The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1897-08-16
sreclal corresponaence.

NEW YORK, Aug. 1.-THE readera
Of our weekly advices will not need to be
reminded OF our continuously repeated
foreshadowlng OF a great upward move
ment in the market for securities, We
have now the realization OF our forecast
ings, and upon a scale surprising to even
the most sangulne observers, For the
last two weeks the transactions on the
exchange have exceeded in volume the
most active operations in the eighties.
and yet the movement is clearly only in
Its beginnings.
The market appears TO have come all
at once to a solid conviction that the re-
coyery predicted In both trade and
finance Is a positive reality and not the
mere hope OF sangulne Optimists; and
with this conviction comes In an entirely
new state OF things, In which the mark
ing-up OF all kinds OF securities becomes
inevitable One OF the most striking
features 0f this new situation Is the
breadth OF the buying movement Every
thing Is regarded as safe purchase; and
the consequence Is that from 100 TO $50
different securities are now dealt in on
InE GNEHunkt III kIE hthllt hag ANSN
certainly unparalleled In the history OF
Wall street speculatlons. This exhibit
tlon of breadth may perhaps be attrlb-
uted principally to the fact that since
1890, or chiefly during the great depres-
sion, the stock exchange has added no
less than 81, $50, 900 NJ new securities
TO its list exclusive OF the reissues OF old
which have amounted to $l,S65, 0OO,0O0).
This very large increase In the variety
and amount of securities subject to
handling Is deserving of attention. One
obvious effect is to AFFORD increased at
fractions TO both investors and speculn-
tors, The amount of investments now
represented on the New York stock ex-
change probably far exceeds that dealt
in on any bourse OF the world, possibly
excepting that OF London. Now that 1t
Is subject to great awakening OF inter-
est and to large recovery In values, this
market must make its influence felt as Il
never has before, and must appeal TO
foreign investors with an effest hitherto
unknown To move this great mass OF
securities, however, makes Il correspond
ingly increased demand upon floating
capital, whether for the purposes OF pur-
chase. or OF margins on speculative ac-
counts. II remains to be seen to what
extent such funds Will be forthcoming.
Upon that condition much must depend
as 10 the future course of the market.
Certainly, there must be some correspon-
dence between the amount OF means
available and the sum Of securities to be
moved In the present situation, that Is
especially true. For the case Is not one
in which some special or restricted set Of
securities are offering tempting induce
ments for purchase; It Is case in which
nearly everything on the exchange list
may be regarded as an exceptionally
profitable purchase. 1t Is. in this sense.
an opportunity for investment and spec
ulatlve profits such as never before oc-
CURED In the history OF the exchange,
whether we consider the breadth OF the
supply or the relative lowness Of prices.
in proportion as transactions are widely
dlfrused over the list, there will be less
intensity Of activity and forcing OF prices
on certain securities. That would tend
to moderate the upward movement. but
at the same time to prolong Il; and the
result would be that the maximum range
OF prices would be reached ut a later
stage. do not venture any prophecy on
this point. Yet the way in which tho
market Is now acting seems to indicate
tendency In this direction. The recent
frequent reallzings upon strong market
mean mainly that holders are transfer
ring their holdings from stocks which
have had satisfactory rise to others
which have had less: which IL Il sound
method Of operating, though II may not
be conducive to excltements or helpful TO
clIques Of professional operators. In any
case. Il Is best Tor all legitimate Interest
that this great mass Of improvements
should be lifted to the higher level 10
xosht4gt f4fa.s % 1ttaI q M
pure process. rather than through a
series Of violent spasms which disturb
confidence rather than confirm It.
The whole commercial and financial
drift OF the country Is moving parallel
With the recovery In the investment mar
kets. The railroad earnings tell the
whole story OF business revival. The In
terlor roads are showing Increases Of
earnings ranging from 8 to 20 per cent:
and yet the Improvement Is only In Its
beglnnlngs Some doubt has come over
the corn crop In certain sections; but the
wheat Yield may be safely calculated ut
bO0,0OO,OO0 bushels. The movement Of
Iron ore at the west Is unprecedented In
quantity; which shows what may be ex-
pected from the trade that serves az the
barometer for all other trades Interior
commercial buyers. who are ff1cking to
WIS NlAg III uNVINttNtIlNA UhlllNFlHt It,
port an encouraged feeling and sangulne
expectations for the fall trade in aft Sec
tons. City bankers report the country
correspondents as unusually confident
about the prospects OF business and az
DESTROYS OF making large arrangements
for accommodation for the next ak
months The foreign exchanges have
turned IN our favor, with the cxpocta-
lion, both in London and here. that q
season Of gold Imports Is about 10 set In |
which may make an important addition
20 our stock OF the yellow metal. Tho
Klondlke gold discoveries cast their
shadow before them in suggestions Of
further large additions 10 the worlds |
eiock Of gold and the consequent dis |
placement Of the deprecated money
metal that has 20 shaken confidence dur |
Ing recent years.
London's obstlnacy In holding alooi |
from buying our stocks viii prove a |
sorry thing for them. The market viii |
be- held up on this side until London !
becomes buyer on large scale. Lon |
don commenced 10 sell our stocks nt the |
time Of the Barring failure IN 1890. on The !
fear that We were going TO drift TO a |
silver basis. They have been hnrplng