The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-01-30
FINANCIAL FACTS.
Tho Marvellous Record Made on the
Stock Exchange Last Week = The
Main Cnuse of tho Activity.

The Marvellous Record Made on the
Stock Exchange Last Week = The
Main Cause Of the Activity.
Special Correspondence Of Intelligencer.
NEW YORK. Jan. 2s.-The business
OF the stock exchange for the past week
has exceeded everything in the history,
Of that institution. Mondays sales beat
all previous records; 1,72l,ooo shares
were reported as having been deal. in.
and 1t is fair 10 assume that 10000 or
more shares beyond that. went by de-
fault during the excitement prevailing.
The previous largest number of trans
actions was February 20, 1873. when
1.i74.806 shares were dealt IL. That was
the memorable Ph.ladslphia G Reading
day when Mcleod got supreme control
OF the anthracite coal output. For the
first four days OF this week, the trans
actions aggregated 5775,oOO shares; for
the same four days Of last January, the
sales were 1.467.esO shares.
These totals may. in some degree,rep-
resent the large Increase. In late years.
OF the amount of securities dealt in on
the exchange: but they still more ex-
press the pitch OF enthusiasm to which
the current expectations Of national
development have raised the public
mind. Wall street has never before
witnessed such flood Of buying orders
as has been represented in these oper-
atIons. The extraordinary volume is
not due so much to the manipulatlve
manocuvrcs OF professional operators.
rs to 4 continuous stream OF orders
coming from ati parts OF the country.
The main cause Of the activity lies In
the mail orders from the considerable
class In the interior cities and towns
who have been making money for the
last two years OF abundant crops, while
New York has been grumbling about
unsatisfactory business.
Those profits have gone into savings
as much as into increases of ordinary
expenditures. and the current excite
ment is bringing out the boards partly
for permanent investments. but per-
haps more for speculative ventures. We
have therefore an outsiders" market In
q sense and to an extent never before
witnessed; and it Is the largeness Of
this saRgulEe element, much more than
any purely local speculation. that ac-
counts for this extraordinary buying
virtually irrespective OF prices. For
many months past. the prosperity Of
the west and southwest has shown It
self not only In increased earnings of
the railroads. but also in the unprece-
derted amount of funds in the interior
banks aud in rates OF interest almost as
low as those current at New York. This
has led to a steady stream of invest
mert orders from those sections; and
now these accumulation3 are being
drawn into the speculative movement
OF Wall street with n rush that creates
wonder as TO where all the money Is
coming from.
London. for some time past, has been
selling to an almost unlimited extent
calls on American securities. and the
rapid rise in the Eanderbilts has COM
pietely upset their equilibrium. In
r,ense orders from that quarter came in
cdntlic: with the accumulation Of Or
ders over Sunday from all parts OF this
country which made the competition on
the buying side last Monday morning
greater. probably. than was ever en-
perierccd on the floor of the exchange
The natural conditions prevailing at
the present time in this country are Of
course in favor of the bull side OF the
market 10 an extent greater than ut
any previous period. When William H.
Vanderbilt sold to a syndicate 100000
shares Of his New York Central stock
al an average price OF $50. the COM
rany was paying S per cent dividends
and Mr.. Vanderbilt guaranteed con-
t!nuation OF s per cent for three years.
At that time it required n stock to pay
per cent dividends to Justify it's mar
ket price to be $50. Now this same
company only pays per cent dividends
Hnd the stock sells at 40. The money
and business conditions of this country
have undergone change In the same
to this change that per cent stock
now sells as high as an per cent stock
formerly did. The Investment interest
rate has gone down to stay In this
country. TO be In keeping with the rate
prevailing in the European money CEN
ters. The reason for this is the gener-
nj confidence. both nj home and abroad,
in our maintenance Of the gold stand
ara, together with the recognition OF
the vast resources of the country,
When William Jennings Bryan was
nominated for the presidency the de-
preston prevailing was SO great (as
was the despair caused BY ~ that II
made most people desperate. It was
no wonder. therefore. that so many
voters wanted the country. t!ciuged with
l6 to silver money. They were really
Ike drowning man snatching out for
p straw TO save themselves: but With
the marvellous change In the money
situation that now presents Itself. the
country has gone to the other extreme
ny ocing overburdened with gold mo-
neE. The United States treasury, as
well as the banking institutions Of tho
country. are perplexed to know how TO
take care Of their huge loads. 1t Is the
return Of confidence that now makes a 4
per cent property in this country sought
ior by everybody who has money to in
vest both at home and abroad. and this
chanSe has come to stay. Under such
conditions. therefore. anybody who now
advocates l6 to l silver must be non
conpos mentis.
The effect Of the extraordinary influx
OF buying orders has been TO cause an
entirely unprecedented scale of prices
for the better class OF securities. The
following statement OF present prices o,
twenty lending stocks. compared with