The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-10-02
sPEcuLAT1oN RAMPANT.
What Has Impaired Such a Boom TO
Wall Street,

What Has Impaired Such y Boom TO
Wall Street,
The speculation In stocks and cettain
clauses Of bonds continues extraordinary,
both in volume and spin. The year has
witnessed such surprising movements in
stocks that nothing now appears incredi.
bic to the average speculator, and about
all thatit is thought worth while to in.
qnire about stocks "a not what are their
values, but who are the buyers and what
are their purposes. There probably never
has been ysat In the history 81 this
country when there was such succession
otimportans events all tending 10 help
speculation, and II Is not therefore aston.
ishing that now at the beginning OF the
ninth month Of the year speculation is
yerglng on madiv1saad thas Allsorts 81
stocks are bought confidently, including
those known to be worthless, those which
are unknown, but are owned By few
people who can mark their Price up or
down Us manmight do the price Of his
dog for which there was no buyer, and
those which have no value except such as
the remote tnture may develop. 70 Dg'g'
The favorable events which have toster-
ed the craze may be enumerated as fol-
lows: First, the resumption OF specie
payments; that legitimatelY and properly
Inspired general confidence and enlarged
the currency, by adding TO 1t many mil
lions Of coin which before we're theoreti.
cally, but not practically, currency. Sec
ond, the retunding Of al the Eve and six
per cent bonds, The effect Of this was for
a time at least 70 convert from fixed into
floating capital not lar from five hundred
millions Of dollars; that is to say, this vast
amount Of money was turned out OF e.
standard class Of Investments, This re-
funding operation also pledged the great
power Of the Treasury 10 an easy money
market, and thereby made the only other
condition needed for successful specula.
tons in all manner Of securities. Before
what may be called this great event
had exhausted It's force as bull power at
the Stock Exchange came the third, which
consisted Of large crops in this country and
deficient larVesIs throughout Europe,
This favorable influence came at q time
thatit was most needed even 10 sustain
the high prices which had been built up
on the other influences named; and even
alter II was known that Europe would
be obliged to buy from us much more OF
breadstutfs and provisions than in ordin-
airy years, yet there were few bankers
who believed that tho bulk OF these nd.
ditional purchases would not be paid for
with our securities; and the prevailing
opinion, one, Il We remember rightly,
that was shared by Secretary Sherman,
was that we might possibly import $l2,-
600, 900 to SID, 000, 900 Of gold and that then
securities would come. But the fact is
that instead Of this moderate calculation
there has already been imported specie to
the amount Of nearly $40, 60O, 900, Of (which
about So, 900 900 have been gold and al
though only q part Of this has been drawn
direct from London-the centre OF the
foreign exchanges money is easier there
than it was at the beginning OF the move.
ment, and the outlook for Importing 1885,
600, 600 more gold between now and next
January is better thanit was on the first
81 August for importing S25,OOO,OOO by
the first Of October: , 80,
1t will be seen therefore that the present
speculative craze has reason for existence,
and although there is nothing apparent at
the moment to warrant the opinion OF its
early abatement, it is well for people who
pay Tor whatthey buy not to "disCountp
in their present purchases all that can
possibly happen Of a favorable character
in longer time than the next five years.