The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-01-23
FINANCIAL FACTS.
The Stock Market Shows High
Range OF Activity.
new ELEMENTS OF STRENGTH.
All the Distrust that has Excited the
Country for Years Past has Disap-
peared-owing to Sanguinc Feeling
that now Exists There is Little Pro-
liability that Speculation may run
Beyond Normal Limits.
Special Correspondence OF IntellIcencer.

NEW YORK. Jan. 21.-The stock mar
ket continues to show a high range ac-
tivlty, and, in spite OF the persistent
efforts OF room traders to break prices,
strength has been the preponderatlng
feature in nearly every class OF securl-
ties. This is more than has been cx-
pected In soiue quarters. There have
been, and still are. cautious people who
think that as rule prices have risen
pretty near TO the danger point: and
there are others who think that 1t true
OF a limited but important range OF
stocks. Some OF these have become SELL
ers and more have taken q waiting attl-
1ude, expecting and predicting a good
break In the market. This. however, has
not happened
The failure Of these expectations is
In some measure due to these Judgments
having been based upon experiences of
the sort OF market we have had for q
past number of years, lacking staying
power and being backed by u faltcring
and feeble outside" support. 1t Is not
to be overlooked, however, that the posi-
ton OF the market now includes ele-
ments OF Strength such as have not ex-
listed for many years. Rarely. In the ex-
perience of Wall street. have We wit
messed n situation SO strongly favoring
the buying OF securities. All the ele-
ments that have excited distrust for
years nave disappeared. and the couu-
try is universally believed to be enter
Ing upon an era of prosperity surpass-
Ing all former experience. These es:i-
mates OF national prosperity are not
mere dreams OF sangulne spectators
theS ore accepted by the soberest minds
and are demonstrated by an unbroken
array Of statistical evidence: and the
continued extraordinary earnings of the
railroads are conclusive proof of the
great activity of general trade. Beyond
!hese considerations 1t Is to be noted
mat an extraordinary amount OF funds,
representing the earnings of this pros-
2erity. Is continually accommodating in
wan street. and seeking employment
either In permanent Investment or trnn-
sent speculation. This element also eS-
ceeds al! precedent. We have thus n
wholly extraordinary accumulation OF
clements conducive to high prices for Sc
curitles.
This estimate OF the elements affect
ing the market is almost universally
admitted on the stock exchange. But
there are those who say: Admitting all
t!lis, It Is not to be forgotten that prices
nave already responded to these favor
able conditions and quotations are now
nigh enough and in some notable cases
too high" This mag be true. or 1t may
not. Much depends on the standard OF
judgment. II we have in view such
conditions as existed say In 1897 and
part Of 1898, this estimate Is not 10 be
questioned. Eut II our verdict Is TO be
based upon the conditions affecting val
ues at the present moment there is
Tuch less room for such n conclusion
1T the presence of the Notwithstanding.
confidence that now exists and of the ex-
uoeflat hopes that prevail on every
Hanc. operators are prepared TO form
expectations and 10 take risks which
they would decline unde: ordinary cir
cEnlSt1nces; and therefore il does 10,
follow that, because prices are as high
now. as they were az the top of the bull"
movement in the fall of 1897. they are
thtretore dangerously inflated and may
ou!st at any moment. 1t Il to be count
cd az certainty that. with the present
great abundance OF outside means in
The market and with the extraordinary
sanGu!ne tone OF feeling that exists
among operators great and snail, and
also with the assured prospective ease
IN money the high water mark OF 1899
VIII not correspond with that % am
year during. the last decade. With sucn
a slnSuire feeling as now exists there
Is little probability that speculation may
run beyond normal limits and prices
materially exceed intrinsic values. From
practical standpoint, the question il
not so much whether prices ought to 60
higher as whether, Under such 4 spirit
OF speculative citation as now exists.
they can be prevented from going high
en- This. 1t seems ID me, Is the real
question at the moment: and. while the
temper OF the market Is too Intangible
10 propheSy upon, | do not regard II as
ny no means impossible that the, exist
ing bull movement may py1ve per-
sistent enough to carry values mnrS.
points higher, especially in securities
which have received the least attention
before any Important reaction appears.
Wall street takes little notice of tho
apparent doubt whether the present SEN
ate Will rat!fy the treaty OF peace; for
thts sufficient reason that the new senate
would certainly do what the Democratic
element in the outgoing house may al
10" partisan feeling 10 prevent them
from doing. 1: Is quite certain that an
extra seEsion OF Congress will be called
Immediately after March TO ratify the
treaty II the present one fails In the dis
charge OF Its duty.
The prospects ofthe home money mar
ket are virtually conclusive in favor of
a continuance OF cnsF rates OF interest.
The European markets are working TO-
wards smoother condition. which is IN
dicatcdi7 the Bank OF England's -educ-
uon OF Its discount rate on Thursday
from to 3is per cent.
The official monthly statement O.. i'm
ports and exports shows that, in De-
cember, the exports of merchandise cy-
ccsded the imports by $50, i2G 900. which
IS BY far the largest monthly creditor
balance in the history of our foreign
trade. We have thus another large nd .
cltion to the balances due 10 America
resting in Europe and subject 10 our
call. What may be the present total of
those funds It Is not easy to saw: but II
seems quite possible that they NAV mn.
terially exceed current estimates The
official returns show that the exports
including specie. for the calendar wpar
1898. exceed the imports (also Inclusive
OF spccic) by S50i. 200. It Is hardly
possible to conceive that the uncertain
Items. outside this balance. such as
tho. net movement in securities, interest
payments, travellers credits, ocean
ircights. etc. etc. can exceed half that
sum, from which may be inferred tho
magnitude CT the true balance due II.
from other countries.
HENRY CLEWS.