The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-09-25

market feCuVeTeu IOuSI 1fOuAAS . pASe+A
was construed as culninatlon OF the
adverse influence, and between large
purchases to cover shorts" and free
buying by strong operators on long ac-
count the days business summed up
100000 shares, with advances upon ITO
listed stocks ranging from 1 to 8
points and averaging 2hS, while the
declines we're entirely nominal. We'd
nesday's experience dealt roughly with
the hopes excited by Tuesdays recov-
cry. With no change in general con-
ditions, 1t soon became apparent that
the buying OF Tuesday was more for
transient turns than from expectations
OF the upward reaction proving perma-
nent. ss
The sanguinc buyers of day pre-
vious became urgent sellers. and $4,000
shares changed hands at prices little
better than those OF Monday. On
Thursday, there was renewal of buy
ing and general though moderate
recovery In prices. This record OF the
weeks business shows u brisk and Gag
or speculative spirit, a willingness to
both buy and sell around the reduced
prices OF last Monday aud Wednesday
ppltaHce Of the uncertainties that be-
get the market. It appears to be very
generally understood that Il would be
reckless to disregard possibilities in the
money market and In foreign politics
which, for some weeks ahead. may keep
business in suspense We are yet In
the woods in regard to the bank sltua-
ton. Probably the outflow OF currency
to the Interior has reached Its climax;
but although II may be expected to dt-
mnish from this time forward, yet the
beginning OF the reAuX movement can
hardly be expected before the middle or
end OF October; and, with the bank re-
serves in their present depleted condi.
ton, 1t Is not easy to see how the stu
remaining demand for money from the
country banks is to be met without
some exposure to spRsms and squeezes.
Nor can we expect to be delivered ut
an early day from the uncertainties
that centre around London. The Afrts
can AFFAIR has entered. the tedious phase
of diplomacy with Its daily changing
promises and tllsappointnents, which
are diways. demOrallzing g speculation:
There Is little probabilltyEbf the final
stage In the quarrel being reached I'M
III England has a sufficient military
force In Africa to warrant her declar.
Ing her ultImatuIn; nor Is Kruger ike
ly to commit the folly OF striking until
he must. The significance Of all this Is
that there nre stlll (and may be for the
next few weeks) uncertainties OF suiii-
ctont magnitude to Perpetuate the past
suspense and possibly to precipitate id
verse reactions.
Something must depend on the course
of the foreign exchanges, but 1t is Diff
cuit to form a satisfactory estimate Of
the real position Of that factor. The
course Of our foreign trade is still drift
Ing towards IL balance that must sooner
or later start a flow Of gold to this
country. But London watches the drift
with much precaution, as well she may
with n probable foreign war hanging
over her head. That centre may be e%-
pectCd to do nil IN its power to Keep us
gold at home, pending these uncertain
ties, and will not hesitate TO play on
against us the return OF our securities
as occasion may suggest. This policy
Is already evident. London is selling
when prices rise here aud buying little
when quotations fail; and It's renlIzn-
t,o.s exceed It's buying. Our August
exports of merchandise show an excess
over imports upon scale which II
continued, must ultimately put It In
our mower 10 draw gold from Europe;
but the present course Of exchange,
though slowly yielding in that direc-
ton. does not bring that movement
within sight. From such Indications as
appear on the surface, 1t seems quite
possible that the trade balance may not
bring US any appreCiable amount OF
gold until the return Of currency from
the interior has restored u normal ease
In money at this centre.
In thdt case, We shall be IN kss ur-
gaat need OF the metal, and course
wul be towards the point wIita there
IS die greatest demand for 1t. sLate eX-
perlonce has shown that American bal
ausrs may rest in Europe TO theyextent
D.. 8ageHty 10 eighty millions When the
money ia needed more there than Mt
nome and the comparative rates Of In
&C. Il here ana abroad Will determine
WhOthcr we shall have u repetition OF
that condition during the next few
months. Il Is not unlikely that after
Importing a moderate amount Of specie,
We should be willing 10 permit II to ac-
CumuiHtc abroad and that Is Nie moro
probable In prospect Of the cxtrdurdt-
nary trayel from here next yeFtto the
PARIS exposition. ~
In view Of all the foregoing Gircum-
EtnnCca. Il seems that for the present,
The proper attitude towards the market
lE one Of moderation both MS to the ex-
pcctations and holdings.
Wall street has had the edutnoctIal
gale which foreshndowed was forth
coming and which Gulmtnated in We'd
ncsday's severe break, produced by n
combination Of circumstances tight
money in this country the preyfus
matter In F'rnpce. nndithc African war
cloud In IsOndon-nifecting tho three
great money centres. Tho shock has
come and gone without any serious dis
asters occurring other than severe "
quotation, the worst Of which may now
be regarded as over. A recovery IN