The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1869-05-26
:. Brighter Prospect.

The condition of the stock markets OF
New York and Philadelphia shows ID at
a very active "bull" campaign is be-.
ginning. The cIiques are AL strong in
means, and at present prices can realize
enormous profits; but it seems they do
not contemplate selliag cut ut existing
figures. They reason confidently: that
the railroad interests of the country are
developing into new power, and that
the prospective profits arising from a
largely Increased traffic must make
them much more valuable-nOt only
for speculative movement, but for
sterling investment. The Shrewdness
of European capitalists has opened the
eyes of home investors, and when it was
known that large blocks of American
shares bad been taken to the other side
of the Atlantic, American capitalists
began to look about them to see the
cause of the foreign demand, and they
found it in the immense growth of the
country and the increased prospective
value OF real estate owned By the vari-
Gus companies. The competition to
secure the best shares at the lowest
possible prices became at once immense,
and has continued uurcmittipulv to the
present tiuie, and too day the books OF
the Pennsylvania Railroad Company
SHOW also almost daily transfers of
shares to new buyers who reside in
Europe. Prices certainly look high,
but they are fully justified by the bust.
ness of the roads. Population is in
creasing, not only through the ordinary
channel of native propagation, BUT the
tide OF emigration from all parts of the
world Is pouring new faces and strange
habits into our cities and plains. Prob
ably no nation ever grew faster than
ours; and 1t is this wonderful growth
which is destined, not only to save our
railroad system from what, just after
thYpAtnnoH to hn q
failure, but to place it in a position of
permanent prosperity, and it is the
confidence in this aspect of the casa
which is drawing foreign capital into
our monetary centres, and which Will
continue to uphold our great raiiTov
corporations. The cliques in Now York
seem to be working on this broad vie ~.
They control all the leading rail
ways of the North and West, and
if Foreigners want them they must pay
the CliQues profit in order 10 get con-
troll of them. But whether or not the
bulk of the shares go aboad. we can nf.
ford to keep to them here, for they will
pay US just as good dividends AS any
one else. There Is no need, therefore,
to show any anxiety to force our stocks
abroad, as their true value as invest
ments will of itself invite purchasers
and give them proper market price.
We throw out these suggestions 81
possible reason for the present specula-
tive fever. AT no period in the history
of Wall street movements has the under
current of operations appeared SO
strong or so firmly based on sound
principles and real prospective worth,
and the general rise therefore seems to
be perfectly legitimate.
The prevailing ease in money, which
1t Is expected will continue till midsum-
mer at least, is calculated TO encourage
stock spectators, aud as no cloud is
hanging over the market and the rates
are Iendlng downwards, there Is GER,
tainly some basis for anficinatinO a
long and exciting time at the stock ex.
change.