The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-11-01
Special Correspondence.

SA&Ef@a
NEW YORK, Oct. S0,-We have had
another ragged week In Wall street,
though with no important net change
in the prices OF stocks, Transactions
have been confined very largely to
professional operators, most of whom,
for the moment. seem to prefer the
"bear" side, as best suited to the cur
rent mood OF operators. One feature in
the operations o. the pessimists de-
serves attention as a significant symp-
tom. They do not care to risk large
sales, and refrain from anything up
preaching an oVersold condition OF the
market. There Is reason for this. as
there are still bulls whose interests
are large enough to induce them to
make reprisals upon u Short interest
big enough to make It worth the pow
der.
The condition Of the market IS q nat
ural result OF the happenings OF the
last three weeks, The great reallzlngs
of influential operators have produced
a timld feeling; which, In spite OF the
conviction that the prices OF stocks are
intrtns;caiiy moderate, causes hesitation
and the -postponement Of buying.
Many operators are discouraged and
enfeebled at the loss of their previous
profits; and, beyond the continuance OF
the recovery of business and the In
crease of railroad earnings, there are
no new elements to revive "bull" en-
thusiasm. Moreover, there have been
causes for the deferment Of operations,
which have appealed to the bulls
great and small, perhaps especially to
the former. The election has been q
dlversiye element, and some people
have been led to think that It's result
may have an effect upon confidence in
financial interests, . The new phase of
the Cuban question has given occasion
for new fears that we might be drawn
Into serious embroilments with Spain.
Some have attached an undue import
ance to the Nebraska railroad suit,
although II directly concerns only
state interests. Others have looked
with mistrust to the opening OF Con-
gress; though Just for what reasons has
not been made clear. In none OF these
things has there been any sufficient
ground for real apprehension; but, put
together, they have suticed. in the late
timid and unsettled state OF the mar
ket. to afford an excuse for the defer
ment Of transactions. Large operators,
however. convinced that values are on
a scale that would admit Of an upward
movement, are naturally always indis-
posed to start a campaign In the pres
ence of n cloud on the horizon. though
It may be no bigger than a mans
hand, and especially when there is, as
at present, mn absence Of any new In
s~piration. Thus It has easily come TO
pass that we have had a spiritless and
neglected market for the last three
weeks; and the bears" have not been
slow to turf II to account, This, how
ever, Is but a natural after-phase of a
great realizing movement and Il takes
time to recover from the effects Of such
a reaction.
The recent drift OF the market has,
however, shown more re%cuperative
force than Is generally acknowledged.
In our financial review OF two weeks
ago. 1t wns shown that prices at that
time averaged twelve and one-fourth
points below the highest figures of Sep
TENDER 18th, when values were at the
highest. The following list Of the sam
stocks, showing the highest prices on
September 18th and the lowest on octo-
Der 27th, will indicate the change that
has occurred within the last two
weeks:
Do.