The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-03-13
FACTS.
The Tone Of Wall Street Market
Irregular.
OPERATORS HAVE REALIZED
On Their Holdings and arc now
Waiting for n Drop in Priccs-Stoclts
Coming Down to Hard Pan-A Bull
ish Feeling Rules Affairs = Condi-
ton or the Railroads.

Special Correspondence of Intellgcncer.
n NEW YORK, March 1l.-Durlng the
4 first half Of the past week, the course OF
affairs In Wall street was very much
a realization OF the foreshadowlngs In
our last advices-heavlness irregularIty
and preponderant sagg!ng IN prices
having been the main features. 1t Is
evident that, as a rule, tho larger OPP
orators have realized largely on their
holdings and are now waiting for n drop
in prices, and are more or less foster
ing that outcome. This has seemed
\ to leave the market largely In the
hands OF comparatively weak and in
experienced outsiders. who have nelth-
er the tact nor the resource to counter
act.unfavorable tendencies nor to COM
bat bear" manoeuvres.
But while these and other factors
have. been tending towards a readjust-
ment Of the market upon lower scale
of prices, there are other influences
which seem likely to at least hold that
tendency in check The continuous
stream OF new combines coming on
the market creates a strong sentiment,
in quarters possessing some influence,
in favor OF supporting the market: and
that movement has in Itself n tendency
to foster the spirit of speculation and to
encourage the expectation Of an active
spring campaign. Also. the readjust-
mcnt of the finances of the Central Pa
ciiic. and the important deals attend
tpU ha Of 80
Chicago & Alton have n tendency to
raise expectations of an upward spec
ulat!on In certain important groups OF
stocks at q comparatively early day.
The. coal stocks are also the centre of q
good deal OF interest, II not also OF bull
ish expectation.
Although various and contradictory
rumors are current land none OF them
yet confirmed). as to what the coal
companies may do 10 place their prices
under more effective control. yet there
can be little doubt that something rad
ical will be done to effect that purpose;
IN which case. the securities Of those
companies (Which have scarcely partic-
ipated ct all in the late great rise),
might be expected to rise proportion
ately to! the advances realized upon
other properties. These probabilities
have been strengthened by the return
OF a leading banker from Europe. with
the reported purpose of formulating q
plan relating to the anthracite Industry
which will enable il to realize It's due
participation in the now prevailing
prosperity Of the country. These out
giv!nss have already had favorable
effect upon the coal stocks. AS n sea-
ture in the "industrials." It Is surmised
pretty confidently that an understand
ing has been reached between the Su-
gar trust and It's lndepeadeat opponents
for the regulation O. competition be-
tween them; and there are symptoms
which seem TO give color TO these init
nations. The annual statement of the
Pennsylvania railroad has strengthened
the hopes OF the bulls" Its showing
OF net earnings so per cent In excess of
dividends paid out during the year. to-
gether with n surplus in the treasury OF
s26.G00,000. are regarded as the most
significant evidence OF railroad pros
perity that has yet appeared and as
being calculated to have an important
effect among foreign investors.
The effect upon the money market OF
the two last bank statements, which
showed Itself in q 444k per cent rate
on call loans and some considerable
selling of stocks, has quickly disappear
ed. For the moment, the plethoric con-
dition Of the banks at the interior CEN
tres was overlooked but the oversight
was dispelled by an immediate influx Of
money from several sections OF the
country as well as from Canada, and
the rate OF interes. Immediately fell
back to 2ils per cent The course OF
foreign exchange has also favored local
ease in money. rates having closely ap-
proxmated the point a, which gold
could be imported. This experience has
lessened the effect OF the anticipation
ofathe hardening of money rates usual
~ incident to the April settlements: as
1t shows that any pinch at that time
would be likely to attract funds from
the interior. Some important transfers
OF funds have 10 be made In connection
with the operations of the Chicago G.
Alton and the Central Pacific syndi-
Gates; the first instalment has however
already been paid In each case and. In
any case, the effect OF the transfers
from one set of holders to another
would be only tnomentary, as the
amount of loanable funds would remain
unchanged. The bears" can hardly
make anr effective capital out OF their
predictions OF disturbance in the money
market arising from deficiencies in the
treasury income. For, should the
government need money. 1t would find
an ample resource in the sale OF the