The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-10-17
FINANCIAL REVIEW.
Henry Clews's Weekly Letter on
the Money Situation.
THE COLUMBIAN CELEBRATION
Interrupted Business on the Stock
Exchauge--A Sharp Advance in In
dustrIals the Feature of the Week.
An Important Factor tho Sound
Condition of Business--Tho Crop
Situation is Favorable.
sDee.ol c-orresDondn,s Or ne I~nteuioence,.

Special Correspondence Of tc I~ntutoeacen
NEW YoRx, Oct. 15.-Business on the
Stock Exchange was Of course much in
terrupted by tho Columbus celebration.
Hence there was little opportunity for
any real display OF tendencies. The pre-.
vailing tone of tho market was steadi-
ness; and. if there was no general move
ment for a rise, there was certainly no
loss OF confidence. The only feature Of
the week was tho sharp advances in
the industrials, circumstances favoring
manipulation i'll this quarter. The
amount Of securities of these concerns
is relatively small; consequently they
are easily controlled and worked up or
down Mt tine will OF the insiders. Many
OF them, too, are practically m%onopolies,
or so nearly so rs to enable them to
make large profits.
Big dividends and comparative low
I prices are supposed to be an irresistible
| attraction to the average speculator and
investor, and not n few OF the original
holders of Industrials, having stock for
sale, appear to be taking advantage of
such conditions to market surplus
stock, Time, however, has yet to prove
the stability OF investments which are
carrying such . copious amount OF
water; often earning profits SO unusual
that they may not be maintained. and
many OF them managed under such Sc
cretive methods us TO impair instead Of
inviting confidence. The outlook is for
considerable speculative activity, how
ever. in this department of the stock
exchange; and, if such proves to be the
case, quick, shrewd operators are likely
TO make profitable turns. AS perma-
ncnt investments, however, they are
not quite yet entitled to the credit
which they may deserve when mana
gers take the public into closer conf.
dence and adopt s%tricter financial
methods.
AS a class, no investments are now
nor worthy OF attention than railroad
stocks and bonds. In many important
respects the railroad interests Of the
country are in sounder condition than
aver before. While transportation and
travel is %unusually heavy, exceeding last
years extraordinary results and likely
to continue with the stimulus OF the
Chicago Exposition in prospect, rates
are well maintained and hostility be-
tween the two great systems has been
reduced to a minimum. The result is
heavy gross earnings, enabled liberal
expenditures for Improvements which
ought soon to permit OF greater econo-
my in operating expenses and conse-
quently better net results than hereto
fore. Another important factor, from
the purely railroad point ofview, is the
wholesome restraint Of competition and
the restricted building of new lines.
The best authorities estimate that not
moro than 1000 miles OF now road will
be constructed in 1892, which will be
the smallest total of any year since
1885. Considering the rapid increase OF
population and traffic, it certainly looks
rs if railroad development was not
keeping pace with the natural growth
OF the country.
Another important factor favoring
the stock market is the sound condition
of business. The volume of trade is
large; failures are few; collections are
good; speculation comparatively quiet;
prices low; labor well employed; wages
high; in short. the masses are prosper
GUS. In all the textile industries, for
instance, trade has been particularly
good; and many cotton, wool and silk
mills have a larger number of advance
orders on hand than ever before. A
further illustration Of activity in con
sumptive channels is the continued
heavy imports; not only OF dry goods,
but Of necessities and Injuries Of all
sorts; the increased revenue from which
has proved 4 boon to our nearly de-
pleated treasury. There is now but lit
tic fear that Secretary Foster will be
able to meet all likely obligations on a
gold basis. The money market is
working closer, and call money may be
subjected TO sharp fluctuations but
but there is no lack of time money at
reasonable rates. Foreign exchange
displays a weaker tendency, due to
larger offerings OF commercial bills; and
London, it may be noted, shows u more
favorable disposition to American
stocks. This, however, is more likely
to result in lessened selling than in re-
newed large buying, unless business
and financial conditions in Europe I'M
dergo an early improvement.
The crop situation is favorable, in
that the diminished yield Of wheat,
corn and cotton was desirable, consider
ing the large supplies carried over and
the prospective diminished foreign de-
mand for cotton and wheat Another
heavy yield OF these three products
/ would have done moFe injury, through
over-production and low prices, than
IN abundance could have compensated
for. Tho approach of the elections may
tond to restrict business; out this oh
struction is proving notably less than
in former presidential campaigns.
Henry CLEws.
Mt. wObStsr at sOn,onsvlIo.