The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-10-11
BUSINESS BAROMETER,
The indications OF tho stock Markst-A
Wore Conservative Feeiiag Prevails on
Wan Street Henry CIswE' Review.
Special Correspondence.

Wan Street Henry ClewI' Review.
Special Correspondence.
NEW YORK, Oct. 9,-In the securl-
ties market the past week has been un-
settled and irregular. The effects of the
two weeks of realizing and decline are
apparent in a more conservative feel
ing and disposition to follow the
course iof the market rather than to
force prices and hold on for fresh rise.
There is no doubt that during the late
reaction, very considerable amount
OF "long' stock has been distributed by
capltalistlc owners. who have been
waiting an opportunity to llquIdate, and
were satisfied with the large advance
in prices OF the three previous months.
Those realizings have materially
changed the position of the situation.
The men OF large means and influence
who have thus lIquidated are no longer
behind the market with the sustaining
power of their prestige and their var
ious resources for support. They are
rather outside Of II, and more or less
influential In dlscouraging bull infiu-
ences, in order TO replace at lower
prices the stocks they have parted with.
Perhaps, few or none of them regard
the upward movement as having touch
ed its apex: nor Is It likely that they
have retired from the market; but, as
intending buyer, they are willing to al
low free play TO all influences calcu-
lated to enable to buy In again on ia
vorable terms Thus, for the moment
the market has lost much OF the impe-
tus 1t had previously received from
many influential bull" leaders.
II results from these changes that
stocks are now largely In the hands OF
holders OF modest calibre, backed by
moderate margins and without the lead
or support OF strong combinations.
! There is no reason for suspecting that
these holders are failing to keep their
accounts well protected; their recent
profits should enable them to do so; and
II Is perhaps safe TO assume that, In this
respect. the market is In reasontbiy
conservative condition. But market
made up principally of large num-
comparatively small holders, though in
some respects a safe one, yet lacks
some elements needful TO the accomp-
lishments OF large results In "hulling.'
| II needs organizations and the force OF
large capitals and the skin OF expert
enced operators. The difference be-
tween the market Of to-day and that OF
three weeks ago lies mainly in the alb
sence Of these elements OF support. 1t
has, however. this important but un-
noted factor In its favor that q large
portion of the strong men who have
recently got out Of stocks appear to be
satisfied that an average fall OF full
seven points in prices IL a very sub
stantial one, sufficient to make many
stocks again relatively cheap, and as
much as the market, in its present tenn
per and under existing material condi-
tons Is likely to yield. These opera
tors have their eyes upon the chances
for another upward bound In prices at
a not distant day. and they think 1t bet
ter TO lay In fresh holdings upon the
drops in prices rather than TO force
values down and sacrifice the mass of
smaller holders whose co-Operation they
may be glad to have in a subsequent
bull movement A steady and covert
| movement OF this kind towards the re-
turn of stocks into strong hands APP
| pears to be in process; but the buying
is conducted quietly, so as to avoid the
effect of prematurely starting up prices.
| Just now. this is perhaps the most i'm
| portant influence affecting. stock ex-
change business, and II Is N no small
value as a means OF holding the market
| against reactiouary influences.
The extraordinary Interest taken In
| the mayoralty canvass acts as dis
turbing influence Investors are ma
| turally sensitive 10 any seeming posi-
billty that either the Tammany or the
George tickets should succeed, and with
so much confusion and uncertainty as
exists as. between the chances of the
| four contestants in the field the temper
OF the market osclllates with every
change in the political Kaleidoscope.
The attitude Of the bear contingent in
| significant. Considering the weakening
| effects OF the past reaction, they are
much more cautious than might be eN-
pected, avoiding large lines OF shorts"
and generally adopting mild tactics,
barring their cnterprisins canards,
which are far from mild.
| While Wall street is taking reslgnedly
this interruption In ITS adjustment OF
| the value OF securities to the changes
| in the conditions that control their
earnings, we find no change In that
! great revival IN our industries and trade
which has started this movement step
By step, the great recovery progresses,
and has now reached every branch OF
] trade. In some industries, manufac-
turers are taken by surprise Mt the eN-
banded prospects that are opening be-
| fore them. It is something more than
had been hoped for that within six
months. our whole range OF home mar
kcts should have arisen from compare
| tive prostratlon to n state Of healthy
prosperity. But added to this we have
| plain evidences that our growing grasp
upon the export trade-whlch had been
| regarded as only an incident as tho
exceptionally low prices connected with
| the depression 90. N natural result OF
our national development, which has
come 10 stay. and to give us q new and
profitable expansion Of our trade. This
now drift has become especially con-
spicuous in the iron trade. In which our
manufacturers are easily taking large
orders over the heads Of the British and
| German competitors, and also In the
| electric industry in which We are
equally successful against foreign man
| ufaCturerB.
The best expression Of the extent OF
| the revival ia afforded by the condition
OF the transportation interest a true
NwApIIRIM "For fifteen years