The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-11-15
Special Correspondence

Special Correspondence.
NEW YORK, Nov. lS,-Durlng the
past week, the stock exchange market
has continued unsettled; but neverthe-
less has exhibited an improved tone and
u partial recovery In prices The de-
spondeRt and semI-panIeky feeling has
disappeared and the downward pressure
appears to have exhausted Its force.
This Improvement has come in an en-
tirely natural way, The reduced range
of prices has been regarded as low COM
pared with the condition of the country,
the iarge earnings OF the railroads and
the prospects of future traffic, There
has been a general feeling that, at some
later stage, there must be a reaction
which, with an easy money market,
may carry values approximately near
TO the level OF those OF September and
this has brought buying orders into
the market which have produced a rise
OF fully two points on most OF the ac-
tive stocks. The purchases have not
been on large scale, but the fact that
such an advance has resulted from
such moderate buying Is evidence OF
the Intrinsic strength Of the market.
The staying quality OF the market,
however, remains to be tested. II may
be that the buying Is based upon an eX-
peotatlon Of moderate advance, rath-
err than In view of any considerable i'm
mediate advance. We are disposed to
regard II us experimental rather than
as a laying I'm OF stocks In anticipation
OF a straightforward and continuous
rise; nevertheless We do not regard II
as impossible that II may develop into
the latter. We are, however, coming
near to the assembling OF Congress,
and prudent operators are likely 10
avoid accommodating large lines OF
stocks until the administration and
Congress have shown their disposition
upon certain important and sensitive
questions. At present, there Is no pos
Tive apprehension Of any disturbing ac-
ton being taken: and yet as 1t Is pos
sible that jingoIstic and silverite ora
tors may try TO raise a breeze In the
senate. or even In the house, there Is a
disposition to defer large operations I'M
Ill the temper OF Congress has fairly
eXDIGsHtu llAtlLs VI AAAAsl
kind are likely to check the reviving
"bull" feeling from developing into
reckless buying. This, however, does
not mean reaction from the improve
ment that has been realized; 1t means
that while the recovery Is likely Ia
prove permanent, yet the speculative
spirit may be expected to be held In
prudent restraint for the next rev
weeks.
Within the last few days, there has
been distinct abatement of the acute
ness OF the market feeling on the Gu
ban situation. and this has had much to
do with the weeks recovery. In part,
this has been due to che pacific tone OF
Spain's complete reply to the represent
tations made by our government
through Minister Woodford, and equally
10 the authentic assurances that the
administration is much gratiiied Mt the
temper and statements Of that docu-
ment and finds In 1t no reason for
changing from It's patient attitude to-
wards Spain. This more assured feel
ing has also been encouraged by the
constant discovery that tine disduietins
rumors that have found such free cir
culatlon have for the most part, turn
ed out to be inventions or eXaEgera-
lions intended for effect In inflam'ug
public opinion or encouraging pesslmis-
tic speculation. This sort Of scare has
been much overdone, and Wall street
has had enough experience In needless
depresslons for the benefit u the "bear"
side TO receive such rumors with n wide
margin OF discount In the future.
The people ought TO be willing to
10 nf1TNty,
istration for settlement and have faith
that the best will be done for the inter-
ests of all concerned. The only course,
therefore, Is for the people 10 pay as
little attention as possible 10 floating
rurnors about what the administration
and the government Of Spain are going
TO do or not going TO 10. President Nc
Kinley can be trui:ed 10 do the right
thIE- at the right .lme. and II the mat
Ter be simply left Ia him and his cabi-
net associates, as viii be well 1t VIII be
n great deal better TO hive 1t take that
course than to be left for settlement to
the press. politicians or Wall street.
These three important representative
forces can only conjecture and dgitatc,
while the administration is vested with
full power to m1Ke a settlement Of the
affair. The situation calls for faith, hope
and charity on the part of the Ameri-
can people London quotations for
American securities and the Paris quo
tatlons for Spanish government As are
now the best guides 10 enable our peo-
pie to form an opinion as to the reln-
lions existing between the American
and Spanish governments. During the
recent furry on Wall street on vague
reports, Spanish per cent bonds re-
mained steady at about 60 on the Paris
bourse. when they might easily have
fallen % per cent from that price II
there had been any foundation what
ever for the rumors circulated here.
Iondon's important buying Of Amerl-
can securities recently ~ also evidence
thnt they have not shared In tho alarm
that conflict was Imminent between
America and Spain The great hnnn-
clers of London are In closer relation
With the European governments and
diplomats than are those OF this country
and therefore are not governed so much
by thc rumors fl0ntlng In the cities The
reports that Spain wants 10 pick n
quarrel with this country nre absurd
As matter OF fact Spnln'p vital inter.
est "a 10 keep nut of war with AmeH-
ca In relation 10 war. Lord Sails
buryB remarks az the mayors banquet
In London. were very Elgnihcnnt. H.
showed TINT Enulnnd'F interests nrn
not for war conguasia, but market con.
quests. ana that IN equally applicable
AZ applied TO Germany aud France, ~