The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-02-14
THE WOOL MARKET.


past week. the stock market has
shown no new aspects Of Importance.
The main feature seems to be a con-
test for the maintenance OF the recen.
fresh advance In prices. Values have
, reached a point closely approximatIng
the high range OF prices established i've
months ago and from which. there &C.
! CURED very large decline. 1t Is per-
haps not unnatural that, at such a
stage, there should be those who, seas-
onIng on general principles, begin TO
y ask-if prices fell ten to twelve points
!, from this level III September and octo-
Der, why should there not be some re-
action now? On this sort OF reasoning
some OF the more pessimistically dis.
: posed operators are Venturing TO sell In
\ a tentative sort OF way. Their sales
I produce a temporary effect upon prices;
Fl but, at a slight concession, buyers are
ready 10 take such offers with consd-
J; cradle avidity. II begins to dawn up
4 on these bcarishly inclined operators
shat general principles" admit OF ex-
4 ccptions; and the exceptional facts In
this present case are not difficult to
discover. The great break Of last fall
i was due less to the elevation OF prices
y than to certain speculative conditions.
The market was then flooded with
small operators who were using their
accumulated profits for margins, and
some large spectators were accumua-
ting lines OF stocks in excess OF their
supposed ability to carry them. These
conditions created danger IN the mo.
ney marke. so real and important that
the Wall street banks felt compelled to
discriminate In a way calculated to stay
those evils: and this intervention was
Z the immediate cause Of the break down
in the fall speculation. At the same
time. there was then very active In
terror demand for money. and the bank
reserves were rapidly falling, whilst. In
some quarters. the great Union Pacific
settlement was anticipated with some
: timidity. Also the Improvement In the
earnings OF the railroads was then
matter OF only two or three months ex-
I, perience and therefore not certain OF
being permanent.
Such we're the conditions OF the fall
marlset: what are the conditions now?
The class of weaker. operators have
Il been succeeded BIZ persons OF large:.
3 means and better judgment OF condi-
lions and about whose ability to protect
themselves there are no misSivings. in
Z place OF the uncertainties OF the fall
money market, there Is now an extra
& ordinary plethora of money, not only
+ here, but also at the interior centres.
which brings hither orders for securit-
les. on both speculative and Investment
account, from the larger cities. The
{ Union Pacific settlement has ceased 10
3 be a 5bugbear: and there Is nothing to
disturb the confidence of the banks in
stock exchange loans. The advance OF
New York and other cities to European
i money markets are estimated 10 be
! certainly not less than $4,000, 900; which
assures the maintenance Of ease in
: money q long time ahead and suggests
"a reasonable probability that we may
this year escape our usual spring c1-
. ports OF gold and possibly import some
y between now and midsummer. Since the
fall break In prices. we have had four
months OF railroad earnings. conhrma-
tory of the prospects OF permanent
Z large recovery In railroad finances.
4 which few months ago could be only
; a matter of hope. Also, the change in
international politics has been for the
4 better. In the fall. there were appre-
Z tensions that the Cuban situation
1 might develop into serious relations be-
tween this country and SPAIN; LATER
) the Presidents reiterated assurances
seem to leave no doubt that the admin
Il istration IS bent upon the maintenance
Z OF peace, IL possible. This great con-
trast of conditions, as compared with
4 four or five months ago, Is SO complete
as to suggest that the present situation
q is not one for ::ie application OF gen
Z eral principles" but rather one for the
application of the rule that "circum-
{ stances alter cases" Conditions such as
these cannot but appeal to the specula-
tive spirit; and taking the existing
status as whole and making reason
y able allowances for the future promis,
OF the business OF the country at large.
II seems reasonable to conclude that a
situation OF affairs more encouraging to
z stock exchange interests has rarely
been presented.
Last week, we noted the favorable cf-
feet upon railroad properties Of a series
OF amalgamatlons and financial recon-
structions connected with certain conf.
panies. These operations indicate a
tendency which may easily spread. and
4 with much advantage to the finances OF
j tho companies so handled. There are
few things SO much needed In conncc-
: tion with railroad finance as the ANAL
gamation Of adjacent or connecting
roads and the readjustmcnt OF their
Z debts at lower rates OF interest The
3 effect must be not only to diminish tho
q costs OF management, but to unity In
terests which have been more or less
rNpAfotfpr nj % 70 Tim fanJ 1.tIl
favor the avoidance Of the cutting OF
rates which has 60 long been the bane
Z OF railroad business. This week. VIC
Y have to note another deal OF this char
y acter. Arrangements are under way
by which the Lake Erie &; Western Is
expected TO make some important new
connections. It is contemplated 10 cE-
tend the line eastward from Akron to n
point at which 1t will connect with n
,5new line which Is to be built westward
x by the. Buffalo. Rochester & Pittsburgh
Railway from Its system In the Clear
5 field coal region, which Is a point OF
importance in the coal and coke coun-
try. This new system will get Its east
ern outlet over the Buffalo. Rochester
II & Pittsburgh, the Beach Creek and
the Reading lines. Connections with
the Carnegie lines will also be estab-
lished. The new line VIII be an extern
4 sion Of the Northern Ohio Division.
\ which from having been q huvthcn up
Il on the Lake Erie & Western should
now become valuable property. The
length of road to be built is about one
4 hundred and eighty mites. and the cons
NJ templated cost $4,000. 900
Thep osition OF the China question
has changed IN n direction that BODIES
K advantage TO our financial markets.
though Wall street does not at present
u attach any Ereat weight to the fact