The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-03-28
FINANCIAL REVIEW.
Horny clews's Weekly Report OF
tho Money Situation.
TOO MANY UNCE RTAINTIES
TO Permit nm Aggressive Bull Move.
mcnt.-Encct OF tho Bcring Sea Con.
trovcrsy...Elcmcnts OF Uncertainty
In the Stock Market.
Special Correspondence Of The Intelligence.


New YonE, March 2G..-Therc wcro too
many uncertainties this week 10 permit
any aggressive movement on tho part OF
the bulls: Tho silver question, tho
Boring sea difficulty, tho lcgality,of tho
Reading deal, tho break in northern Pa.
ciic, and the approach OF April settle.
ments all contributed to restrict opera.
tons Investors, Too, wcre somewhat
discouragcdby tho fancy prices atwhich
some Of the good dividend payers arc
held. On Friday there was an upward
squirt on the strength OF tho anti.slver
developments ut Washington; but the
silver advocates arc not yet beaten by
any means, and they may be expected
TO renew tho battle ut the earliest op-
portunity. Nevertheless, Wall street,
not seriously alarmed in this respect,
having full confidence in tho prcsidcn.
tial veto. The undortonc oil the market
Is unqucstionahly strong; and stocks,
being in strong hands, would no doubt
readily respond 10 favorable conditions.
The lndustrials lave exhibited consid-
CRADLE activity, but this cun hardly
deem satisfactory feature in selecting
chem ns leaders in view OF their hereto.
fore cratic character.
The monopoly iSsucs havo introduced
an element oil uncertainty into the stock
market which calls for special caution
on the part OF investors and spectators,
il not for specific prccaution OIL tho part
Of tho exchange itself in admitting in
discriminatory 'so-callcd securities TO its
list. Public opinion is becoming more
and more decidedly hostile to whatever
form OF organization congpires to defeat
free competitions Congress and tho
state legislature find it necessary to
respect this determined attitude
Of the people, and ut no distant
timo the laws will DO so framed that
nowhere in this country will any form
OF corporation which aims to exercise
the powers oil monopoly be able to
exist under the 1gis OF the law.
the attempts .ot the trusts to
evNde tho pcnaltieB OF their
illegal!ty by organizing under the
loosest form of logalization 10 be found
under state laws will become futile. The
procurement OF control OF 4 system OF
competing railroads, under such cX-
pcdicnts as have been adopted by the
Philadelphia and Reading, will be dc.
Ciared illegal, because contrary to pub
lie policy. The law will be constructed
with 4, simple. purpose OF preventing
the defeat of competition by monop-
oiics; and that form OF prohibition will
be made to apply to any and every form
o; organization. OF this there can. be
no reasonable doubt; Tor the present
drift towards monopoly is so wide.
spread, SO utterly revolutionary in
every sense i'll its character, and SO
threatening to vast interests that to sup
pose it can be much farther tolerated
would be to assume THAI American citi-
zens had lost their regard for freedom
and their sense OF sell respect.
With. this prospect before our monop-
olios, what is the market status OF their
immense issues? Many OF them are al
ready illegal, and others are destined to
become So When that result comes,
the profits they are now making out OF
an exclusive contro! OF prices will dis.
appear. The stocks issued by these or
CARNATIONS have been "watered" to the
extent OF many times over the true
value oil their assets; what then will be
their market valuation when the law
has deprived the organizations oil the
power to ariiiiciully initiate prices? It
requires little foresight to discover that
these issues constitute most formida.
bic danger in the future OF the stock
market. Any day, new law or l de-
clsion OF the supreme court OF the
United States mag within tweaty-iour
hours wipe out tcns'of millions OF the
market value OF this illigitilnatc scrip,
with consequences OF the most far
reaching character The action OF
the Standard Oil in dissolving
its trust arrangements is 4 sig
niticant warning. Spite OF its
enormous wealth and solidity and its
unquestioned power OF resistance, its
sagacious managers deem it imprudent
to face the omnipotencc OF the coming
assertion OF the public will, and the
trust is forearming itself by putting its
great Interests under some more nor
NAL form OF management. In striking
contrast 10 thiS prudence, the sugar
monopoly, with no choice between early
failure and . more complete grasp upon
the entire industry, is making another
enormous issue OF stock at an enor-
mously exaggerated initiation OF lis true
value. The flooding OF the stock mar
kct with such vast issues OF scrip that
has no true and permanent basis OF
value cannot be regarded as anything
short OF standing grave menace to
Wall street interests. Operators and
investors should be warned that the
chief aim OF the promoters OF these
schemes is to transfer their scrip into
other hands ut the highest possible
prices and then maybe leave the disor.
ganized concerns to their fate
Henry CLEws.