The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-03-20
FINANCIAL FACTS.
Another Week Of Irregular Prices
on Wall Street.
THE SPECULATIVE FEATURES
orthc Market Lack Some Important
Elements of Strength : The Bears
Wearing out Their Opponents.
Little Ground for Expecting Anoth.
or Sustained Upward Movement.
Government Returns for February.

or Sustulheu SpNuru hoNciHcnt.
Government Returns for February.
t
Special Correspondence Of Intelllsencer.
NEW YORK. March 1s.-with some
exceptions Wall street has had another
week OF comparative dullness and irreg-
ularlty in prices; and, in many respects.
1, has perhaps been less satisfactory to
the bears than to the bulls. So for as
respects speculative organization. ex-
cep;!ng in a few sepcialties, the bull
side lacks some important elements OF
strength. It Is for the time being
without spirited leaders.ssA large num-
Der OF that class, with their usual sa-
gaclty. have some time since unloaded;
and the present holders of their stocks
are principally the more sanguine and
less experienced operators.who are un-
willing to sell on n weakened market,
and too readily yield to whatever symp-
toms may seem to suggest. some possi-
billy of an improvemelt%in values.
They set their selling figures n little
above the market, In the<hope that
their price may be reached In some
lucky squirt; and when prices go down
they refuse to believe the drop will
prove permanent. Thus they fail to get
rid o. their unpromising load. On the
other side are the acute and experi-
enced professional bears. who know how
10 adapt their attacks to the situation.
At the present moment, 1t Is not their
policy to attack In force; they prefer to
wear out their opponents by harasslng
guerilla tactics: prepared Ito put out
their strength when they have dlspirit-
ed the enemy, and maze them tfmid.
This Is a rather slow process OF war
fare, but 1t usually proves effective. Elk
perienced opeators above all keep In
mind two fixed principles in-specula-
ton: first, that when prices have reach
ed high level, there should be no hes
itatIon to realize, and II there are a
good many sangulne novlceS who are
thinking that the bull forces will carry
the market still higher. the reasons for
selling are all the better; and. second.
that. when this realizing has taken ef-
feet there Is an end to successful bull
Ing until prices have fallen to level
at which they will appear cheap in
the eyes OF the speculative interest. The
stock market can only follow the d.
recttou given to 1t by the larger and
more experienced operators, and when
that class have exchanged their securi-
ties for cash. those who have assumed
their responsibilities must face the
tender mercies OF the bruins as best
they may.
The plain conclusion from all this Is
that. Judging from the common run OF
experience, there is little ground for ex-
pect!ng another sustained upward turn
Of prices until there has been some
downward recction:: the logic Of which
Is that the present is 4 better time for
realizing than for buying. At the same
time, there is no very apparent reason
for expecting any immediate important
drop. There are so many encouraging
factors in the general business situation
that. although these factors may not
Justify buying under existing specula-
I've situation, yet they may be expected
to induce holders with good backing to
cling to their stocks Pertinaciously.
That sort OF clingi1s amounts to quite
an important resistance to any decl!n-
Ing tendency, and there is no saying
bow long it may defer the fail in prices
that on ordinary principles may be ex-
pected TO occur before there can be any
we'll sustained effort to start UP another
bull campaign all along the line.
There are. however, some minor inf!u-
eaces which may be expected to, in
some measure, encourage selling. The
money market Is momentarily stiffened
through unusual causes, including the
large transfers OF funds connected with
the Chicago & Alton deal. which has
Put up the rate OF interest to 4G5 per
cent during the week. This special fac
tor. OF course. vii soon lose its effect;
but In two weeks more another Intrusion
may be expected in connection with the
Withdrawals OF money to the country
for the annual April settlements. This
Is factor which must be credited with
some deterrlng effect for the next three
weeks. Also. the immense creations Of
new trust" organizations may prove
TO have some Influence at the chief
money center. Among the owners OF
the hundreds of millions Of Industrial
capital thus being reorganized. there
must be some who will be diverted
from participating in the ordinary oper-
atoms OF Wall street. and there may be
Others VINO find 1t convenient. under
thsse conditions, to convert their In
vestments irto cash. In any event, as
II appears to be general with these or
gaaizations to provide themselves with
very liberia! working capitals. 1t be-
comes question whether money may
not be withdrawn from this center 10
me local banks, which, in various parts
o. the country. will do 4 part OF the
financing for the trusts.
Thursdays experience, however.
SHOWS that, Notwithstanding such facts
and forces as above referred to, there
may occur such spurts Of activity which
reveal 4 remarkable underlying conf
deAce and strength. Fenturoils leaders
0: speculation have ventured 10 test the
elasticity OF the industrials. andTinding
an encouraging response and ut the
same time an exposed short interest"
interest. they were able TO force an
ADVANCE OF % points In American Su-
gar. The squirt impaired better feel
ing TO the railroad list, and advanced
Prices 4 to l point on tho more active
Stocks. The days operations were Z
ssttoFy for the bulls. which is likely
70 make the bears more prudent. 1t
remains TO be seen how far this revival
may run. see at present no reason to
regard 1t as anything more than a tenn
pGFaTy variation from the direct line
e. descent to which the market seems
destined. There may quite probably
W other like oscillations before the
teN"ral market adjusts itself to the
sdnporary changed condition OF the
money situation. 275i
:. The government trade returns for
february again show n large excess
p expOrts over inports tho SURPLUS be-