The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-02-07

PRorEMENT IN TILE RAILROAD
( SECURITIES = THE WOOL MAR
KET HOLDS FIRM. !.
NEW YORK, Feb. 5.--In Wall street,
affalrs still remain under the control OF
s.ballp sinnuencrs, The movement is
steady AMI the tone caafitirnt, but
there rs no over.sangu!ne enthusiasm
nor any attempt to force extreme prices
:lcns SEEM to be well distributed be-
tween the larger professional Operators
and an Intelligent class Ot outsiders,
who pretty well understand. what they
are doing, a:,tl are not given to visions
airy antlcipat!ons. The multitude OF
small operators vino cut . prominent
figure In. the summer and early fall
months, and by ths!r indiscriaIirate
buying helped to force up prices TO the
asgh figures OF September. were pretty
web cleared out by th. subsequent re.
action, and the!r place Is now illled
BY the people OF lager means and more
modern ideas: and hence there Is =
z generally healthy and safe condition
OF the speculative intereat ONE yea
ture OF the weeks business has been
/. some moderate selling OF foreign spec
llative account, mainly TO renilze prof.
It's on the recent advance. Some consc.
quen: yielding In prices. however.
Y brought out local buying, which caused
a quick recovery In prices. k3t
One notable phase Of the speculative
business Is the diversion OF operations
i from the indus,rials to the railroad
stocks. This IL the natural result OF the
great Improvement In railroad proper
ties within the last halt year. This
class OF Investments indeed are;in the
beginnings OF a general and perma-
uentS Improvement In their status,
which Is calculated to give them not
I. only higher but also more stable value.
The railroads are reaping the benefits
OF the great expansion OF trade that Is
naturally succeeding the four years OF
prostration OF, business. Those years
i have, brought them economy In man
agement and have introduced q lower
range of prices in all their expendi-
lures, except for wages. The check
upon competition. by the comparative
cessation of construction OF new road.
y has tended to put 4 restraint upon the
cutting OF rates; and the amalgamat!oE
OF q number o. competing lines into
Z large systems has had the same effect,
whilst It has materially helped to ccon-
Inize the expenses o. the management.
The several notable examples. within
the last twelve months Of railroads
: exchanging their outstanding bonds for
new consolidated Issues bearing 81 to
5 per cent Interest. have set UP pre-
cedent which is likely to be followed
by oil companies In fair credit; AID It
Is to be noted that the general fall In
the rate ,of interest has made these
operations the more easy, ard at the
rame time gives an Increased value to
dividend paying stocks. All this has
been foreseen by shrewd observers. but
/ It only now Is becoming apparent 10
the common eye: and Its effect is TO
create higher appreciation OF this
class OF securities. How much higher
these tendencies may be expected to
carry prices do not pretend 90 say:
i but tits very safe TO predict that from
this time forward railroad stocks will
have higher standing among invest-
ors, and that their future market value
will stand hlghe: than the standards
OF past years. This view IS one OF the
causes contributing to the present up
ward tendency OF prices, and Its effect
Is far from having yet been exhausted.
1t Is healthy symptom that intrinsic
considerations Ike the above are now
the main factors affecting the market.
Cuban affairs are not mentioned. The
Thtpaua rtfnafirn thonSh q
sitIve one with certain countries hold
ing our securities. occupies no atten-
tion. The position Of the money aues-
ton In Congress IS ignored: and the
Teller resolution has been viewed more
as a matter OF politics than OF finance;
all Of which shows the deep Interest
now taken In affairs connected with
the railroads.
Among the railroad stocks that are
now attracting special attention and
STRENGTHENING the tone OF the market
Z are Chicago & Rock Island, St. Paul,
New York Central, Union Pacific and
5 Great Northern preferred, each OF
which is developing strong bull fea-
lures. In Rock Island. interest Is re-
vived by the expectation that Its jan
uary net earnings Will Show "a large q
relative increase as lis gross. New
ork Central Is stronger on the a.sump-
ton that Its absorption OF the Lake
Shore road has now become virtual
certainty. and that the contemplated
deal with the Michigan Central Is sure
OF accomplishment i: Is understood
that the Vanderbilt interests have re-
Gently taken up about 5000 shares. In
Union Pacific, there has been free SELL
ing OF the preferred shares. by those
who have received them In :he CONVEX
sion OF the money receipts under the
syndicate arrangements: but al! the
securities o: this company show IN
usual activity. The preferred stock OF
the Great Northern has advanced free.
ly under active buying. based on the
generally favorable prospects of the
road and the expectation that It will
= pay per cent--the maximum dividend
that can be paid upon that issue OF
stock. Baltimore 6. Ohio has shown n
i decided revival OF activity and a
marked rising tendency. due 10 M I'M
Outstanding, that certain bankers are
examining the property with avlew to
3 proposing a plan OF reorganization.
EF HENRY. CLEWS.