The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-04-24
FINANCIAL A ''||I, A. FACTS 5
Some Statement shownlin spccu.
lative Operations.
CONDITION OF INDUsTRIALS.
Why Those Stocks are not as Active
as They We're = Improved Feeling
With Regard to the Railroad List.
Money Market has Settled Into
Condition Of Greater Ease.
Special Correspondence of rntelltGencer.

Special Correspondence of'fnteliigencer.
NEW YORK, April 2e.-During the
past week Wall street has shown some
abatement In speculative operations.
Such a high state OF excitement as has
prevailed for nearly four months past,
almost withoutintermisslon, Of the ten
sion Of exceptionally high prices, cannot
be prolonged indefinitely. 1t must en-
counter reactions, II not sharp breaks;
and. at the present moment. affairs
seem to be drifting towards a breathing
spell. ..i
The capitalization Of new Industrial
organizations since January have un-
doubleday been quite large. and the dis
trlbutlon OF such q mass OF securities
requires some time, and 1t Is not sur
prlsing IL there be some postponement
OF further creations until this process
Of distribution has made considerable
progress. 1t must not be supposed, how
ever. that the entire gross amount of
these Issues are placed directly on the
market. a large portion Is taken by
the stockholders in the concerns going
into the combinations. in exchange for
their properties. and that stock Is like
~ to be held mainly rs n more or less
permanent Investment by Its recipients,
and therefore, to that extent. at least,
can have no important effect upon the
security market.
Another considerable portion OF the
Issues will be held In the treasury of
the new organizations, to provide n re-
serve resource. The stock to be placed
on the market, In probably most in
stances, represent principally the re-
quiremeRts OF the combinations for
working capital; and. Judging from ap-
pearances those requirements are
being provided for upon liberal scale.
so as to provide the concerns with a
large ready money resource. and make
them less dependent upon borrowing
facilities. From these facts 1t will be
seen that the probability OF the market
being dangerously flooded with the Is
sues Of the new combines may easily
have been oyer-estimated through has
ty differences from the largeRess OF
the aggregate OF the new creations.
People are apt to draw disproportionate
conclusions from great totals; and It
may be therefore prudent to arrest the
pace at which this movement has been
running for the last four months. That
course would mitigate the halt which
has been apparent In some quarters; 1t
would also Invest the future OF the
money market with more assurance;
and any further creations of, these Is
sues would find their path easier, while
the consolidation movement would be-
less elannOt Iistu~bo moo
than Il has been.
take 1t that the present abatement
OF activity In the Industrial and traction
stocks Is due to those engaged In these
new interests having concluded that the
policy OF moderate movement rather
than of has,y rushing" is most condu-
Give to the cultivation OF confidence
In this important reorganization OF In
dustrial capital. The movement has
come In obedience to series OF natural
causes: and. II II Is protected against
the faint of decentralization, these
issues must have their place and stand-
Ing In the stock market. the; same as
they have In London and continental
exchanges. But violent movements,
no matter how iatriRsically legitimate.
create distrust and prejudice when they
are pushed with an energy and speed
for which the public are unprepared.
In the absence OF acute excitement
In the industr!als. somewhat more at
teRtio2 has been given TO the railroad
list. and an fmproved feeling has pre-
vailed in that branch of operations.
But, while the market has been fairly
we'll sustained. 1t has not peen particu-
larry animated. The reports Of dam
age TO the wheat crop have given cour-
age to the bear side. and lessened the
ardor Of their opponents. There Is n
disposition or the part OF aggressive
operators to await definite Information
as to the winter wheat. AT present
the reports regarding it are more or
less conflicting. There Is no question,
however. that It will prove bad enough:
still, It must be considered that there
Will be very large amount OF wheat
carried over from the last crop. and
the Increase Of acreage will give an am
pie supply for export. home consump-
ton and feeding. Besides. there re-
mains still the open question rs TO
spring wheat. The spring crop general
~ expands rs the winter contracts. and
that OF Inst year reached 295.000. 900
bushels. or 100. 100000 bushels more than
the output of 1897.
The money market has settled into
4 CODOltlOn OIL greater ease. winch np-
pears likely to continue until the fall
months. The treasury has so ar
ranged its Withdrawals from the depos-
itory banks In connection with the
payment to Spain. as to cause the min
!mum OF disturbance. The withdrawal
OK 100000 n week Is n comparatively
light affair, when 1t Is considered that
the governments excess Of payments
over receipts will cause the return OF
part OF the money to the banks The
money rates OF the interior are gcner-
ally easy. md stiff rates here would be
npt to bring currency this way all the
more rapidly.
Foreign exchange Is sustained by the
Increase In the Imports. together with
the influence OF the remittance Of SEQ
100000 to Spain. Compared with
March. 1898. the imports OF last month
show an increase of sl1 .2Sl OF. On the
export side. there Is a decrease OF
s7.1S6.527 from last year and an Increase
OF sl7.1s2.722 compared with 1897. The
March excess of exports over imports
is 31.6I07G9. compared with S5l .O5S.3l3
In 1895 and sl9.930, s03 In 1897. For the
first quarter OF the year the imports
and exports compare as follows:
Exports -. s5a,sIi.i3G .sl5,gGi5 s2Gi S55, PIG
Imports -. l9l,29l.i25 l65.iGi.;dG lsG,9i2.sSg
Excess =. sl2? ,3l3 Sl5O.i99? : 7i1l2, 81
Thus the surplus OF exports over I'M
ports, for the last three months Is BOO =