The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-11-22
BUSINESS BAROMETER
Ths Wall Street Market shows Little
ChanEs-cemParAtiVs DaLlnsss aAd Ir-
regularity In PFiecs-Ths Factians An
tbs Conditions hat Prevail.

tbs Conditions that Prevail.
Special Core yondenee.
NEW YORK. Nov. 2O.-The Wall
street markets show little change from
the late comparative duIlness and ir-
regularity of prices. Current events do
not suhice TO stir speculation TO activ-
ity in the ranks OF either bulls" or
bears" and business is mainly conhn-
ed to brief professional turns, based up
on the varying whIms OF the moment.
The market differs, however. from it's
condition of two or three weeks ago. in
that It appears TO have reached a solid
bottom as TO values. There are no pes
slmIsts with courage enough to at
tempt large depresslons; and equally
no bulls" who think the situation pro-
missing to energetic manlpulatlons fora
pronounced rise. The Cuban idea hay-
ing largely lost its force, the lingo sem
timent being apparently on the Wane,
and the Nebraska railroad decision hav-
ms again been postponed, there IL less
material for the creation OF sensations,
and operators are driven to pay more
attention to current factors relating 10
conditions which directly AFFECT the
earning value OF securities; which Is a
hopeful symptom In the situation, as
facts of that nature are generally max
ing a good showing ana yet have been
long ~disregarded. or not sufficiently ap-
prectated. The result o. this change Is
a greater discrimination In purchases,
selections being more regulated by the
merits OF the several securities than by
mere sensations. This Is a distinct gain
In the morals OF the market, calculated
20 encourage confidence and to produce
a more rational regulation OF values.
Their Is. however. n factor which
Is secretly eXertipg a great influence
upon the market than any other, per-
hapS more than all others combined. hut
which is comparatively little regarded.
The amount of stocks thrown upon
the market in the recent great liqulda-
ton Is probably much greater than has
been generally supposed. The sales
were not merely from the ordinary
floating supply being carried on the
market. Since the great breakdown OF
1898 and pending the silver excitement,
the friends OF railroads and other cor
porations had found &! necessary TO
protect their interests through buying
the stocks which were coming Ia large
volume upon the market. But for
those purchases. the effect on values
through the three years OF suppressed
crisis would have been much more ser.
ious than II proved to be. Those accu-
mutations must have been immense;
and, for that reason, the holders Of the
stocks were the more ready TO seize the
first opportunity to realize. The san
guine outside element saw. in the re-
covery of confidence and trade. a legit-
innate basis for a great rise in prices,
and on that impulse they bought With
out stint or fear. They overlooked this
vast unseen accumulation, and before
they had awaked TO a perception OF its
existence. the tin boxes Of corporate
capitalists had been emptled on the
market at the highest range OF prices.
This has been the great controlling fac
tor in the market since the beginning
OF October, and few OF the rank and file
OF operators have noticed II. Herein
lies the answer to the question SO manv
are asking-whY does not such n gen.
orally we'll situated market react from
the great fall in prices? The reply is
the supply OF stock on the market has
been Immensely Increased; and q recov>
cry In prices calls for a corresponding
increase in buying capacity and carry
ing ability. II takes time to digest and
distribute this large sudden addition to
the floating supply OF securities, and 10
SOLICIT the needful new set OF buyers,
II is a significant fact that this
avalanche has not produced more SER
ious effects on prices than have ac-
tually occurred. That fsct plainly I'm.
piles great confidence in values and O
large purchasing ability in the markets
It is to be remembered that the break
in prices vas stimulated by the large
fall outflow of currency to the Interior
and the consequent check upon the
ability OF the banks 10 extend their
loans upon stock collaternls. That re-
straint IL now abating. The money IL
coming back rapidly and, at the open
ing of the new year, the banks will
again be flooded with loanable re-
SOURCES. When that point has been
reached. the market will have been sub
jected to n long and testing trial OF Its
strength: a new set o. buyers will be
brought into the market by the feeling
that conditions seem to warrant a new
upward movement in prices; and-no
adverse conditions being forthcoming-
the logic OF the January situation will
seem 10 favor a vigorous bull cam
paigR. II Is not impossible that this
tendency may be appreciated in ad-
vance and les outcome partially antici-
pated next month.
The next considerable element affect
ing the market will be the assembling
OF Congress. with its attendant recon-
mendations from the President and his
secretaries. So far as can be seen at
present, there Ia little probability that
any seriously disturbing measures viii
be introduced. II may not be easy to
keep both houses within pacific limits
In respect 10 Cuba: but there seems to
be little room for doubt that the Pres
ident will use his utmost influence to
prevent that question from drifting into
a phase that would disturb public con-
fidence through d%erAnging Il rela-
lions with Spain. He would be strong
1Y backed by the business sentiment OF
the country in taking such a course;
and the lingo legislators may be re-
etrained from excuses by the discovery
that there is no longer IN political
capital to be made out OF this question.
but rather public dlsfuvor.
In public estimation, by far the most
important matter TO occupy the ntten-
lion OF Congress Il currency reform AS
vet. however. Wall street has not gem
orally viewed Il cs a question bearing
yerg directly upon the market for Sc
c%urities. This apparent neglect cannot
be due to oversight Of tho fact that tho
quality OF securities depends upon the
quality OF the money in which they are
payable; perhapa the explanation In
rather that the exchange fraternity
have some doubt whether any legisla-