The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-10-09

soccIal Correspondence of Intelllgencer.
NEW YORK, Oct. 2-The weeks
business on the stock exchange opened
with disappointment Of the hopes
cherished at the close Of the previous
weeks operations. In anticipation Of
the three days suspension Of business
there was much realizing on the two
days preceding the Dewey reception,
and II was reasoned that this selling
and the fail in prices which, Il had pro-
duced would be followed With strong
and rising market on Monday. This
reasoning seemed plausibls; but 1t did
not sufficiently reckon upon the posi-
blltles Of unforeseen contingencies. Be
tween Thursday and Monday the drift
Of events was unpropitiouS, and this
week opened with a decided prepon-
derance Of 'bear" influences. The Afrl-
can situation had become 80 critical
that the avoidance Of war seemed al
most beyond the power Of diplomacy
for although England seemed to be
softenIng her attitude, yet the Beers
were yielding to the impulse OF war
fever which Kruger might prove unable
to control. The Bank OF England had
advanced its minimum rate Of discount
from 81 to ~ per cent. Yhleh was fol-
lowed by IKE rise IN the London open
sion Of the great banks estimate Of
the situation, foreign exchange sud-
denly became hrmeT, and last weeks
hopes OF early importatlons Of gold had
to be indefinitely deferred: indeed, in
the estimate Of some 1t had become a
question whether we might not have to
ship the metal to London.
For the FIRST three days Of the week
the transactions aggregated only 1,lOl,-
800 shares or little more than one
third tho volume on an active market.
Outside spectators TODD laIoof and the
principal buyers, other than covering
bears" were q few strong operators
who purchased for future use on the
more extreme depressions. To add to
these depressing conditions London was
a free seller Of our securities on Nom
day and Tuesday, while Berlin was
understood to be carrying large
amount OF Americans, which might be
thrown on our market in the event OF
the money pressure In London becom.
ing more severe. During the first half
OF week money was extremely scarce,
and, though there was a large contract
ing Of dlscOunting. many OF the over
extended stock houses Had to pay as
high as 40 per cent each OF the three
days In the open market,
on Wednesday, however, there were
symptoms Of halt In the demoraftEtng
tendency Of affairs. The paid
out in taxes was returning to the
banks; foreign rumors Indicated a pos
siblfIty that war in Africa may after
all be avoided, and under indications
that the advance in the Bank OF Eng
land rate is turning the tide In favor
Of London, there was general I'M
provement in that market and compar-
atiYely free buying Of American stocks.
on Thursday. however. these symp-
toms lost their, encouraging force from
the news that the Bank of England had
lost CT. 100000 gold during the week and
had further advanced Its discount
charge to per cent; while the Bank OF
Austria and the Bank Of Bombay had
also put up their rate.
Taking these happenings as whole
they have proved severe shock to the
investment market, the mere so be-
cause It had been, perhaps, quite gem
orally hoped that this week would In
augurate the return Of easier conditions
ana prepare the way to a comparative
~ early revival of speculation, Under
the circumstances a revision OF estl-
mates as to the early future becomes
necessary, The home money market
is the commanding factor In the sttua-
ton here. and that element Is depend
ent on the course Of the foreign ex-
changes and the remaining demand for
money from the interior. The advances
OF III per cent. in the Bank OF Eng
lands rate show the urgency OF the
banks position and Its resolution to
strengthen Itself from liall possible
sources in preparing for whatever may
come out Of the African position. so
that, II these rises prove Insufficient, q
further advance may be expected. In
the latter contingency d return OF Sc.
curitles from LondoT md Berlin would
not be unlikely; 1t CO. be only cues
tIon OF the volume Of the reflux. Some
Important changes In the London sit.
uatIon must occur before we can feel
thlther. stIll more before we can hope
assured against possible exports OF gold
for importations OF specie.
HENRY CLEWS.