The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-06-27
BUSINES;sAEFAlRs.
pull stock Mnr,e., on Wall s,rsssi--A, Par,
tIai Collapse or speculati I've Operations

L /
Special Correspondence OF In,clilgoncer.
NEW YORK June s5.--Tbe past week
has been one OF almost unbroken dull
cess In the stock market. The process
OF realizing on tho part OF large opera
tors has finally resulted In n partial COL
lapse OF speculative operations. Those
operators are presumably prepared 10
buy into the market again Mt lower
range of!prlccs and have done their best
to depress values for that purpose; but
the market has proved too strong 10 re-,
epond to their efforts, and they are now
resorting to the policy OF wearying hold
Crs into selling by encouraging stag
nancy, ~ n n, I W K y "a
At the same time. the tone OF, the mar
ket has been somewhat impaired By tho
new internal revenue law. To the ordI.
nary outside operator, these charges are
n matter OF no great consequence. al.
though he, and not the dealer will have
10 pay the tax of 50 per 100 shares In
addition TO the ordinary commission. On
the room trader" however, the impost
falls with great severity. as in addition
10 that tax he will suffer still more so.
vcrely from the tax upon his constantly
changing cali loans. AS he operates
chiefly for fractional profits ana g con-
s,antly changing his holdings ithese
charges will constitute a very material
factor In his chances for profits and
therefore may seriously contract the
volume otthIs class OF operations. While
such .transactions do not contribute
much to. the regular commission firms,
set they serve some important functions
IN tho market. They keep business
alive in periods Of dullness; they serve
us q constant test and regulatory force
on prices and they sometimes afford a
market for stocks which. In their alb
sencc, It would be more difficult to find.
They serve the purposes Of ventilator,
eafety-valye, barometer and regulator:
all OF which services are highly useful
1n marke. subject to so many and con-,
stantly varying Influences. At present,
the anxious question among these oper-
ators Is. what can be done to mitigate
the severity OF these taxes? Some way
OF relief will probably be- discovered;
but. at present. the outlook appears dis
couraging and the market suffers from
this cause. 4, Z 4, a
The depressed tone OF the market has
also been encouraged by, the Letter
wheat collapse, which. owing to his I'M
mense. dealings taking in all Important
markets. unsettled all the commercial
centres Of the world. Financial affairs
could not escape the effect Of such influ-
ences,' especially as many who were In
terested In securities were involved in
Mr.. Letters speculatlons. 1t was not
surprising therefore that. with the great
fall in wheat, the securities market
should have been In some measure dis
turbed, Notwithstanding the conditions
favorlng- the bull side OF the situation.
So far as respects the Letter disaster, a
pretty thorough readjustment appears
to have been effected. therefore think
1t now safe to commence buying again
on the weak spots for another advance,
which Is likely to be inaugurated early
IN July and stimulated by the large dis
OursementS OF dividend and interest
money that will be made on the first OF
the month. The aggregate amount will
considerably exceed $l00, 600 900, and Will
undoubtedly, prove the largest semi
annual corporation profits payment OF
record. This certainly has meaning
and represents prosperous present and
hopeful future In business circles. Such
a showing, together with the forthcom-
ing expected victory by our army upon
@ par with the brilliant achievements
OF our navy. cannot but have a revlvIng
effect on securities. The continued good
crop prospects and our magnificent I'M
precedented &c eign trade position,
makes a Measuring and bright outlook
for the:railroads and industrial corpora
tons. No better evidence Of this can be
found than the declaration OF not only
the regular dividends, but also OF many
extra ones on the part OF corporations.
Another buying movement Will be the
natural outcome OF these conditions as
we APPROACH the first OF July-the chief
semi-annual interest and dividend pay-
Ing period.
The professional operators OF late have
Enthusiastically been engaged In depress-
ing prices for the purpose of first lead
ing up and then starting this July bull
campaign. i; y FL
One of the hopeful features OF the Sit
uation consists In the many evidences
that men OF business are overcoming the
commercial timidity exci;ad by. the out
break OF tie war and Prosecuting their
operations with the same confidence as
II we were at peac.. AS evidence Of
this, on Thursday, more interest was
taken In the college boat race than In
the impending battle. Within ten days
loan OF 5000, 900 h1s been introduced
and the reconstruction scheme OF the
Baltimore G. Ohio railroad has been
launched. Notwithstanding the current
negotiation OLA government loan Of
$500. 100000. These facts show unmLs-
takably what is the. estimate OF bankers
who should be the hest Judges in such;
Iatters-as to the stability and healthi-
ness OF the financial situation. These
evidences Of confidence will beget fur
I Their confidence: and 1t will become more
and more evident that the war interrupt
lion TO the great revival which set In
during the last half OF 1897 Is but mo-
mentary halt and will have5no perma-
nent influence In checking .he process
OF recovery from the silver denural!Za-
ton OF previous years. Indeed. costly
as the war Is, likely to prove. 1t Is al
ready foreeeen that-it Is destined to lay
the basis for a great national revival
which will far more than compensate
for these temporary outlays.2igf can
never injure a young and vigorous ma
tion., resting on Its past and ncglectful
Of Its future, 20 sustain sharp shaking
up such as foreign war Is apt to An
i!ict Such an event starts inquiry as
TO what arc the rational resources, what
use has been made of them, what has
been neglected and what IS within
reach. This sort OF national survey has
revealed 10 us a waySto new openings for
our commerce:it has discovered to us
: our rank and standing, among the ma
tons. and surprised US by Its demonstrate
Ton OF our power to command the defer
ence and respect OF the worlds greatest
powers. 1t has uncovered.to us great
er future In the worlds competition for