The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-05-01
FINANCIAL FACTS.
The Marked Break in Certain
Speculative Industrials.
CAUSES SOME UNLOADING
In tho General List = Tho Bears on
Wall Street Only Partially Success.
full In breaking Priccs-Tho Unprc.
cclentcd Activity in Industrial En-.
,crpriscs-The Grain Crops arc I'm
certain Problem. ILt5s

Spnc!ll correspondents OF lntelNEencer.
NEW YORK, April 29.-At tho close OF
,hc month, Wall street affairs show little
churse from the general features prevail.
ing throughout April. The partial crisis
,roauccd by the marked break in certain
,oeculative industrlals Mt the opening OF
tho month. proves to have been broader
IN It's results than was at FIRST supposed
1, has caused considerable unloading in
the general list, und so far 1t has been a
les. OF tho Intrinsic strength Of the mar
ke,. The trial. however, can hardly be
,atd to have been unsatisfactory in Its
results. It may have wiped out some OF
the earlier profits from high prices. and
TO that extent It has restricted tho buying
capacity Of tho smaller class OF operators;
and this Factory may largely account for
the considerable shrinknge apparent in
the volume OF transactions. But the sat-
,stactory feature Is that this month OF
les, should have developed SO little evil
dsnee OF Intrinsic weakness. Tho bears
have done their best TO break confidence
in prices. but their success has been very
partial, and holders have shown. their
ABILITY TO protect their holdings.
This strength Is the moro noteworthy be-
cause the earnings Of the railroads have
mad same disadvantage In comparison
With the extraordinarily large receipts at
the same date OF last year. In making
such comparisons, however, It must not
be overlooked that the earnings must In
clude 4 much larger proportion OF the
hish class freight than a year ago. The
Unprecedented activity in our Industries
have caused an increased movement In
the hish-rated merchandise which cannot
but tell favorably on the net earnings.
The remarkable business activity must
also have materially Increased the passen-
ger traffic. which is one OF the most profit
able branches OF railroad operations. 1t Is
therefore likely that. when the net earn
!ngs OF tho first three or four months Of
the year come TO be exhibited, they may
chow larger profits than have been counted
upon. a.F
watched with much interest. but remain
An uncertain problem. The wheat crop
w!nter-kill!ng. but exactly to what extent
Il Is still too early TO estimate. In the
.prlng wheat sections. the weather condi-
tons are for the most part favorable; but
no estimate can yet DO vcntured as TO Its
acreage.
The current price OF wheat and the pos
sibilltleS OF q large Ialling-ofr In the sup
ply from tho winter crop. are undoubtedly
favorable TO m Increase In tho spring
sowing, but at the moment this Is contee-
,ural. This uncertainty as to the wheat
crop Is the chief element adverse to the
stock market; but operators do not seem
to have yet made up their mind to accept
the worst probabilities Of the outcome.
The money market is no longer an obstn-
Gle TO speculative business. Money on
call Is In good supply at moderate rates.
and there Is no expectation OF q change
for the next few months. Taking the
10 be regarded as hopeful one. There
IS nothing In sight calculated to suggest
m.ssivings Speculative accounts are
perhaps quite generally In a condition con-
sentative enough to make the bears"
cautious. and the unusual business pros
perity is viewed as suggesting an upward
rather than renctionary course Of prices.
Ono very important element. however,
!rapends over the market. which Us yet
has received no serious attention. l re-
war In the direction OF trade expansion.
This Is very large and vital question.
AT fGst, II attracts comparatively little
open attention. To the masses OF our
people II Is something foreign to their e1-
pcHcnce. To some, including few states
men OF prominence. It seems an unwar-
raa.able Intrusion upon tho past policy OF
olT government. To all. It Is confessedly
question with many sides. and calling
Tor information. But It is nevertheless n
natter In which all classes feel deep
!nterest-an interest so deep that men
prefer to do some thinking and invcst!eat-
Ing before they reach an affirmative con.
clus!on. For this reason the question
may be regarded as being just now in fits
silent and broodlnE stage. II may be
Haioly. assumed, however, that n policy
aiming only incidentally at the acquisition
OF territory and directly and pcrma-
trade. and, Mt the same time. nj n future
and better protection OF our external In
forests. must appeal very effectively TO
the national Sense OF self-iRtercst and
70 the patriotic pride OF our people With
tho large patriotic mass OF the American
public, this new development canno, fall
70 receive an encouraging reception: and
that favorable preposscssion can only gain
In strength In proportion as thia prom.
ised commercial expansion comes TO be
understood in It's full length and breadth.
Public opinion has us yet to Give n fair
hearing to the minority opposed to the
change.
through thick and thin are waiting to sec
where the question will stand In political
platforms: and still moro are reserving
their conclusions until congressional DIS.
cuss!on has thrown its uncertain HIGHT
upon tho question. But whilst. pending
this formative stage of opinion. the sub
Ject may appear to be surrounded with
some uncertainty. men who understand
tho Influences that go farthest In the shap.
Ing of popular sentiment can have iIttie
doubt that policy which appeals so d..
rectly 10 the passion for national great.
ness and prosperity will finally bring n
large majority OF our people to the sup
port OF tho policy OF Industrial and com
merrial expansion. In proportion as the
public moves townrd this conclusion. tho
men OF finance Will come to gradually
anticipate the approach OF an err OF ma
ttonaf expansion with which nothing tn
our history can compare; and, rs that
prospect becomes clearer. confidence Will
Increase and American Investments will
become more valuable.
The spectacle OF national greatness then
presented will infuse new confidence into
new world enterprise. and nothing can
prevent our marching toward an ern or
tory Of mankind This prospect may
come within sight OF realization earlier
than many slow-mor!ng observers are
anticipating. We are within comparative
~ few months OF the time when our f,i-
tiree, policy In those matters must he
hnhlly determined by the action Of the adj
mn!stration and Of Congress There arc
men who would give fortune for the
provision that would erabtn them TO fore
cast the iinnl shaping OF this great Issue,
and, with little moro clcarncsa In the
prospect, they will begin TO take antIc!pa-
N'uation. = For this. however. We must
walt: bit H. will be wIso to keen li,aharp
outlook upon this factor In tho march OF
events. HENRY CLEWS.
Wool.
Rradstreet's Tho market is steady.
with the general demand quiet. but some
few liberal buyers have taken large lines
n" past week. Sales In Boston foo;-lp