The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-02-22
FINANCIAL REVIEW.
Horny clows' Weekly Speculation
on tho Outlook.
THE @HN7HRlcITE CONSERVATION.
Tho Excitement Incident to It has
Abated.-i:fiect on Wall strrct.-May
Produce Some Contraction of Spec
Mathematics Not Anoctcd Rotations
with tho London Market.
Special Correspondence oft,, rn,,,tf,en,,,

Special Correspondents o. Ia!diigenGr.
New YoRN, Fob, 2O.--Thc hurricane
OF excitement raised by last weeks an
nouncoment Of tho anthracite combine.
ton has aba.ed. Fortunately, 1t has
left behind no wrecks; nor has 1t much
disturbed tho even tenor Of securities
not directly affected by the operation.
Tho anthracite issues themselves, how.
ever, are left in anything but settled
position. The largo holders OF them
directly associated with tho amalgcma-
ton no doubt expected to unload tho
major portion OF their holdings upon
outsiders; but tho very magnilcence OF
the scheme alarmed rather than tascin-
atod ordinary operators, and (cxccpting
perhaps y few unwary room trNders)
the rank and file, have prudently pre-
ierred to wait until they better undor-
stand what tho surprise really means
and what is likely to be It's upshot-a
fact which illustrates the conservatism
OF current speculation TO which wo hayo
had frequent occasion to rotor. Tho
symptoms OF desire to unload these
immense holdings have been very
manifest in steady decline in
Reading from 65 to 81. The prevailing
feeling in Wall stroot towards tho an
thracite stocks is naturally one OF dis
trust. The amalgnmation Is regarded
as dubious experiment 1t is viewed
as fresh attempt to galvanize Reading
into life, alter tho failure OF ono equally
sanctioned by great names, bolstered BY
splendid promises and executed at a
cost OF some millions four years ago. In
TACT, aitor many years experience OF re-
vamped corporations, Wall street has
como to regard all tiukorcd railroads
with severe caution, as not ono in five
OF them realizes the largo promises
made for them b. the highly reputable
galvaniaers. Added to this, the aim OF
this combination has been to create II
not trust, yet q virtual monopoly; and
it has boon found in almost every in
stance o. monopolistic organizations
that they tend to dangerous initiation Of
issues and, by the law OF their opera
ton, work out their own ultimate de-
feat. Many Of these industrial or
CARNATIONS to-day stand out as dis
tinctly discreditcd group OF invcstments
on the exchange, too vonturesome for
transient operators and the last to be
thought Of for prudent in
vestment. The formation OF this apthra-
cite combination adds $780,, 500, 900 to
this experimental list Of security issues.
That fact will in future range these
properties among the most t!uctating
and uncertain ON the market, and ior
that reason may DO expected to pro-
mote an increase. in speculative trans
actions and impart additional activity
to the market. But that result can only
be.cIpected when the quotations possess
less transparent manipulation than at
present, and when the present power
ful holders have unloaded. In judging
when these stocka- may be expected to
prove an attractive speculative purchase,
1t must be taken into account, that the
intrinsic weakness OF the scheme will
not be developed forthwith, and that,
Tor possibly ono or more years, affairs
may be so managed as to make the re-
suits approximate the promises now
made by the promoters Of thocombina-
ton. The frequent violent Quotations
OF the anthracite stocks may attract
speculative purchases; but, excepting
on the important declines, prudent op-
orators arc likely. to discard buying
them.
To this extent, the excitement con-
nected with the coal properties is calcu.
lated to produce some contraction Of
speculation in that particular Sc. Of
stocks; but tho symphonic arc that 9TH
or stocks will provide ample material
Tor an active market. The majority OF
operators, whilo neglecting the Coalcrs
are giving corrcspondingly more attcn-
don TO the remainder OF the list, and
present indications favor the prospect
OF a healthy tone OF business during the
spring months. Rumors arc current Of
contemplated amalgamations, a Ia Read
ing, between certain largo western roads;
but it is impossible to authenticate tho
reports; and, in view of the difficulty
experienced by the promoters of the
coal operation in getting rid 81 the i'm.
hhSiiso iOau VI stOChS IlleY IluVc uCCu1nu-
lated, it seems as likely that the Read
ing case would discourage any other
huge combination until that one is
safely out OF the way.
The Reading excitement has not mn
torially affected our relations with tho
London market. Some orders for those
securities have been received here, but
the sales at tho high prices good deal
more than offset the purchases. The
London market shows more steadineas
and some symptoms OF returning conf
dcnco in the Barring group OF invest
ments. Tho total amount OF now loans
and new companies brought out in Lon
don since January falls about $780,
GOO below that for the same period OF
1891; change which would seem 10
vorablc to an increased demand for for
cign investments; but it may be expect
cd that England will discriminate
againstAmerican issues until it becomes
more apparent what is to be the future
basis OF our currency system.
HENRY CLEws.