The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-02-20
FINANCIAL FACTS.
Peculiar Position of the Market on
Wall Street.
NO One BELIEVES BAD NEWS
While Good News is Eagerly swnl.
Iowed-Easicr to Raise Prices than
Lower Them-At Present the Flu.
turc of the Market is Very Unccr-
tain = Excess Of Exports Over I'm.
ports.

ports.
Special Correspondence OF IntellIgcncer.
NEW YORK. Feb. 1S.-The stock
market Is in n peculiar position. Facts
have thus far been at the bottom OF
the upward movement, and In the opin-
ion OF not a few they have already been
fairly we'll discounted. At the same
zine these very facts have produced
such a change In public sentiment. that
It Is questionable whether the upward
movement has lost its momentum or
not. From extreme depression the pub
lie pendulum has swung 10 excessive
confidence. until nobody Is willing to
receive bad news: while good news is
eagerly, swallowed with little regard
10 its probability or accuracy. Every
body not only seems to want but EVIL
IDENTIFY believe in a high ranged market.
Many stocks and bonds are unquestion-
ably selling at fancy prices. which of
fer no Inducements to either the inves-
tor or the Spectator. Yet, in the pres
cnt temper Of the market, II is appar-
entity easlcrLto advance prices than to
lower them: and until money becomes
iirmer. earnings decrease, or unfavora-
bic developments OF some sort occur,
there Is little chance of any serious re-
action. Recently the market has been
strong chiefly in spots; and this appears
likely TO have been the rule for some
hn N.u oil
.rtCd their full effect: and hcnceforth
speculation will be guided principally
by Individual opinions and special cir
cumstuncos. It looks as II some OF the
old favorites will be gradually. with
drawn from the speculative arena, and
tn. newer issues from an undeveloped
future take their places. The Indus
trials are therefore making n strong
bid for public favor. AT present the
future OF the market Is rather uncertain.
Many stocks. we think, are about high
enough to let along. Some have been
neglected in the onward movement, and
there may be profit in a judicous selec-
ton among these Several could be
named that are much behind the mar
ket. Upon tie first indication OF really
unfavorable news there would I'M
doGbtsdly be free realizing; but of late
sentiment has orerruled facts, and we
look for no weakening of the situation
until a change occurs in these respects.
The intervention of two days holiday
and the interruption caused by the ex-
traord!Eary storm have somewhat cool
ed the speculative enthusiasm and af-
torded Wall street an opportunity for
reflection. which may not be without
advantage: the more so because the sit
uation in financia! affairs is an unpre-
ccdented one and imperfectly under
stood. Among lis numerous causes
are:
J. IN unparalleled abundance of capt.
'al seeking investment. after long per-
iod OF !die9css consequent upon distrust.
>. 4 large floating surplus Of business
earnings. which. for the time being, is
being enthusiastically devoted TO specu-
lltive uses.
:. Large amounts Of securities have
long been accumulated in the hands of
speculative capitalists, which they are
no~ Sticking 20 dispose Of TO the public.
!. Many new enterprises are seeking
capital. after waiting long fo". the op-
rortunity.
:. The large earnings Of the railroads
arc placing many OF them in what is ia
ken TO be Il permanent dIviderd-paying
position. =.
S. Financial. opinion has come to the
conclusion that. in The future. capital
must accep; lower rates OF interest.
which implies higher market for the
principal
:. Enormous amounts of corporate
and private industrial capital are being
consolidated in the expectation Of cut
ting down expenses and realizing larger
returns from the investments.
Never before has such combination
OF powerful influences occurred at the
same moment In this country. They are
real factors. and easy Of comprehension:
ana as they all have bullish tendency.
y IS not difficult TO conceive how they
have produced the very marked effects
on values that have occurred: nor Is ii
10 be supposed the effects accruing from
such influential causes will quickly dis
appear. The change In the tone Of the
luThet ms taken such a strong hold upon
up!h!on, mat nothing short of some I'M
t"Eeseen calamity could be expected to
!'ut prices back 10 the old time level It
~ more than possible that there may be
revision OF some of the more extreme
advances. The mood of some of the
IaTSe pera;ors Is tending In that dircc-
non ana all the more so because they
nave already made large realZations
aha would welcome an opportunity for
puying back at lower figures. There
~ however, one rather important elc-
infnt Which tends TO counterfeit that
ur'!t. | refer to the considerable mass
" iHealum and low grade stocks the
rs" on which has not been at all pro-
IpFuoncd 10 that which has occurred
upon the better grades. Perhaps these
H'Hur!tltS nave not yet been sufficiently
rented with the benefits accruing from
Sytta!h OF the Influences referred to
"oo'e' and II seems reasonable that the
.tuSeS which have led to such a great
appreciation In the Filt-cdSe Invest
mcnts should also he regarded as also
entering pro rata additional value
npoh Stocks Of inferior grade 1t Is 4
azure OF the great rise. however, that
mas favored the Investment securities
,alf"r ina Hthc speculative: and any eff
,pIt 10 manipulate the latter Is now
ha'iiiS 10 contend with n reactionary
tendency In the former. This produces.
.pt IN" moment. an uncertain and hesi-
tat'ng market. not encouraging to lndis-
,Fiminatory buying and long holdings.
w, rather to short turns, buying on tho
drops and realizing on moderate adj
vancsy
wall street is not Indifferent to tho
itnmcns" current creations OF crust"
ESTES. u Is felt TO be n movement or
hy Toioundest Importance: but opln-
.'nS about Its outcome vary according
=. Inc theorctic standpoint from which
'N' subject IL yicwed. For the mo-
10 Il 4