The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-10-14

on the foreign DOuTseJ. Tho former OF
these uncertainties Is viewed hopefully,
or ~ Toast "a being far in tho future
"a TO warrant no acute mi5gIvinga ~
tho moment. The bad possibilities OF
tho transatlantic mining speculation,
however, is much moro serious mat.
ter and compelI prudent operators 10
keep on their guard,
The "kaiHrs" excitement ia ouN OF
tho widest outbreaks Of speculative
mania experienced within the present
century. II began with tho remarkable
success OF few ventures connected
with tile new gold discoveries In South
Africa. This led to the creation Of
"syndicaIo-' without end, and to the
formation OF companies Tor exploration
and Tor dealing in tho new issues OF
stocks aud Tor the b9idesl banking na.
durtakings. In respect to basis, many
OF the schemes have really none except
that OF air; whilst most OF those that
have actual property have very quos-
tionahle deposits OF the precious metal,
and all are capitalized Immensely IN eX.
cess OF their actual merits. In the ex.
plotting OF these ventures, the fine art
ul uuauGlhk Hhh bueu Gdlllbu " huo
most daring pitch Of excess. Dividends
have been declared in the face OF losses
and IN tho absence OF production or
even OF any development BY bold
manipulation, the prices Of these issues
haycibeeu steadily forced up to u posi-.
lively ludicrous Initiation.
II is impossible to state in exact
iignres lho'extent TO which this iuroro
OF speculation has run, lore large
amount oil the ventures no'public inior-
nation Is obiainAble. But, so far as
respects tho companies which give more
or loss publicity to their affairs, there
are some twenty-five which have been
paying dividends, with some regularity.
averaging about 20 per cent and rang.
ing in some cases as high as IS, 70, 30
and even 100 per cont. These may DO
regarded as bona fide enterprises; and
in tho speculative enthusiasm they
have excited lios the baSis OF the rotten
suporatruCtures OF speculation on which
the metropolitan and provincial stock
markets are alike running crazy. Tho
legal capitalization OF these lwanty five
companies is about $50 100000; while
thsir present market price represents
Sl92, 100000 tho dividends averaging
about 0 per cent on the current price.
Beside thesC, there are lSj companies
reporting on tho London market which
arc paying no dividends and pass
muster on reiterated promises that are
never fulfilled. These uon.dividend
paying mines have an aggregate
capital OF Sl39OOO,OJO. Their mar.
kot valuation last month was
SjGJ, 100000, or exactly four
times the par valuo OF tho shSrcg l5n.
aides the ljS mining companies above
referred to, there are thtrIy.ono other
various organization which are con-
cerned in land, banking, estates, pTo-
noting, exploration, etc. These con-
Germs nays total capital Of $4,000, 900,
consisting principally OF 81 shares; and.
in this case again, the market value IL
exactly four times tho par capitalize.
ton, boinE S5l5.OOO,0O1. Excluding
from tho reckoning tho twenty-five
dividend. paying mining stocks, VIC have
here, first, a total OF l6i enterprises,
representing either no value or very
uncertain value. capitalized at s2lS.OJO.
600; and, second, this comparatively
worthless scrip worked up to fictitious
market valuation OF SSS1G0t, 900. France
has also its schemes Of like quality aud
similar initiation, but We have no means
OF knowing their exact oXtonL
This Ia the measure OF the mass OF GN.
plosive elements that now uuderIios tho
financial markets OF London aud Paris.
This IL tho quality Of the investment
material that those great contros arc
gloating oyor while CnnlemptuOu5ly
turning up their noses at American
securities. II 10 not surprising that the
sober part of London aud Paris should
begin TO feel uneasy. That all this must
end in n terrific explosion there Is no
possibility Of question. That tho calaR.
trophe can be much longer postponed
Ia not to DO doubted. Tho synptoma
arc already ominous. Tho stage Of dia.
trust has been reached. and tho nGSt
stage must be roal,2ilgt and whom thQt
comes thUcnIapso will ho instantaneous,
and hundreds OF millions OF market
value may h1 wipOd ont IN u few hours
or days. At the mdHaHi, tho stronger
spccuators are attempting 10 stay tile
roali1iug process by main force OF buy.
ing; but such stun cannot DO saved by
any such tricks, aud soon tho big spa.
culators and tho little ones viii be-
crUwdine on eacA other 10 F0ali2g, with
no buyers IN the field. From tho nature
Of the case ltmust bo 30; and 1t Is mono
too early 10 discount the inevitable.
Tho interest Of tue Now York market
in this impending oXpOiion Iioa In
this: that a. tho cp,lap1e TonId hlloct
ibo whole Investment market, our 90.
ruriiic4 held In England would Builcr
IN nympntHy, aud might consequently
bp returned on this market It's easy,
however, to OvrrcatimatO tho eNtunt VI
That danger. Tho class who have par
ticipa,od In this cra1o nro not lkulv 10
bo tho gamo rs those who inyClt III our
accuriliOu or speculate IN thoin' hc
lnttgf class might temporarily ronlzni
but tho demand would soon return, nhd
tho speculative inlOroL IN London
would then centre upon Americans ~
nllording tho most attraction 10 tho con.
acryali'm In speculation which would
thon DO tho order Of tho day. Novot'
ihoIOSs, Wall BlroOL cannot allotd to no
indifferent 10 tho coming Ond Ol this IN
0niton. We Nhnll fool tho shock Of tho
distant earthquake, 0nl II Will 10 prll'
dent to kOop u yIgDlant oyo upon or
CHINA,
Homo conditions affecting tho mat.
kot are generally favorable. Tho bust.
moss NJ tno country In proceeding upon
a conservative but fairly profitable
baiis, Tho bulinoH Ol tho railroads
Conllnuon to gradually Improve and tho