The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-08-29

special Correspondence u WE AHNNge"VE'
NEw YoRK, August 27.-The stock
market did not disappoint expectations.
Prices have experienced a good aG-
vance, and indications are ntill favor
able. As already maintained in these
advices, the basis Of the present ad-
vance is the confidence Of the big
holders OF stocks in the future develop.
ment and resources OF the country.
Our commercial and industrial inter-
eats are now enjoying vory iair share
OF prosperity. Business is not only on
larger scale than ever before, as
demonstrated by clearinghouse re-
turns and railroad earnings, but it is
also in exceptionally sound condition.
This statement being confirmed by the
small number, as well as the character,
of business failures. Agricultural
interests arealso in good shapes as, in
spite OF smaller yields Of wheat, corn,
cotton and other products, we shall,
with last seasons surplus, have sutli-
cient and to spare.
Tho railroads are not likely to suffer
from any insufficiency Of freight for
some time to come. Judging by the
small additions to mileage during the
last few years, and the increase OF traf-
iic and population, there is more likely
to be q scarcity OF facilities than OF tom
mage. Another factoe to be considered
il that many of our roads are yearly
growing less dependent upon few sta
plo crops for traffic. The multiplication
Of industries; the growth OF passenger
,rlilic, aud even the development OF
crops, rs, for instance, the carrying east
OF California fruits, all tend to the sta
bility Of earning power aud conse-
quently to the value OF railroad stocks.
These facts are particularly true OF
lines in the East and Northwest; while
they apply to lesser degree to some OF
the Southern and Trans-C Continental
lines. The Chicago Exposition prom:
iscs to be source OF great profit to all
tho principal roads entering that city,
providing managers abstain from reck.
less competition. Stockholders should
make themselves heard on this point
before harvest time Is at hand.
Two events happened during the
week under which very materially
strengthened the market, viz, the Texas
railroad decision and the collapse Of the
Buffalo strike. Judge McCormick's de-
sion that the state has not the power
to prevent railroads from earning rea-
sonable profits is one OF the most I'M
portant and far reaching decisions OF the
day. twill undoubtedly be confirmed
by the supreme court OF the United
States. Ofits absolute Justice there can
be no question; besides which It will
be lasting and necessary rebuEe to
the communistic tendencies OF legisla-
ton in several of the western and south
western states. The chief beneticiaries
will be the states themselves; for cap
ital, which had left Cthese sections Sc
yerely alone for the last few years, will
again flow in those directions with its
reviving tendencies. The effect OF this
decision was shownin the southwestern
group OF stocks, which will of course
benefit directly by the decision. In
stead OF doing business at loss, with
prolonged bankruptcy constantly front.
ing them, there is now a prospect OF
interest being earned, and even fair
dividend on such of the lines as are not
handicapped with over capitalization.
The defeat OF the switchmen's strike
materially simplifies labor troubles for
railroad managers; the refusal of the
engineers and other railroad organizes
tons to participate in o sympathetic
strike having considerable Significance.
The strikers have thus learned an I'M
willing lesson; that while they may
have the right to strike at will. they
must also recognize the equal right OF
employers to fill their places with others
without molestation.
The future of the market certainly
seems favorable. In addition to the
facts Just mentioned, stocks are in
strong hands and money promises to re-
main easy, even though rates show
moro firmness. The renewal of gold ex-
ports attracts little attention, because
each day brings US nearer larger sup
ply of grain and cotton bills usual in
the latter half OF tho year. Upon any
sharp or extended rise would advise
realizing; but in the absenceot unfayor-
able developments good stocks are a
purchase on the breaks.
NNHHWWE " MN