The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-03-27
FINANCIAL FACTS.
Affairs in Wall Street Erratic and
NJ Irregular.
THE ELEMENTS OfEXCIIEHENT
Have Conferred Around Industrial
stocks-Bold Operations in These
Lines Have had n Paralyzing Effect
on the Railroad List Confidence in
tho Market Slightly Impaired.
Henry Ciews OIL tho So-cnficd
Trusts.

Special Correspondence Of Intelligencer,
NEW YORK, March 25.-Affa!rs in
Wall street continue 10 drift along in a
somewhat errat!c and irregular man
ner. though on the whole more active
than during the last few weeks. The
elements of excitement on the stock
exchange have centered around the in
dustrials, certain of which have 1uctu-
ated wildly and from reasons about
which there Is little agreement OF opin-
ion. As to American Sugar, in which
the transactions and fluctuations have
been most extreme, there appears TO be
: little doubt that negotiations have been
at least attempted for encctlng a pa
ellie understanding between the trust
and Its new competitors. The rumors
about those intercaanges OF views have
been used for stimulating buying and
frightening large Short" interest IN
10 covering; but. as yet, nothing APP
pears to DO definitely known as to the
- 1S'NtiSta tVb"tch lIlc rCUIIlphll1lH
interests, either present or prospective.
Equally, the rumor Of n consolidation
Between the Sugar and the Glucose
trusts seems to have been pure inyen-
tion Tor stimulating speculation In the
STOCKS OF those properties. These bold
operations In three or four industrials
nave paralyzirg tendency upon the
railroad list and have generally IMPAIR
ed confidence throughout the market.
Al the moment, however, 1t appears as
though this hctional excitement had
about exhausted its force; the margin
or fluctuations In the prices OF the In
dnstrial specialties 10 narrowing and at
tenuon is again turning towards the
more stable class Of securities. These
demoratizations, however. have intro
duced a feeling OF caution over the
whole list, for the operations have
shown that the "fast-rider" class Of op-
orators, who foster the e1travagances
/ so easily got up In connection with the
1ndustrials, are becoming more and
more force In the market and are
therefore more and more an element of
uncertainty in more legitimate opera
lions. The railroad list begins to attract
renewed attention. The severe storms
OF February produced contraction OF
earnings In that month which has con-
tributed to the disposition to sell these
securities for some time apparent: but
the distractions OF the February traffic
have increased the earnings for the
current month. with the effect Of stiff
fentug the market for this class Of In
vestments.
Considerable money has come to New
York from neghboring cities in the last
few days and been put out on time
loans. This has eased up call money to
some extent, which has had the effect
OF making holders Of stocks more tena
cious In clinaing to them; therefore,
corced sales have been less frequent, in
consequence, than during last week.
Io-day's bank statement. however, Is
likely to be unfavorable again, and the
TWO following ones will show but little
improvement, from all indications, This
VIII doubtless cause, meanwhile, the
same caution which has existed during
the present month. Specialtles. howev-
er. like sugar and the other industrials,
have moved up vigorously, irrespective
OF money conditions.
There is a great deal OF current dis
cussion about the so-called trusts now
SO rapidly being formed. The name OF
these industrlals would be more appro-
pirate II called trade combinations. as
they are really not trusts. The prepon-
ferarce OF argument seems to be, as
far as publicity is given thereto, raid
against them. It IS not, therefore, in
appropriate 10 set forth many points In
their favor.
To state the case of these combina-
tions In plain and simple terms. the OBJ
ject sought to be attained Is to put va
rious interests belonging to different
parties together so as to form large
concern represented b. stock capital
without personal liability. having in
view reduction in expenses, greater
efficiency, and production on q larger
Scale, and the realization OF greater
profits without advancing prices. When
4 Humbe. OF small individual plants are
thus united for a common object under
efficient official management the ex-
Denses are materially cut down. With
the increased capital which this method
admits OF better machinery IS secured,
with better results In meeting foreign
competition. which adds largely TO this
countrys exports. In this way this
country has, during the past ten years,
increased Its ability to compete success
fully with Great Britain and othe. Eu-
ropean countries: thus. In the seven