The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-09-05
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New YoEx, Sept. 3.-FollowinG the
beneficial effect of such influences as
the legal decision against the Texas
railroad commission, the decision OF
Chancellor McGill against the Reading
Company and the cessation OF the Butfa-
10 strike-the course Of the stock mar
ket during the past week has been reac-
tionary; and that tendency has been
encouraged by the continued rapid re-
duction OF the bank reserves, by the
spread of cholera in foreign ports close
~ connected with the United States
and by the withdrawal OF the Great
Northern railroad from the Transconti-
mental association.
One factor appears patent with the
recent test of values, that, as u
rule, stocks are in the hands OF fairly
strong class OF holders, Capitalists as
ISOLATED with great railroad interests
have, in one way or another become
the owners OF very large amounts OF
shares, and although they may be in
some cases unwilling holders, yet the
fact is not to be ignored that they are
able to support their transient invest
ments until affairs take turn more ia
vorab!e to marketing them. To this ex-
tent, the situation is very different
from one in which Outsiders" are the
chief holders.
This factor ia backed by another OF
substantial importance. The position
OF railroad finance Is to-day stronger
one than has ever been realized before.
Competition is under more effective
control than for many years past;
management is no longer subject to the
discreditable speculative manipula-
tons that once wero rampant in even
our best roads; economy and thorough
ness have become matter OF emula-
ton among officials; and there is less
than for many years past of the dan
gerous policy OF constructing extern
sions and branches long in advance of
any possible remuneration Tor the out
lay. Under these circumstances, rail
road capitalists have acquired conf
dence in the enterprise to which they
have made advances. and are no longer
mere manufacturers OF stocks and
bonds to be palmed off on the public as
quickly and completely as possible, but
themselves bona tide investors.
The prospects of traffic are also en-
couraging to holding. Adding to the
crops this year the large surplussess
brought over from 1891, the quantity OF
agricultural products TO be broughtto
the seaboard may be expected to prove
unusually large. That the general trade
OF the country is active the returns OF
the bank clearing houses throughout
the country clearly indicate, che trans
actions at the South and on the Pacific
coast even showing now IN increase
over last year.
Another encouragement, and its full
force has not yet been realized-comes
from the evidence OF recent events that
our great transportation interests may
depend upon the protection Of the law
as against the doctrines OF Granger
ism" on the one hand and the violence
OF organized labor on the other. in
stead OF reign Of lawless hostility to
incorporated enterprise in almost every
form, which had made capital TO the
last degree timid and distrustful, we
have the promise Of an assertion OF the
force of law which is calculated to in
fuse new life into the industries OF the
nation.
The wholesome influence OF the fore
going factors is, at the moment, pre-
vented from having its natural effect
upon the value OF securities by certain
external considerations, chiefly none
tary. The large exports Of gold have
drawn down the reserves OF the asso-
ciated banks; and the shipments OF cur
rency to the interior for moving the
carps will reduce the stock of lawful
money in the banks TO still lower
point. We have been told from Chicago
that that city has become the money
centre and the cash depository for the
western country, and that consequent
ly New York need no longer trouble
itself about it's responsibility for sup
plying the demand for cash incident to
the great fall money movement. Judg-
ing from the experience OF the past
month, New York is likely to have to
contribute rs much as Chicago.
The silver question remains a factor
OF more or less disturbance, and one
that is becoming more imminently ur-
gent for settlement. Unjust very soon
be decided once for all what shall be
the permanent status Of that metal in
the United States. The monetary con-
ference, whose sittings are to commence
within about month, will by its de-
cisionS precipitate and compel IN early
choice Of final action by this country.
II it ahould turn out that a sufficient
number OF influential governments will
Join the Unitei States in determining
The future valuation OF silver and in re-
moving all legi restraints upon its
coinage and its legal tender force, then
the question will be settled for US on
che basis OF froe coinage Of both the
metals.
/ advise only bnylug on the pro-
nounced breaks during the coming
week and only for temporary holding,
as tho present temper Of tho market
points downwards. HESPY CLHwG
Tue Wool TEadS.
RnrdEhs,p.