The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-01-09
Extraordinary Disbursements OF
January Interest
FAR BEYOND ALL PRECEDENT
In New York Alone the Payments
Amount 70 $4,000, ooo-Encct OF
the Upward Pressure Upon Stocks.
First Week OF the New Year Opens
up with Rosy Pronltses for the
Future. ~ ~

TIC Hhts"ech taStc Oh unlHclal year
that Is antIcipated with more than ordl-
nary hopetulness. It has been In some
measure interrupted bv the holidays.
and comes too early to receive the full
impulse OF the extraordinary disburse-
ments OF January Interest and divi-
dends on securities. According to care
ful estimates. these payments at New
York alone amount this month to about
sll00Oo.0o0' which Is far beyond oil pre-
cedent. This fact affords the best pos
sible confirmation OF the general i'm
preston that the past year has been
one OF general and unusual prosperity
These payments must Inevitably have
IN effect upon the market for sccurit-
les; for. apart from their encouraging
speculative operations. they must be at
tended with considerable REIMBURSEMENT
OF the earnings: at the moment, 7lowev-
e-.it,is, too early to look for the full ef-
feet OF these Influences upon the mar
ket. :i.s. E
There are. certain, factors in the stu
alton which tend to restrain the effect OF
these influences. These January dis
bursements have been anticipated, and
other conditions have for some weeks
past been steadily forcing up prices.
The triumphant outcome OF the war. our
great success in the peace negotiations.
the manifest prosperity of the country
at large. the prospect OF continued
large expansion Of our export trade. the
extraordinary earnings OF the railroads.
the ptnp1I1t, ricIpor In 1oIn
TO this country, the hopeful implications
suggested by our constantly rising
bank clearings, and the comparative
ease In the money market-these facts
have for some time past been exerting
strong combined upwardlpressure up
on, securities, the effect,of which Is now
seen in unusually high prices for the
better class OF stocks. Those securities
therefore present little Involvement for
4 puyinS::' on the contrary. some OF the
contrary. some of the more venture
/, some bears are experimenting on
selling them. Nor does II help the mar
ket thatcertain bold deals In industrial
and rapid transit properties are being
launched with advances irtheir stocks
30 startling as to suggest danger and
distrust, There Is. however. a consId-
cradle range of second-class stocks,
some 'verging towards dividcnd-p pay
ing position and others expected to be
benefited@by impending new alliances,
which have not yet risen at all in pro-
portion to the advance on the more sta
Ole stocks: these are receiving the
special attention of buyers and seem
likely to realize highest prices as the
January investment earnings come to
seek employment more fully.
-
Thus the situation, though very
strong one and backed By great firm
ness among holders. yet presents some
features not entirely inviting to eau
tious operat tors. IT IS not impossible
that prices generally may rise to a still
higher leTol. That must largely de
pend. however upon the extent to
which that class of outsiders may be
forthcoming who usually stand aloof
until the markets. boomlnE,apd prices
are al the highest. Considering the
general prosperity Of business. 1t does
not seem Improbable that there may be
some considerable influx Of this san
Euine. class. With such corporation. 1t
would be easy for influential local o7er-
ators.; to engineer Z further rise and
then realize upon better basis; but
unless matters take such 4 course, we
may witness mixed state OF the mar
ket with free oscillations In prices In
both directions. In view of these as
yet undeveloped conditions. 1t is 10 he
expected that influential holders will
wait for developments before either In
creasing their holdings or realizing. IL
any event. however. and allowing for
the possibility o. some reactions after
further trial Of the market. 1t seems
reasonable 10 expect tha:-uIder the
existing hopeful conditions of the
country ut large and with great wave
OF national prosperity manifest to all
eyes-the market for securities. for q
long look Into the future. will rule at
much higher range of prices than we
have been accustomed TO during recent
years. For the moment. however, we
would suggest 10 our friends who may
contemplate buying that their attention
might be adVantageoGsly given to GER
tain railroad stocks backed by n good
position ard prospects. but which nave
not yet reached their real value as
compared with others.
We have now n fair prospect OF q per
Tod OF decided ease In money extending
over some months. Apart from the drift
OF currency fsom the interior usual ut
this season. symptoms indicate prob
ability of the renewal of Imports OF
gold. There Is less disposition towards
the temporary employment OF funds In
foreign bills OF exchange; and. go soon
ms those Investments materially abate,
an influx Of gold would be almost iaevi-
table. Within the past week, Si.a00.0o0
OF the metal have been engaged for
shipment from London TO this city:
which has been due. however. rather to
fall In gold abroad than TO lover rates
Cor bills on this market.
Wall street can hardly be said 10 take
any deep practical interest in the set
Element of the peace question. We're
there any reasons to apprehend that
the senate will reject the Paris terms.
the question would assume very SER
!0us importance In the higher financial
circles: for 1t nigh. easily give rise TO
the Hravest international problems.
This Is SO fully appreciated that It Is
dccTed Impossible that, whatever may
be the private opinions of individual!
senators. a majority of the senate could
be found willing to court such risks and
6lscredts MS would result from the re-
lection OF the treaty. 1t Is therefore ia
ken flr granted that the treaty Of Paris
will be ratified In all particulars: und
Wall street Is not unlntcrested In the |
commercial developments which may
follow. that event In the not distant fu-
t'irc. Tho prominence the United |
States will occupy or the Pacific can
not nut result; In a large Increase of in
t"rHst amonS cntcrprsinE Americans In
ChiEa. Japan and Australia. That inter- |
est may be expected to lead to the ere
alton ofdep0tS OF trade. shipping, ship
building and production o: machinery |