The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-06-13
u COURSE or THE


STUSh DaRhEI. N5S9C}f IN VS.
Special Correspondence OF Intoillgencer.
NEW YORK, June ll.-stock ex-
change interests are In transitional
state. As Indicated In our advices OF a
week nso, the lasger operators have
lately been doing considerable In the, /
way Of realizing of profits on the
standard stocks; and that process
seems 10 have now reached Its results
IN generally lower range OF prices for
that grade OF securities. The fancy
and lower grade of stocks, however,
which have received little attention and
stood at relatively low prices during tho
manipulation OF the better class, are \
now coming In for thclrsturn In the
game and are being actively dealt in,
with some considerable advances. This
IS common routine In Wall street
campaigns. and the only question In
this instance is-how long this move
,neut In the cheap list may continue
and how far thelr prices will be further
advanced? We do not care to venture
upon predictions on either of these
points; but at the moment this particu-
lar branch OF the speculative movement
Is decidedly buoVcnt.
1t may prove to be OF some import
ance that relatively high .ange OF
prices Is being reached at the time
when operators are contemplating thelr
summer vacation and when speculative
accounts ore opt to be closed for two or
three months. Ordinarily,ia high range
Of prices at this stage of the wear. would
be apt to be conducive to realizing and
some reaction In prices. But present
conditions are not entirely ordinary.
The bull" feeling still runs high, the
market Is fundamentally strong, and 1t
Is sustained by an expectation OF q SER
les OF successes by our army and navy
that will bring the great boon OF peace
at q comparatively early day. The
drift OF the war chimes In with the
preponderant 'bull't sentiment: and
the two forces working together may
easily keep up the activity OF the
stock market through the summer
months.
The hfgh-prlced stocks which for
some time past have led the upward
movement have risen beyond q range to
make them inviting to buy for an addi-
tIonal 'up-turn. There Is no disgusting
the fact that many OF the large opera
tors through whose efforts prices have
recently been advanced. have sold out
and are now more Interested in making
lower prices than higher ones, to en-
able them to load up again. The incen-
tive fo- selling was mainly the revival
o, the silver question It Is regarded as
q menace to the business situation. and
Is being used as "a prete1t TO mark
down the prices OF stocks. Appear
ances Indicate waverlng prices before
the market again gets into q position,
which will form n basis for another
upward whirl. The increase OF silver
money or its equivalent to the extent OF
a,000.600 at n time. when money is be-
ing required to so great an extent for
war purposes, Is matter IL, Itself OF no
very serious moment excepting for the
ridiculous feature in connection there
wi.h-the idea OF calling 1t so much pro-
fit for the treasury, when as a matter OF
fact the government stands rs having
made q loss OF over SS0,o0o,000 in the
depreciation from the average price at
which the silver was bought and the
present market. price OF silver bullion;
still, Congress is .legislating on the ba-
sis that the government will realize a
profit Of s42.000000. ~
The prospect OF an early issue OF war
bonds, does not escape the attention of
operators; but It excites no misSivlngs
Us TO the course OF the stock market.
With such an extraordinary accumu!a-
ton OF money in the banks. the pay
tnents for the bonds are not likely to
perceptibly affect the case In the loan
market. The treasury may be trusted
not to lock up the proceeds OF Its bor-
rowing: but, as usual under like inego-,
tlat!ons, 1t will deposit the receipts In
the National banks, until they need to
be drawn against In the ordinary course
o! the governments disbursements; and
thus rte currency Will maintain its
normal activity OF movement Nor Is
the creation OF a large sum OF new In
vestments likely to have any serious ef-
feet upon the prices OF stocks. A con-
siderable portion of the new loan ap-
pears likely to go to other countries:
and those taken at home will 60 to
financial institutions and to: Il class OF
investors who are not accustomed to
Put their means into corporate stocks.
It Is quite likely that the large offers
for the bonds and the relatively high
I.!ces they Will bring may strengthen
the financial markets at large. 81
The course OF events at the theatre OF.
war gives steady accession OF strength
to financial Interests in all departments.
II IS now evident that military and ma
Val 0uGrnf tppg n 10 hn cnripctn1
O method andt scale calculated 10
bring about the earliest possible end to
the war. In a comparatively few days,
We shall have a military force in Cuba
end Porto Rico OF 100000 well armed.
vigorous and enthusiastic men. These
forces. backed by the best vessels OF
our fleet will soon measure their
strength with the poorly fed, poorly.
equipped and imperfectly' trained forces
OIL Spain. The result cannot be doubt
.ul Already, Cervera's feet has been
deprived OF its power. and the bland
our navy through the Involuntary
transfer OF his vessels. The powerful
system OF Notifications at Santiago de
Cuba Is nearly already in ouc. hands, to.
serve as a basis of operntionsf against
lne rear OF Havana, In conjunction
WITH the guerilla forces OF the insur-
gents. In this part OF the war pro-
eFamme also there seems to be no rea-,
son 10 count upon the possibility OF our
failure. Unless Spain should prudent.
" prove willing to make a satisfactory,
ltaee In advance, the great struggle.
around the port and city OF Havana
VIII be the next step In the war pro-
Fiammc. II It should prove. as rumor-i
"a Mt this writing. that the Spaniards.
nave got three more war vessels Into
,aat port. that can have no threatening
Dofing on our operations OF attack. IT