The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-07-05
speeInl corresponaenee.


drift, extending over some six weeks
and showing handsome range OF pro-
hts, this Is no more than might be eX-
pected; and, for various reasons 1t
porlends advantage for the future
course of the market,
Strong as the tone of values has been
and still Is, yet the market has lacked
breadth and activity, the daily trans
actions having averaged only about
$4,000 shares. AS indicated in our adj
Vices OF last week, this is in a con-
siderable measure due TO q rush of
"outsldH" buying having run away with
the market and carried up prices, while
the class of large local operators have
been left In the lurch and have refused
TO come in at the higher range of val
ues. In the same way, London, which
is raising Its estimate OF our securities,
has been left in the cold by the late rise
and hesitates to come In until purchas-
es can be made at some concession. The
houses who have 1t in their power to
largely regulate the course of business
on the Exchange have not liked this
situation. A position which keeps out
of the market the class of operators
who possess the spirit. the means, the
tactical skill and the alliances with
large capitalistic forces, Is clearly not
one to make tire best of such recupera-
tive influences as are now coming into
active operation In Wall street. When
these operators stand still. the market
soon stagnates and the best influences
may come and go without comforting
any benefit.
The present position of this inhuen-
tial class OF operators appears to be
about this, They are fully awake to
the fact that great recovery has
come over the business OF the country
and that all the influences affecting the
value OF Investments are conspirinS to
produce very important revival OF
business on the stock exchange. They
construe the active investment demand
for bonds and dividend paying stocks as
the signs of coming boom; and they
are therefore ready to take their part
In the coming revival. But they have
comparatively few stocks; and 1t there
fore suits their tactics, at the moment
10 discourage the rising tendency In
prices and leave the narrow outside
market TO the fate that must 0veftake
II In the absence Of their influential
support. AS already intlmated, Lon
don appears to be In the same position
and disposed to follow n like waiting
policy. What concession In prices II
may take to satisfy these important
would-be buyers It Is not easy TO say
Probably some might be willing 10
supply their wants at near current
prices: but that might not be easily
done, for important purchases would
Undoubtedly start up prices again,
Much must depend upon the course OF
events, There is no saying what may
BE the effect Of the completion of the
tariff IN starting up industrial activity
In the. many quarters In which produc'
ton Is now being held In suspense. 1t
IS also to be considered that the crops
are In a position which permits OF fine
weather giving them an impetus be-
yond what Is now calculated upon. In
any event, there is every probability Of
business prospects exhibiting a marked
Improvement from this time forward.
This situation may at least be expected
10 keep the market strong for some
time to come-during which these In
tending buyers may gradually get some
stocks-butlt does not seem likely that
II Will permit any appreciable fall In
prices; the great business factors of the
hour are too decidedly bullish to ad.
NIT of that-eXcept In the event of Some
Unforeseen adverse circumstances;
which Is about the only chance these
belated buyers have left TO count upon.
Upon this series Of uncertainties de-
ponds the course OF the stock market
during the summer months. A really
staunant market seems improbable
There are too many good possibilities
within sight for that to happen. All
are reckoning upon 1t as a time for
getting into the market. Few regard
the rise OF the past month as being suf-
flcient 10 discount the hopeful future
that now faces the country. Operators
therefore, are likely TO keep their &C.
counts open with the commission
houses and stand ready to buy II cir
cumstances should favor. That may
not necessarily mean really active
summer market: but 1t does mean at
least steady and safe one, and strong.
ly suggests boom In the early fall
The general business outlook grows
increasingly hopeful Many manufac-
turers are already sufficiently satisfied
with the probable details OF the new
tariff to begin operations upon al eX-
tended scale, and In the larger indus
tries the resumption Of full work Is be-
coming comparatively general. In city
mercantile circles also q marked I'm
aprnVcment of tone begins 20 appear. 1t
comes too late to materially increase
the volume of the summer business;
but It Is having a wholesome effect up-
on the confidence and expectations of
distributors IN respect to the fall trade
The reports and orders sent by com
meFeial travellers show such nm I'm
provemcnt that they are receiving in
structlons to prolong their stay In the
interior; all OF which goes to strengthen
mercantile expectations as to the vol
umc Of trade during the second half Of
the year. Ginning with this improve.
ment. comes the generally hopeful
character OF the government crop re-
ports, which are even exceeded by the
sangulne tenor OF the ndvlccs from rail-
road officials and men. OF business on
tours OF inspection In the west and the
south. Men OF business are turning
their intention from the still fretful
agltations Of politics, In the conviction
that two years remain to them before
there can be any absorption OF public
attention by fnctional agltntors, nnd
with the hope that during that In.
tcrvali public opinion win frown down
ylolcnt issues and support only Hnfe aud
Wholesome policies The revival of bu-
slursg VIII powerfully contribute to-
wards that tendency.
During the week, there has been a
marked mo cement towards ease In the
foreign exchanges. The large remit
tanCes required for cash settlements
Cor nnlloipntory lmportntlons Of sugar,
wool. hides, etc. and for the payment
OF July interest on our securities held
abroad ny well ne on account Of trav-
clcrs' credits, are now about over, ana
rates for foreign bills have conaoHueni-
ly fallen below the gol1-CNport pOlnt,so
that no shipments VI the metal have
been made during the week, This has
had an encouraging effect upon Wall
street; for although, with out present