The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-09-11
FINANCIAL FACTS.
=
A Period Of Waiting Pervades
Wall Street, JustNow.
WILL LET WELL ENOUGHAL ALONE.
The Market DFrting Easily With the
Bulls cOquettine wlththc Beara-A
Word Of Caution Regarding the
Money Market

Special Correspondence Of Intelllgencsr.
NEW YORK. Sept. s.-There seems to
be no haste to turn the extraordinarily
hopeful business outlook to practical
account in wall street The transae-
lions at the exchange average about
10000 shares per day. Operators are
returning from their summer haunts;
hut. for the present appear to be con-
tent to merely famlliRrize themselves
with the factors OF the situation, This
is a condition which suits well the pur-
poses of the speculative leaders, most Of
whom are more bullIsh than they Just
now care to declare. Their position is
that of expecting much higher future
range Of prices while holding but mod
crate Lines of stocks. It therefore suits
their purpose to have the market drift
easily aud even to coquette with the
bears. 50 as to make additional pur-
chasee at lower prices. They are quite
willing that timld people should feel
timorous over the prospects of the fall
money market; they do not object to
the warnings Of the alarmlsts who see
danger in the political situations in
France and in Africa; they are quite
tolerant towards pessImistic estimates
Of the crop outcome: all this suits their
present purpose, which Is to buy stocks
for rise when the surprising CONNER
clal movement now getting under head
way reaches Its climax LITER in the
fall markets.
1t is not easy to say how. much lon
ger this speculative engineering of the
market win be continued. 1t is mot
unlikely that we may witness yet a
good deal of checking and restraining
and throwing Of cold water upon out
sIders; for there are symptoms that the
larger operators have yet to get large
amount Of stocks before their waits
have been satisfied; andtit Is not at
all impossible certain events may take
a course which will favor their tactics.
War between England and the Beers
would produce q shosEa9h London
which might make the Sst8' York mar
ket stagger and reel anq would GER
taIPly discourage outsiders; and make
them sellers rather than buyers. Ser
ious complications in France-which
under the phases upon which the Drey-
fls trial has now entered Rre only too
possible-would have a serious effect
upon the European bourses; to which
New York could not affect Indifference;
for It could not fail to aggravate the
partial financial strain which already
exists here. Assuming, therefore. that
the market Is to be held under conser-
yative control and not allowed to run
wild on a loose rein, It would seem rea-
sonable to expect that the market Will
he held under restraint until these out
side events have developed into tinal-
ity OF one kind or apothSg nThese for
cign eventuaIitIes. howevf can hardly
be kept much longer IN suspense and
II the worst should happen both IN
France and Africn, there is after all a
sharp limit to the extent to which their
effects would continue adverse on this
market. London would soon recover
froEn its first financial shock, which
would contribute towards repair at the
other European centres: and then
would come into play a series OF com
TpenciRl recuuaratlons nm this side the
Atlantic. which always occur as a sec
ond offect OF foreign waras Whilst,
therefore. there are eXternaH conditions
which may be- reasonably sfpected to
hold the strong bullish tend Acies OF the
local market In restraint foSth imme-
dIate future, yet 1t Is not Tribe ASSUME
cd that these. conditions pe9ld largely
colintersot the represslhle' tendency to-
wards ultimately higher prices inner
ent In the existing unprecedented state
IL d
sary to recite the conditions contribute
ing to that great national boom: ev-
erybody knows the facts and expects
that they will carry the market value
Of our Investments to unequalled fig
ures: but those who intend to invest,
might be prudent In waiting until It
has been demonstrated how. far prices
are to be temporarily affected by these
foreign contingencies,
A word OF caution seems Desirable re-
gaTdlng the money marktt. SWe are
confronted with low bank reserves Just
as the annual crop requirements begin
to assert themselves; also when trade
demands promise to run much beyond
the usual limits It Is true there are
offsets te these influences. chief OIL
which Is the comparatively easy condi-
ton OF the Interior banks: but the PROB
dulllky. IN kllhN ANly tANhAh| bAAl 81
ton IN stocks at present would quickly
be checked by firmer rates and possible
stringency In money. II is quite GER
tain that heavy buying and a sharp
advance. IN stocks Just now would prove
an Irresistible temptation to q bear raid
and serious attempts To manipulate the
money market. II IA not safe to say
this would be done: vet the opportunity
would probably not be overlooked II II
came. Ordinarily some relief would be
expected from gold imports. Our
trade balance continues favorable and
foreign selling Of our stocks has
nbuted: but Europe may be very reluct-
ant In parting with the precious met
al and this would he disappointment.
Money Ii rapidly going Into the treas
ury; so that with trade and crop de-
mands to be supplied any unusual
drain on the banks would have to be
met by liquidation. This would effcc-
tually retard any upward market In
stocks. Untll there are indications OF o
return NJ funds from the interior TO
New York we shall continue to advise
conservative operations in stocks, es-
pec'al1y as all the good dlvldend-pny-
ers are now pretty nigh. The market
VIII really he strengthened by bridge
over delay in the hull movement. ASS
Nll'ef Of fact fair setback Just now
w prices win bring n broader and
more active market later on.
HENRY CLEWs.
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