The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-08-30

Wall street maneuvering TO try what
can be done In the handling Of such an
enormous mass OF securities as Is now
registered on the New York stock ex-
change. The operations cover, more or
less, the following kinds and amounts
OF securities, listed on the exchange in
December, 1896;
Railroad issues, SB5l, 6i3 800 SS,2S, To-, I'll
U, s. government. 9Ol,bl0,il2 ..,,"..,.
Foreign Covenant. S,OOO,OOO .,','''..
State SeeHFitles.,.. III ,202,SSl ..,..,,.,.
Bank stocks,...,,,. ..".,". bU,VZs,IUO
A sSecal lists. siIO29, 4Ss 42aSS2,l $50
Gas and eIectric.... ......... l6S, i05, 1876
Trust companies. ..,.,..". bOOO,VOO
Coal and Iron Cos. ..,..,,". 9O,lOO,bOO
City and surface
railroads ....,,.... ."....". 42,6sy, 5O0
Iynress Co.'S ,,, 4S0O0,000
Land cpmpanles.... ..,.,..". N5V6,4OU
Ns Sizes s ....,..'....'.. 15s,59O.s7s ,........
Total issues. -, .s5S76.SGl. no si,2ss, 10, 2s2
Grand total..." N,6l6 O23,O2O
II Is not easy to compute the amount
of money required as margins to sup
port an excited speculation covering
this huge mass Of values. And we can
discover only through the experiment of
experience what amount OF such funds
Is within reach, after the disturbing and
disastrous conditions that have prevail
ed for the last four years. Then, the
"bears'' we have always with us, and
their power, Is increased In proportion
as prices rise; and as the market broad
ems the weak spots increase and the
points inviting attack multiply. We
cite these considerations to show that
the work OF carrying up prices generally
10 the much higher figures to which they
are destined must occupy many months
rather than the few weeks which over
sangulne operators have allowed for
the performance. We may expect the
course Of the market TO be that of rls-
ing zlgzag; first an advance and then a
reaction which wipes out part of It;
then still higher rise followed by a
partial relapse; and so on until the
market eliminates In top-heavy con-
d!tion and topples over of Its own
weight. II would not be surprising IL
this process of elevation tAkes the next
twelve monthg for It's completion. The
most successful way of dealing on a
market of this character is to take mod
crate profits, and buy In again upon the
next drop,
AT the present time, the market IS
held In check by the summer absence of
an important class OF operators, and
yet the daily transactions average
about 10000 shares. There is still suf-
flclent uncertainty about the corn crop
TO encourage the bears" to indulge In
wild stories OF disaster to that grain,
which influence people who know moth
ing about the facts. The pesslmist ele-
ment find satisfaction also In the con-
tinued sales OF London on this market
resulting from the growing firmness In
the money market there and the appre-
hension Of shipments of gold to New
York. These realiZings. however, pro-
duce no serious impression on prices
here, though they contribute towards
deferring the beginning Of gold i'm
ports. on the other hand, London or
ders to buy are beginning to appear.
which Indicate coming turn of the
tide In the London market, The follow
ing from the London Tlmes,-never
very friendly to our investments-is
significant:
Many holders are becoming anxious
10 operate in Americans now that
their prices have risen and that so many
elements seem likely to work In their
favor during the next few months. Pru-
dent people are, OF course, aware that
the evident desire of the American gov
eminent to shelve the question Of cur
rency reform bodies IL for the United
States In the distant future, hut specu-
latOrs do not trouble themselves about
what Will happen In three years; what
they care about Is what viii happen In
three months, or three weeks. No one
can Invest In any but the very highest
class Of American bonds and feel thor
oughly easy about them when they are
IN this box, but now that they have be-
gun TO rise and are still rising,
there are plenty OF people who
will buy them In the hope OF secur-
ing profit within few months and
Eettlng fair interest during that per-
Tod"
This Is common sense torecastlng, and
We are likely to see its fulhllment be-
fore long
The market has yet TO receive Its
main stimulus. II has risen 30 far up
on antlclpatloua, When we witness the
realization In uniform large increases OF
earnings among the railroads; when
the swelling OF the Interior demand for
merchandise based on dollar wheat
has told its tale in the distributing
markots.when the Increased demand for
goods begins to advance commercial
values, when our enormous cotton crop
reaches the stage Of marketing: and
When another 1nrge surplus Of exports
over Imports brings free importation
o. gold--theE we shall have the force OF
things seen IN place OF the hope OF
mNgs unseen, and Wall street will wit
ness such a harvest as It has not seen
Tor many years past. a few weeks
more win land US IN that stage of the
qrcat recovery which, however IL not
to he expected To exhaust the upward
tendency Of prices
HENRY ~ ,EVg