The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-07-03
FINANCIAL FACTS.
Stock Market Has Had an Improv.
ing Tendency.
THE RAILROADS A BIG FACTOR
In the operations-some Great Con-
solicitations Wool Market Strong
With au Upward Movement in
Prices-The Harvest of Dividends.

PFices-The Harvest OF Dividends.
Special Correspondence Of IntellIEencar.
NEW YORK. July 1.-The reported
deal between the New York Central
people and the managers of the Boston
& Albany was In the main n surprise to
the market, but produced only tenn
porary effect on prices. The slgnih-
canoe of the transaction is somewhat
Of a mystery; and the fact that its
meaning is only guessed at neutrallzes
its effect on values. The unprecedented
length of the lease, $50 years, and the
guaranteeing Of per cent dividends on
the stock for that period, excite consld-
cradle comment; and It is not easy to
conceive what reasons may have led to
these extraordinary conditions. Among
railroad capitalists, the deal excItes
the less surprise, because the opinion
hos been gaining ground that there is
no real remedy for destructive compe-
tition among the roads except through
a series OF consultations that will
create series Of amalgamated groups
out Of the several lines connecting the
Atlantic seaboard with the west. Dis
cusslon of this question has developed
into general plan Of provincial teder-
alton of roads, embracIngjon the one
hand the Erie, Delaware & Lackawan-
M and the Delaware & Hudson in al
lance with the New York Central; and.
on the other hand, an alliance Of the
Lehigh Valley & Reading companies in
conjunction with the Pennsylvania
Company; while the Baltimore & Ohio
might unite It's interests with the
southern combination Of roads. These
cancellations are not expected to be
early achievements, nor to be prema-
turely forced, but to wait for cOnve-
nlent conditions for their consumma-
ton. But the scheme has gained such
Arm position In the conviction Of rail-
road men, that It Is very naturally rea-
soned that Mr.. w. K VanderbIlt's re-
ported acquisition is first step in this
direction, its object being to bring one
Of the principal New England lines into
harmonious cooperation with the New
York Central. There appears to be
some reason to suppose that a similar
arrangement Is under contemplation as
between the Vanderbilt roads and New
York, New Haven & Hartford: which
receives some pluusIbility from the
supposed achievement effected in con-
nection with the Boston & Albany.
These are symptoms of new drift
In the railroad interest which cannot
but attract attention. They are streaks
Of light upon the horizon of vast In
Vestment interest which has been long
beclouded by adverse conditions that
have stuhlIornly defied remedy. The
facts may not .have any immediate
conspicuous effect upon the stock mar
ket at large, but they Introduce n new
md very important fundamental factor
among the influences giving stability to
the trunk line securities and helping
their advance TO a foremost position
among our permanent Investments.
The stock market this week has
had an improving tendency with an
important increase Of commission buy
ing. the strength and activity being
mainly In the railroad properties. Sat
isfactory railroad earnings, more fav-
orable crop reports and the nearby pay
ments Of July dividends were the en-
couragIng features
London buying VAS also a factor on
the bull side, which was the means Of
reducing the sterling rate OF exchange
to point Indicating that gold exports
have about eliminated for the present
at least.
To the return of the senior Wander
bllt from Europe. whose influence was
at once exerted in advancing the pro-
perties Of their railroad system. is due
the credit of wrenching the market
from the hands OF the bear traders. The
advance and strength of those stocks
lead to the belief, referred to above,
that an important scheme OF connection
between the New York Central, the
Boston & Albany and the Fltchburg
roads is near at hand, from which New
York Central will derive great benefit.
While Northwest and Omaha may not
be taken In on the same basis at pres
ent, owing to the fact that they are
controlled by ownership OF a majority
OF the stock by the Vanderbilt family,
to all intents and purposes they are
under the control of New York Central,
and the same may be assumed as the
case with Union Pacific, thus giving
direct and permanent system Of trans
pOrtntion from the Atlantic to the Pa
ciiic under one centralized influence
and policy Of management. This means
a great deal in unfolding the various
securities Of the properties so repre-
sented, and the general market Mt the
same time is materially benefited in
tone thereby.
HENRY CI,EWS.