The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-09-06
snnclnl correspondenee.

Special Correspondence.
NEW YORK, Sept. til Is now about
two months since Wall street reached
the conclusion that four years OF reac-
ton and depression should suffice for a
country endowed with such elements OF
vitality as ours possesses, and made
up It's mind that thenceforward great
process of recuperatlon must set In and
carry every interest forward to con-
dItion of high normal prosperity. Our
market for securlties-now one OF the
foremost in the world-has never since
wayered from the conviction then ma
tured, There has, OF course, still been a
pessimistlc element-as there always Is
and must Debut there has rarely been
such a unanimous feeling in favor of
great recovery In values as has prevail
ed since the LIST of July last. The recov-
cry set in at the beginning of the sea-
son az summer recreation and atter
many persons had consequently closed
up their speculative accounts or DEFER
red contemplated Investments; which
was an element unfaVorable to the re-
vlyal, nevertheless. the summer transr
actions have far exceeded all prece-
dents in former like months, indeed
have surpassed the dealings OF any
equal period in the history Of the stock
exchange.
In every case but one OF the thirty
four stocks there has been an advance
IN prices. The average rise has been
about eight and one-fourth points. On
eight stocks the advance has been be-
low Ave points, and on sixteen stocks
between five and ten points. ConsNier-
ing the great excitement In the mGrket
and the magnitude OF the transactions
Inc rise thus far realized can hardly be
regarded as very extraordinary. 1t Is
certainly far from sutilcng to restore
values to the normal level that existed
before the great depression set In; and
very far from corresponding to the
great restoration OF agriculture. OF In
dustry and commerce upon which the
country has now entered. This oriei
comparison shows that great recupera'
ton Is now in process. The advances
that have been realized, however, make
1t che easier to resist the rising ten
dency; and hence each fresh rise Is
sharply contested by the bears" Dur
ing the past week they have been cour'
ageous sellers, but have had to pay FOL
their temertty.
II is not unlikely that the bulls" may
have to do good deal OF hard hghtine
to hold the first average rise of ten
points; but they are made strong by
their past profits, and the whole drift oil
outside conditions Is continuously con-
tributing to their success They have
also had to contend against large In
fiux OF foreign stock. The supply from
London has probably reached not less
than sl5,O0O,0oO In cash value for the
last few weeks, and more may yet
have to come; but these supplies have
had little other effect than to induce
short" sales which only add strength
to the market.
It would probably be mistake to
calculate upon London forsaking It's
selling policy. The Bank of England
stands in an exposed position. 1t has
been steadily losing gold and now holds
only f35,O00,000 against f46,OOO0OO a
year ago; and yet It has to provide fof
early Important Withdrawals to Austria
and Russia TO say nothing of the possi-
billy of It's having 20 contribute to
countries which are embarrassed by
short crops and will have to import
unusual quantities OF cereals, Under
these conditions, the bank and those
iargefy dependent upon 1t are using
their influence to prevent spectators
from buying our stocks and to induce
them to realize at the current high
prices. This motive is likely to con-
tlnue operative for some considerable
time to come: and we may therefore
expect no participation by London in
the current upward speculation.
At the moment. our relations with
Spain are again beginning to attract
some attention. There Is q very gener-
al impression that the administration Is
considering how Il may do something
for the Cubans; but exactly what that
something may be is by no means clear,
A stage, however. has been reached at
which some effort seems likely to be
forthcoming. The President is now in
possession of the facts ascertatned by
General Lee: and II Is understood that
General Woodford Is charged with spe-
cial proposals to be submitted to the
Spanish government. while press dis
patches have reported that he has oil
ready sounded the disposition OF certain
European powers toward Spain. 1t Is
20 be assumed that Mr.. Mckinley will
act with prudence and endeavor to
avoid Offering provocatlons to- Spain;
but he treads upon delicate ground and
Il Is not impossible that impending me-
Eotlations with Madrid may evoke some
uneasiness on this side the Atlantic.
This Is q contingency to which cautious
flnanclers are paying some Difference.
The course OF operations during the
past week has been irregular. Al
though there have been no noteworthy
adverse developments and the drift OF
external hopeful conditions shows no
abatement, yet the bears" exhibit n
great deal of energy and direct their
attacks with much skin. The bulls"
find no difficulty in successfully tnanfp-
ulatng such speclaltles as they take In
hand. but, pending those operations.
the bears" assault shares for the time
being neglected, and 30 keep the mar
ket In a ferment not conducive to u
general advance. This Is always fea-
ture In market OF great breadth like
the present, and calls for clrcumspcc-
ton In che selection OF stocks In which
to make transient investments.
Trade movements chow no abatement
OF their universally hopeful aspect In
the merchandise markets, the Increased
demand Is producing n steady advance
In prices. The Iron trade continues 30
gain In activity, and the rise in values
10 extending over the whole range OF