The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-11-29

y Special Correspondence,
NEW YORK, Nov, T-The market
for securities retains the same general
features as we have had to note for rs.
cent weeks; except that the volume of
transactions has fallen still lower. Out
side speculative operations have be-
come almost Insignificant. and tranSac-
tlons are mainly confined to operators
FOR fractional profits by room traders,
There is, however, n class of conserva-
tive operators who discriminatory fol-
low closely good features in particular
stocks, which gives a certain degree OF
healthy interest 10 the market. The
purely speculative stocks, however, are
neglected, owing to the prevailing dis
position 10 avoid risky ventures.
The purely speculative spirit Is at a
low ebb, and very naturally so, Such a
reaction as we have lately experienced
makes The most sanguine sober and
tlmid. All great and sudden rises are
largely stimulated by the feebfer and
less experienced operators, Their conf
dence rises In proportion as prices ad-
vance; and when the more prudent
have realized at q profit and the whole
weight OF the market rests on these
lighter supports, they rush from the
extreme OF sangulne expectation TO that
OF utter disappointment and distrust:
and, worse still, their means are dis
persed and they are no longer Q buying
factor in the market, IT Ia some years
since so many Of this class OF operators
were on the market rs during the re-
cent rise; they were the main element
In the advance; and their absence or In
ability now constitute a main cause OF
the prevailing %stagnancy. No matter
how cheap stocks may be ut the pres
ept range OF values; nor how large the
earnings OF the railroads; nor how en-
couraging the condition and general
outlook OF business interests; nor how
much political dangers may have abat-
ed-all this amounts to little so long as
the market lacks The vanguard OF the
mass OF ~sanguine minor operators who
always take the lead In starting booms.
The larger operators await their lead,
because they value their cooperation
and do not care to buy until they see In
the market a class on whom they may
be able to sell out.
With the large mass of stocks placed
on the market during the recent realiz-
ings OF railroad capitalists, the larger
operators are likely to stand aloot I'M
til they see some new elements OF spec
uiative vitality In the market. with
them, good conditions are not the only
prerequisite to buying; they want the
cooperation OF n class who will help
them In advancing prices, Apparently
there are few now remaining in the
market of those who performed that
service during the late rise. A new set
Of outside buyers Is needed. and II is a
matter OF conjecture as 90 when that
contingent may be expected In the
field.
Approaching conditions may supply
that want. The settlements and inter-
est disbursements made at the end or
the year distribute a large amount OF
funds. which usually contribute to a
January rise In prices, The last SIX
months OF business revival, especially
IN the interior cities. Is likely TO result
IN liberal distributions OF earnings: and
that money may be expected to hnd IT'S
way. more or less. into wall street.
That. however, will depend, In some
measure. upon what may be the pre-
waiting feeling at the opening OF the
wear. That ought TO be good. All re-
ports agree in representing that IN the
AGRICULTURAL sections. the results OF the
last half years business have been I'M
usually satisfactory. Moreover. a stu
better state OF trade Is expected for the
next season The improved state of
our manufactures Is showing itself IN
a steady increase In wages and the
general full operation of the factoFieF'
In short, a prosperous spring trade IS
taken as n foregone conclusion. HOW
the action OF Congress may affect these
prospects remains 10 be seen. Il seems
safe 10 tske It FOR granted thnt we have
little to fear from jingoism. Also, there
seems reason to hope that. when con
pressmen feel the public pulse rs tt
heats at Washington, they will come
IN the combustion that the currency
question cannot he so easily sHelved as
some OF them have hoped; and any MS
p~osltion to do something rea! II ct-
fect!ve toward giving us permanently
sound money would prove n very POSI-
tive help to confidence Gulong the busl.
moss and investing classes. and would
fayorably AFFECT the status OF our So
e~gri.ies in tho foreign markets, Per.
hans the most sensitive legislation WI
nrove 10 be connected with the railroad
questions that will tome UP for treat
nent. Pooling and the powers or the
inter.siate commission will no doubt
awaken the still ~slunbering rang
continent; but, from present symptoms
Il will be found that the commaralal
opinion Of the country a largely
come round in favor Of n settlement OF
these questions that will give the reads
n fair chance for making Reasonable
profts and exempt them from undue
%cxtrnneous official interference, Inc
great interests whom the railroads serve
are so weary OF the unsettled condition
Of the carrying trade that they VIII be
likely to uppo any fair and equitable
posals the companies may present. ana
10 opposc anything that savors OF tac-
tional Brynnite hostility to the tranp-
p~oftatlon Interest.
JJpon tho whole, therefore, we nee no
reasons why tho New Year mny not be
expected 10 open with n better feeling
IN the stock market and n renewal OF
SPECULATIVE buying. The congressional
discussion OF tho railroad question IN
likely to be attended with disturbing
proposals, but so long an there In little
probability OF their acceptance such
occurrences would afford only transient
variations In the curse OF prices There
IN no doubt much holding back from
Wall street operations With y View 10