The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-10-25
TRADE TOPICS.


Market QuIstiuE Down,
Special Correspondence,
NEW YORK, Oct. 23.-After three
weeks OF realizing. with an average
drop OF about twelve and one-hali
points in prices. the securities market
has, during epast week, shown ten
dency towards recovery. Prices had
reached point OF decline, which, un-
de- all the improved conditions affect
fog the earnings OF corporations, has
appeared TO make stocks a purchase,
whether for a permanency or for tran
sent operations The weak spots In
the speculative condition OF the market
mad been well probed by the bears"
and holders were found well prepared
10 protect themselves from attack, TN
der these symptoms of the market hay
Ing reached a solid bottom. the large
operators who had recently realized
have again become buyers on a tenta-
tive scale and outsiders are renewing
their orders for stocks, Each day this
recovery has become more apparent
and the market appears to be fairly on
the way towards Improvement, and
with speculative accounts in sounder
condition than they were previous TO
the late extensive realizing There has
been a wedding out OF the weaker ele-
ment on the "bull' side and the tenn
per OF buyers is seasoned with the pru-
dence taught by the severe lessons OF
the late reaction.
This recovery in the spirit OF the
market has modified the course which
some OF the larger operators had con-
templated for the next few weeks. The
prospects OF the market had been re-
garded By them as at least doubtful II
was reasoned that the late great decline
and the consequent losses had produced
much prostration and disconragement.
and had diminished the ability to buy
md sent many sanguine bulls" out OF
Wall street with empty pockets, Also,
It was said that the four months OF
high speculative excitement could mol
be maintained and must be followed
bV a prolonged reaction and inactivity.
In the mood produced by the break In
prices, there was disposition to put
the most unfaVorable construction up
on the possibilities OF our government
becoming actively hostile towards
Spain. There was a willingness to
make the yellow fever into an alarm
ing bogy. And, above all, the opening
of Congress was viewed as an event at
tended with so many adverse posslbilit-
les as to call for postponement OF buy
ing until the administration and the
senate had shown their hands upon
variety OF meeted questions.
1t perhaps was NOT strange that gen
tlemeu who had realized upon an Inn
mense amount OF stocks and wanted to
replace them at the lowest possible
prices should indulge In great deal OF
talk Of this kind and wish to see the
prostrntlon In Wall street continued I'M
III the openinN of the New Year; and,
had there been no counteracting In
forcing affairs In the direction they de-
sired But the event has proved that
there is another power In the field.
There Is q class, of no small Import
ancc who know when investments are
n good purchase; and who believe that.
when we have bull situation the
whole country through. there should
also be a bull market In Wall street.
This class have been accommodating I'M
invested earnings through the late
period of national depression, and hav-
ing at last become convinced that the
country is destined for a steady run OF
prosperity they stand prepared "a en-
securities as seem most likely to be
benefited by these hopeful conditions.
These people were buyers through the
four months advance; and. now that
prices have so largely declined they are
In the market again. some for pectna-
nent investment, others for profits which
they expect TO accrue within Il few
months. The accession OF this class Of
buyers, together with renewed though
moderate purchases by the average
SPECTATOR has applied n test to the
market: and the response has shown
resllicncy In prices that has aroused the
large operators who proposed TO play
the part OF passive bears for some
weeks from their dreams OF getting In
again at q still lower range Of values
This waiting element are beginning to
buy at current prices, and as their or
ders gradually strengthen the market
It would seem that they have their
choice between Increasing their pur-
chases and being left In the cold. In
the meantime, we hear less about the
yellow fever. the Cuban question and
the underlined misgivings about the pol
icles Of Congress. and nobody appears
to regard these things as having any
immediate Importance Cor the stock
market. II may pretty safely be taken
for granted that the large operators
will not be behind In replenshing them
selves with stocks II they become salts
fed that there Is buying power out
side their own which is prepared to en-
ter the market on a scale important
enough to carry up prices: and each
day OF the past week has furnished rea-
sonable evidence that such Is the fact.
There Is no class In Wall street who
better than these people understand
the great expansion that now awaits
the Industries and trade OF the coun-
try: and II would be a great mistake to
infer that because they are mnneuver-
Ing to get securities as cheap as posi-
bic they have any mlsglvlngs about the
true intrinsic value OF stocks at current
prices.
This country is under the impetus Of
mn unprecedented expansion OF Its ma
terial interests. The preponderance OF
capital is on the demand side Of values.
The leading operators. skilled in ma
nlpulatlon. have faith In higher prices
for securities, and are ready to work In
that direction. A vigorous upmove will
bring In the public who are at present
more or less absent or undecided. The
return Of ease and abundance OF money
now makes the competition with loan
eFs and not borrowers. The ability OF
this country 10 draw gold from Europe
in large amounts will continue for some
time ahead. The continued demand for
our products, especially wheat, is as
Burcd. The Increased output OF the
worlds gold production means money
Imitation Of considerable dimensions
The general sentiment Is hopeful and
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