The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-01-17
4 Special s,L cor. r. .p,

PER1TY. I, 5tS
& Special Corresponds Is I'd (, X
\ VIEW YORK, Jan. 15.--DurIng the
past week, the course Of the stock mar
ket has followed the, direction fofeshad-
owed In our advices OF the sth Inst The
investment movement has been very ac-
tive, ana railroad bonds have n,ada fur
) ther advances. in which the dividend
& paying stocks have also participated.
Naturally, the movement in stocks has
ssynnPathized with the Improvement in,
bonds. The transactions reported on the
y stock exchange have averaged about
( $4,000 lghares, per day; and the tone Of
V business 10 distinctly ilrmer and prices
i have steadily risen. The outside element
10 bringing Into the market considerable
\ amounts; derived from dividends and In
Siterest payments, for translen. employ
9ment and altogether the feeling prepon--
derates strongly in favor OF a steady up
4 ward course OF values. For a time. this
prospect has to contend with realizing
by parties who were caught by the large
drop In prices during the fall; this, how
i ever. is only n transient incident, and
when it disappears prices will be more
s free TO respond to the pronounced bulllsha
sentiment. and more or less Of q boom
4 may be developed.
The foreign markets begin. to show a
turn In favor Of New York, not only IN
London but still mure at Amsterdam and
! Berlin, from which some important. buy
Ing orders have been received during the.
week. AT the moment, the. condition of
the foreign exchanges Is against Euro
i pean buying OF our securities. Large
\ amounts, aggregatlng probably not less
K than $40, 100000, are due to this country
\ by the European centres. which are per-
= m!tted to run for the sake Of the differ
ence between local and foreign rates OF
9 Interest a similar condition OF things
Il has existed for some months past; and
y this fact has natural tendency not only
4 70 check foreign buying OF our securities
but to induce reallzltions here.
On the one hand, United States TAX
ings OF European merchandise have been
diminished, md on the other, foreign
4 purchases Of or food products have
4 been very largely increased through
s short crops In nearly all the other supply
J countries. This has Inevitably brought,
home a considerable amount of our Sc
Z curlttes. and the drift may continue for
f some time longer; but this situation
Il seems to have. passed Its climax, and
ian increase In our imports. Of mer-
chandise-which was distinctly set In
2 we may expect to see some early abate-
inert OF the discouragementw which Euro
!, pean money:lenders have been systamat-
q 1cally showing to purchases Of, our secur-
Gities.HThe distinct growth in the force
of the sound money movement in this
country appears to be producing a re-
j covery Of confidence in our Investments
y across the Atlantic; but that factor Is
\ not likely to have any positive buying
& effect until the foreign exchanges have
q recovered their normal balance There
ssiss evidence enough, however, that We are
u quite. able to take care Of our own mar
seket and OF all the securities that may, be
4 sent here from Europe. The latter fac
#fluence In modifying the effect of bullish
tendencies. here. but 1t Is by M means
likely to wholly neutrallze those tanden-
8 cles; for; after all. the available floating
!. supply Of forelgn-held stocks and bonds
4 mustnow be approaching It's minimum.
The successful working out OF railroad
\ Reconstruction schemes is gradually
a eliminating those sources OF disturbance
q from the market. The improvelng earn
= ings OF the roads facilitate those settle
4 meHts and help to bring about better
= adjustments than IN some cases have
Il been expected. The improving position
3 or the Pacific roads has conspicuously
Y wholesome effect. The reorganization
committee of the Union Pacific has ob-
tanned controlling interest in the Ore
& gon. Short Line. which gives them con-
$trol also Of the Oregon Railroad & Navi-
4 gnuon Company. AS the Northern Pa
4 ciilc and the Great Northern Railway
4 also held large interest In the Oregon
/. Navigation Company. this arrangement
binds more closely the cooperation be-
tween this Important group Of transcon-
&tinental roads $50
Although there has been some falling
Z on In the forwarding OF whci:, the rail-!
4 roads still continue to show large In
! creases In their gross earnings.
twenty-five roads show a total OF So
14o,5H Of earnings against sl.S3sOl1 fhr
u rhe,saiTe Week Of 1897. giving an Increase
Eot 800, s23. or l6 per cent. The following
4 figures show the net Increase in earnings
'$of roads specified since July lst last, as
z compared with the previous year: ~
Atcheson ..................s 100000
81 chicago. Burlington & Quincy 1901, 900
81: Paul.. .................... $4,000
illinois Central. :. ............ 955, 900
Louisville & Nashville. ........ $4,000
S oregon Railway ............... 900
oregon Short Line .............. 225.OI0
Z Reading .... observation-disclosures. 32G. 900
ia.Wi anas ................... $4,000
lE Union PacIflc's net incrense sl.1h5.O 600