The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-02-27
IT AMOUNTS TO sTUBBORNESS.
No Symptoms Of aIisgiyins Owing to
the High Range ofPrices wo arc
Entering Upon an Appreciable Alb
atcmcnt OF the Extraordinary Sur.
plus orExports orcrfImports that
has Prevailed for SO Long.


Special Correspondence OF ,lntelllgencer.
NEW. YORK, Feb. e5.-Wall street
F.lll retains the extraordinary exhibit
ton OF strength developed with the
opening of the new year. The strength
indeed amounts to a positive stubborn
ness otyholdlng: and 1t applies equally
TO nearly the whole list. The extensive
realizing OF two or three weeks ago has
left no signs OF weakening in its
wake: the stocks then sold appear to
have passed into hands capable OF hold
Ing them through the ups and downs
in prices; and those who were then SELL
ers have again become holders. and, as
such. are contributing TO the general
strength OF the market. Indeed, 1t Is
safe 10 say that never in the history OF
Wall street has there been. such evil
dence OF the ability of operators to car
ry large lines OF stocks and to hold
them with unwavering firmness. The
pess!mists have no place In the strug-
giles Of the market. nor do they appear
10 have any expectation that their op-
portunity will soon put In an appear
ance: they can scarcely find pretense
on which to summon courage to SELL
and have to be satisfied with the merest
crumbs OF profit.
Such tirmness at the present unusual
ly high range OF prices might very nat
urally be expected to give rise to some
misgivings and to some important rea-
LIKING by the more cautious class OF
operators. But there are no symptoms
OF any such feeling. No doubt there is,
among the more experienced. an expec-
tation that time for realizing lies
somewhere in the future; but nobody
seems TO think it near at hand; and
where sales are made 1t is mostly to re-
invest in some other stock which seems
to have better future. This extraor-
binary confidence Is lot remarkable in
view of the general prosperity OF bust
ness. the spirit of hopefulness that per-
vadeS every part of the country, the
plain evidence that great commercial
expansion Is in progress. the ease in
money. the continued increase in rail-
road earnings. and still more the entire
absence OF any factor calculated 10 cast
doubt upon the continuance of these
golden conditions.
It is true that some misgivings may
seem to be suggested BY the fact that
We shall soon have to remit s9O.O0O,0Oo
10 Spain on account Of the peace settle
ment. And il Is quite possible that this
operation, coming outside the ordi-
nary transactions of the exchanges,
may in some measure harden the local
rate OF Interest. And yet. 4for these ex-
traordinary times, this is n relatively
small matter. The available resources
for making the settlement Sare super
abundantly ample. Outside the gold
reserve. the treasury has IN available
cash balance In Its vaults OF $50. 900
ard SS6.0O0,000 on deposit with the ma
t!onal banks. There is thus ample
margin for the treasury avoiding any
demand upon It's repositories In this
city calculated to sensibly disturb the
loan market: and what It can do In that
matter 1t is quite likely to do. There is
in Europe. however. 4 still large out
standing floating Indebtedness due on
demand 10 the United States. \ slight
advance in the rate OF interest here
would make It a paying operation to
effect the S20.000.000 remittance through
bills drawn against these funds; in
which case thera would be no transfers
OF money in the operation, Spain COL
Letting her award from our European
debtors and the operation at this end
being confined TO transfers OF deposits,
with little or possibly no effect upon the
loaninS ability Of the New York banks.
This remittance to Spain therefore,
come when 1t mag. Is not likely to cause
any noteworthy disturbance of the
local money market.
AS was expected, European holders
OF our securities. not satisfied with
wholesale realizinSs at the high prices,
also simultaneously went Short" upon
them TO considerable extent. with the
consequence that. during this week.
they have had TO buy freely at New
York Tor their settlements. their pur-
chases on Thursday being about 10000
shares. 1t may take London some time
10 learn that the recent great advance
In prices here means permanently
higher range OF values than they have
been accustomed to. and it will there
fore not be surprising II they help to
sustain the market here by keeping
London ove-sold.
/. Begins to appear probable that We
are entering upon an appreciablc
abatement OF the extraordinary surplus
Of exports over imports that has pre-
vailed Tor the last eighteen months. The
imports are gaining upon the figures OF
several months past. The January fig
ures are about sl0.00O.000 below those OF
1898 and 1886 respectively: but they ex-
coed those % 1898 by s7.6OO.0OO and those
OF 1887 by $7,l0O.0o0 The exports for
January exceed those for the like
month in any previous year. being
s,,o9O,cO above those of 1895, the next
hisaest antecede1t year-but they fall
Sl5?OoOO0 below the average for De-
cember, November and October; which
is no more than Is due however. to the
VISUAL curtaiiment OF shipments after
me close OF the year. The January OK
cess OF merchandise exportsover imports
however, has fallen to the standard OF
one year ago. namely. $4,000. 900: which
IS '25.'OO,000 below the balance for De-
c.nher. se0,0o0.000 below November,
ssW0.QO0 less than October and sl4,4OO,-
gp9 over September. SIN. the January
p'iahce is at the rate OF 1856, 600, 900 per
aHhum. These facts Indicate that the
accumulation OF balances to our credit
q. Europe must have very much more
S i1n suiliced for offsetting the extraor-
Gihary return OF home securities since
the beginning of January: and It seems
reasonable TO Infer that the liquidation
we settlement with Spain must leave