The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-12-26

our ForctSn 4Ets1S-'ee eiHslaS fAPpaH-
cation for a Loan
s,eeIaI Correspondence Of Intclligeneer,
NEW YORK. Dec. 24.-The stock
market displayed more than expected
strength throughout the week. Pro-
fesstonais made several attempts to
force a reaction, but failed. ana those
who had sold expecting to repurchase
in lower market were disappointed
The reasons for the present strength
of the market are plain. They arc
based upon the great changes In the
ananaal, industrial and mercantile
branches which have developed during
The last few years. Confidence in the
future Is universal. These conditions
which are already familiar. were first
recognized bV the large holders OF Sc
curltIes and shrewd buyers. Finally
me great outside public has become Inn
pressed with these beliefs. and Is buy
ing with more or less determination.
SPECULATION Is consequently increasing,
and at rapid rate, but the danger
noInt Is not vet in sight. New buyers
IA a rule have ample margins, and their
success has not been sufficient to tn-
toxicnte them. although caution Is nee
essary, An unusual amount OF stocks
nrd bonds have been paid for outright;
so that the floating supply Is steadily
diminishing, while no new capital crea-
tions OF Importance have thus far been
reported; the industrials which nave
been Aoated not being strictly classed
as new enterprises
AS for the future OF the market, It is
exceptionally promising. and Its course
cannot be calculated by ordinary prece-
dents. Everybody desires reaction
either to test values or to buy back
stocks which they have lost Such De.
sires do not seem likely TO be gratlhed
so IA. as the general market Is con-
cerned; though 1t Is quite likely that
overtrading Will soon produce weak
spots. Confidence In the general mar
ket is based upon tWo important rae
tors-increasing railroad prosperity and
ensy money. Increased earnings inevi-
tably exercise an Important effect upon
the value nf securities whose dividends
and interest have hitherto been a mat
ter OF doubt. when non-dividend pay
ing stocks Join the ranks Of dividend
payers speculation Is inevitable; while
high-class 5 and per cent securities
1--we risen to about 4 per cent basis,
because of cheap money. There IS no
prospect Of any serious disturbance OF
money rates for some time to come.
Any strIngency here would quickly
draw large sums from abroad in settle
ment OF Europe's indebtedness Rates
are not only low IN New York. but at
Chicago and all interior centres; indl-
eating universal abundance seeking
employment.
The difficulty in finding satisfactory
opportunities for capital is one Of the
problems OF the day. AS railroad con-
structlon offers but limited field, the
chief outlet appears to be In industrial
development and an expansion OF our
f5reiun trade; particularly In the export
Of manufactured articles. American
canltnl must seek new ventures abroad,
and keep pace with our most oppoFtnne
political expansion, In this connection
the attempt OF foreign nations to place
loans here Is especially significant.
RugsIa's success, however, In her nego-
tfation Is somewhat probiemRttcal, as
ous people have had little experience on
SO large a scale as proposed in foreign
government loans; but the fact that
Russia has come to this market Is proof
nevertheless of the position we now
occupy in the estimation OF the world.
New York is pre- eminently the empor-
iurn city or the Western hemisphere,
and always viii be to the United States
what London Is to Great Britain and
Paris to France. London and New
York are now the worlds two greatest
financial centers and security markets.
That It will not be long, venture the
prediction, before the bonds and stocks
Of many foreign nations, including gov
eminent issues, will be actively dealt
in at the New York Stock Exchange.
tf1ereby making 1t recognized worlds
market.
The United States National banks
holding Pacific railroad bonds, known
as currency skies, which become due
January /, 1890, and upon which their
circulation and government deposits
are based. should at once take other Sc
curitles for re-investment as the
amount maturing CSl2,Sl3,56O) Of which
the banks hold largely, will cause q
heavy demand for United States gov
ernment bonds. and. with prices now
strongly advancing for the best class.
the need for action is imperative. The
present condition OF affairs has very
encouraging features. This country is
the worlds creditor. and the large ball
Rnces 10 be paid IN must be invested
here. giving strong support to the bond
market. Universal confidence In in
creaslng prosperity Is drawing vast
sums from idle deposits into active and
profitable channels OF trade, which VIII
give better employment for the banks
funds. The expansion OF the country
will call for enormous capital In new
commercial enterprises. puicRening the
exchanges and broadening the possible
files of the banks, and, Judging from
the right settlement OF every financial
question THIS far, the coming subject
Of currency reform and the future Of
the banking system will receive wise
and liberal legislation.
The recent advance In wheat and the
ton cent higher price Of corn at the
present time over the corresponding
date of last year is n strong bull argu-
ment for the stock market High prices
for cereals make capitalists in the west.
while low prices for them make Popu-
lists instead.