.pond.nes ofMa lnleplpen,.t.


New YoRE, Oct. s6,-Another week
of inactivity In thu stool, markc. In.
Ia.I ,no 1,,I,.,, $3.50. ;. ~. IN
NNSN' Wv ~ H4O u' 4'N
creased Inc smal' outslue lHlere'l No.
comes gradually less; and oven tho
Wroom trader,W are becominv inert
mn -, ...i.,,. ia., ,ha
t"u Nos VouSP'Vuous 'e9'u'u.o' WV
market Ia lu non'Su'cepubllitY TO
events aud influences that would orli-
nsriiv nfy,ct n,icas aud osnacInIlv Ia
- t,'.''.s,s ,s..,a,,,
suu'i 10 arc u' u "Vo'"o'o W'a'"''o',
During tho week, Tor instance the coal
companies have advanced the price OF
antliracite AZ, con., ton and tho rail
~ 80, " ~"
'ate lor carrying II mas also peen IaNeu'
and yet there has been no correspond,
Ing movement to put up tho prices OF
the coalers, This abatement OF specu'
latl0n on tho part OF capitalists Rssoci'
ated with railroads seems 20 have be-
come u feature with railroad tnanciera
Tor at least tho time boingi and, what
ever may have caused II, there is no
doubt that II has hHd ia Influence IN
producing the present dullnesa OF the
market, Certain other movements
have been favorable, such us tho In
creasing exports OF wheat aud cotton
and negotiation By the PennsylvanR
railroad which will send to Europe u
large amount Of bonds, aud an improve
mont in the not earnings OF the rail.
roads as compared with Last year; and
yet thGse thingR happnn without any
improving elect upon tho market aud
with TO increase in speculation.
It eau hardly be said that the inac'
tivity IS due to any uniayorable factors
connected with intrinsic conditions,
In fact, there are no such factors Of any
moment; and It is perhaps due to that
TACT that tho "bears" arc almost as
languid as the "bulls," Tho dullne's
may perhaps ba chiefly attributable to
mere Speculative tactics on tho part OF
the larger operators. They have
deemed it nruisnt to got out OF large
lines Of stocks at the lalO largely Rd.
yancel prices. and desire an opportunity
TO get them back at q lower range OF
values. There are indications in cor.
tain stucks oil manipulations by parties
associated with the management Of the
companies 10 neglect them aud REFUGE
their price from no reason connected
with the real position OF the properties,
but rather contrariwise. Indeed, tine
market has been more or less subjected
10 this squeezing treatment for sOme
weeks past, which has not only dis.
couraged outside buying but also pro-
iuced already some considerable dc.
cline in prices.
The quotations show an average fall
of about six points; Yesterdays mar.
ket shows a still larger decline. The
downward tendency NAV not have yet
spent It's full force; but, IL carried
much further, It would be likely to en-.
counter a buying movement, which
would reverse the current. The mar.
ket, intrinsicaly, has sound bottom.
There are no weak spots in ii. and i'm.
proyements in conditions have oc.
Cured in tho face OF the fall in prices
which have not vet been allowed to
have their legitimate eject on values.
At present, there are no indications Of
a disposition to actively rally tho mar.
ket, and those who have been buyers
ON the decline NAV bo quite willing to
sec some further fall in order to make
lower average cost OF their holdingP;
but, in the absence Of any now adverse
conditions. the bottom is likely TO be
soon reached, when manipuations ior
ire.h rise will be in order While
therefore tho immediate present NAV
not be the best time for buying, except
upon descending scale, it IL not time
for selling, especially for selling short. :"
The only factors that can BIZ regarded
a. uniayofable for the moment are the
inward tendency in foreign exchange
and the dangers Of an outbreak In tho
"KafiT" shares at London and Paris.
Al Paris there has already been heavy
Iall in those stocks, but It iB hoped that
Inc reported intervention Of the Rothi.
childs NAV prevent tho occurrence Of
any serious form OF panic. At London,
however, there is no such protection,
and there apprehension still exists Of
,erious ombnrrassmonts at tho n0xt ex.
change settlement. In tho meantime
orr securities on that market suffer in
gympntny, but tho amounts being 70.