The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1868-05-12
Rron the Ne.O York Post.
Imitation I'm wan street.

From The NeiO York Posi-.
Imitation In wall street.
There Is startling rumor in the air
this week, the foundation of which, If
| Ii has any, Is not apparent to the public,
It Is commonly said in Wall street that
an issue OF one hundred millions of
| greenbacks is to be authorized by Con-
gress beforeit adjourns; and this story
| has had a decided and increasing effect
1 upon the strength and SteRdiness of the
stock market for more than a fortnight.
Indeed some prominent capitalists
| have been, for many months, entirely
| confident that such an increase must
be made in our paper currency; and
this confidence has led to some of the
most extensive combinations ever
known for speculating in stocks. These
| "cliques," as they are called, have
| bought up, at constantly advancing
| prices, nearly all the leading railroad
stocks of the United States, and now
hold them, waiting for the public at
large TO buy them. Thus the New
York Central Hudson River and Har-
lem, the Erie, the Lake Shore, Cleye-
land and Toledo and Fort Wayne, the
Chicago and Northwestern, Michigan
Southern and Rock. Island, the Cleve-
land and Pittsburgh, and the MilWau-
kee and st. Paul Railroads, are exam
pies OF roads the stocks of which are
now controlled each by combination
| of men acting in concert, and, in almost
every instance, the members of these
"cliquesn are bankers or professional
| spectators, whose manifest plan Is to
sell out their stocks as soon as mar
ket can be found for them at a satisfac.
tory price.
The prices paid by the present holders
of these stocks are greatly higher than
the value generally ascribed to the prop
erty few months or years ago. For
% Ia o. nT
was freely sold at 90 within eighteen
months.- Afterwards, so per cent. was
paid by the stockholders in exchange
for duplicate issue of stock; making
the cost 10 one who purchased at 90, in
all $40 for two shares, or 10 for the
present stock, now held at nearly 140.
The Chicago and Northwestern stock
sold in 1865 below 20, and even last
year was depressed for time TO about
one-half of Its present price OF sc. If
any general attempt were made by the
great "bull" combinations 10 sell their
stocks, the prices would rapidly fall,
and might even, in the inevitably panic
which would follow, reach figures as
low as those of three'years ago.
Some of the parties interested seem
to have undertaken their speculative
movements with the Intention of con-
trolling the railroads owned by them,
and OF SO developing and improving
their resources that the earnings may
Justify the prices demanded. But 9TH
ers, and perhaps the msjority, rely en-
tlrely, 1t is believed, on the further in
flation of the currency by The govern
ment, to bring about general specu-
lation in stocks by the public, such as
occurred in 1868 and 1854, and SO to re-
Heve them of their burden and give
them enormous profits. No doubt the
question of brilliant success or ruin
for some of the leaders in the move
ment depends upon the action of Con-
gress. .J
We estimatethe amount of railroad
capital now held by the Wall street
$3.50, 600, 600. An issue OF greenbacks
to the extent OF, 800, 900, 600 would lead
to an advance in price Of thee securi-
ties, on the average oEcertainly not
less than twenty-five; and in many
cases fifty per cent. On the other hand,
emit Indifferent and edistrustful condi-
tion OF the public mind, could not be
made without a corresponding decline.
On moderate estimate, then, an act OF
tCongress Initiating the currency Is
worth in money to q few scores ofiWall
street capita lists who are capable of a
4 mutual understanding and of united
action, not less than seventy or eighty
4 millions of dollars.3 Z . f1nslis.s
The confident prediction now heard
from sage minds, that such an act will
be passed, seems to be founded on their
belief thar SO much money Is irresish-
i BILE in.its power over our public men.
| It is, in short, d distrust of human vir=
tue, a CONVICTION that all statenien
have their price, an expectation that
| enough can be found among our rulers
willing tosell their country to pass TINS
| infamous measure, on which the predlc-
ton rests. Not one OF these sPecala-.
tors themselves will presume to assert
4 that imitation can be defended on prin-
ciple. They know that 1t would be the
! deliberate choosing OF disgrace ana
ruin, at the very crisis of our hnancisf
| history. But it would enrich them
and human nature cannot resist sucn
prospect, but will embrace 1t with the
/ cry. tEafter me the deluge,n unless II Is
capable of yirtue.
| The virtue of Congressman Is sup
posed to enter into the calculations OF
the "cIlquesn only in respect to the
amount OF effort or expense necessary
I,tooYercome 1t. 1t lis expected that tne
\ object Will be powerfully aided by the
| bnsiness influence of the great West
and by the necessity of producing
false appesrance of prosperity through
out the country until the Presidentiatt
election. But the people OF the Mest
/ are showing in many ways that tnsy
| are not the fools such calculations take
| them for; and the spectators seem
i likely TO be disappointed in their e4-
pected allies. OF the wholesale bribery
| which some fear, il VIII be soon enough
4 to speak when il becomes evloent
that the attempt is to be made. Can
i not be made without an e1Ros I.t'5
4 which will disgrace and ruin al "
i H.. ,a,.11 h