The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-10-18
BUSINESS BAROMETER.
Wall street has not Recovered It's EquIil-
Brium After the Recent Radical Process
Of Liquldation--The Wool Market.
snecIai Corresnondence

Wall Street has not Recovered Its EquIlI-
brium After the Recent Radical Process
Of LiquIdatlon--The Wool Market.
Special Correspondence.
NEW YORK, Oct. 16.---Wall street has
not yet recovered its equilibrium after
the recent radical process of liquidation.
Tho realizings Of large holders have de-;
prived the market of its most important
element of strength, and tho minor op-
orators are left 20 meet the shock OF
vigorous bear attacks as best they may.
The pessimists have been doing the
work Of the prudent optimists who have
sold out and want to get In again, by
putting down prices to a point at whicIi
the latter viii buy. How much further
this process may run II Ia not easy to
say, AS yet, II has not reached Il point
at which tho ''behrs" have lost their
daring. but there are indications that
the new level OF prices ts bringing out
gradually increasing volume Of buying.
When the daily tally Of business rises
from 100000 shares to 1000 without any
break In prices IL 10 rather an evidence
OF courageous buying than OF bearsales
1t is to be assumed that the influential
operators who are waiting their oppor-
tunity to buy In for n fresh rise would
have some regard to maintaining the
"bull" temper OF the market II can
hardly be to their advantage to keep
the market exposed 10 the rRvRges OF
The bears" until the speculative Gplrli
IA crushed for In such case, after hav-
Ing undertaken fresh campaign, they
would have no active cooperation from
the outside element and might have to
HHwiiliHgly take from Them n consider
able amount Of stock. Intending buy
ors Of course have their own ideas OF
the prices at which they should buy In
again, but the comparison Of current
prices with thoso Of September H. when
Quotations were about at the highest,
would seem 10 suggest that values must
not be close upon the buying point.
We recently showed that, on the Goth
of Septembcr prices had. on the aver.
age, fallen from the standard Of tho 18th
nine points: the the above comparison
shows that since the Goth Of September
there has been further average decline
OF "a points: 10 that within the pnst
four weeks. there has been q fall OF l2h
polntB. That IN certainly very sub
atanlial decline under nny conditions
nnd especially under such me- surround
tho present market. The fall was start
ed lens from conviction lhul ltlccl
wore inflated beyond The now intrinsic
yalue impaired by the recovered condl.
tIon OF the country. thhn because spec.
ulntion had run to such oXcesaoB aa 10
threaten a serious breakdown unless the
OVERRIDING were checked ana fcmodlod
That check has been most vigorously APP
plIed, vast amount Of liquidation has
been effected. there IN no ructlorH buy
tng. but rather m eKeeR of caution
nnd the conviction " general that, when
tho present mood N pnat prices VIII
ngnin materially recover
Al the moment, three lh0ucnrun are
injecting the market unf1yOrnbly,- tho
Voiiaw feyer he olorllOH cxrllrmoni
ana the now phase NJ Cuban AFFAIRS
rho latter In not calculated ~ proelpl.
toie any Immediate action on the part
ofour government Tho promises NJ the
new aphnlali administration suggest n
poaglbilliy that Homolhlng may be- Of
toctcd towards the Cancellation OF Cuboi