The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1877-08-27
THE BULL MOVEMENT.
The Public Are sellers and Not
buyers OF Stocks.

Buyers OF stocks.
New York, August 25.-The closing
day Of the week witnessed the highest
prices Of the present bull movement in
stocks. The Evening Post says that the
large spectators who have advanced
prices In the past few weeks by their
steadily continued large purchases are
apparently in no way alarmed at the
large and, up 10 the present time, In.
crensing amount Of Investment stock
which Is pouring into the market for sale.
Their theory Is that investors who, az
the market advances, are selling stocks
which they have carried for q long time,
will at some time in the near future
when the tonnage Of the roads shows u
large increase, buy back their stocks at
the advance, and that neither the dis.
closures during the past eighteen months
Of corporate unSoundness and unwise
manngement-that which kept up such a
rivalry between the trunk lines as 10
make the roads poor even with an i'm.
mense tonnage, nor the prospect that, Us
the outcome Of the recent strikes, the
subject ofrailroad regulation will be car.
ried into federal politics las II was in
Wisconsin into state politics at the time
Of the Granger craze), will have any in.
iluence In deciding substantial people to
shun railroad shares Us investments.
Time alone will determine whether the
Wall street spectators, who have mil.
lions depending on the correctness Of
their calculations, are right or wrong.
Certain II Is that within the past three
or four weeks there has been flow OF
investment stock to the market which is
in volume without precedent. 1t Is not
uncommon now to have delivery Of u
hundred shares Of stocks made with
eight to ten small certificates varying in
amount from one to twenty shares each,
and each ono standing in the name Of an
investor who had his stock transferred 10
him several years ago.
We saw yesterday delivery Of one
hundred shares Of one oil the trunk line
stocks in which there were thirteen shares,
the smallest being one.share certificate
which was dated in August, 1873, and the
largesta twelye.share certificate, dated in
1875.
This selling OF stocks by full owners
that is by persons who do not borrow but
hold only what they can pay for in full
is noted by the firms which make a spe.
cialty ofinvestment business.
1t ia true that one speculator may east.
ly buy all Of this kind Of stock which
comes into the market, for the sum total
Of these driblets may not make total Of
more than ten thousand shares In single
day. What the speculator buys, how.
ever, he takes on margin, and is com.
PEELED 10 borrow from so 10 90 per cent
on the purchase.
1t need not be said that it Is most in.
pOrtant difference 10 every interest con.
nected with the stock market whether
the great bulk Of the stocks Of the lead.
ing roads are owned and widely distri.
buted or are held in large blocks and car .
ried on borrowed money.
1t is no uncommon thing to see inves.
tors sell to the extent that they have on
n falling market, but, us said, it is excep.
tional 10 see such sustained selling on
rising market.
As We have before written, il the out.
side public can be induced 10 come in rs
buyers ut present or even higher prices
Wall street will profit largely. II they
refuse to take back their stocks then the
acknowledged strength Of the leading
spectators will be fully required to car.
nv their load.
And, it Is proper to add, it will not be
we'll Tor other Spectators Of "bearish"
turn 10 underrate the strength Of the
present "bulls" and sell stock "short, .
for not since the time that the late Com
modore Vanderbilt was in the market
behind New York Central lat the time Of
the 50 per cent scrip dividend) has 20
much capital been back OF any specula.
ton as there is now supporting the pres.
ent one.