The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-01-02

Special Correspondence OF intslllErnetr.
NEW YORK. Dec. al.-specnlation
developed extraordinary activity las,
week. and Ia reaching Il stage demand.
INK more than ordinary Judgment. For
the pas: three months Il has been Ento
to buy almost any security representing
real value; but this is no longer true.
for some Ttocks have unquestlonably
risen out OF aft proportion TO their In
trinSlc merit. and nrc likely TO bring I'm.
pleasant surprises TO some Of theft new
and oyer.bangulnc owners when the
speculative movement has reached the
danger point. At present. however.
while the prudent will take heed, there
IL no Immediate prospect OF any serious
setback. This market, II must be rc-
membcrcd. is'not governed by ordinary
.preccdcnts. and confidence IN based
upon such nm aggregation Of favorable
conditions that values are likely TO ad-
vance still further before the danger Of
collapse Is In sight. There nro com.
pasatlvely few wcSkly.marBIRcd stocks
In tho market Offering point Of attack:
and the public now appearing either
has handsome profits or ample margins
for protection: while there is every In
dIcatlon that public buying will con-
tlnue for.Somc time to come. money be-
Ing plentiful and confidence unusually
strong, under the stimulus OF cxcep-
tional prosperity.
Thus far the market has shown no
traces OF being overbousht, simply be-
cause recent purchases have been in.
creased and widely scattered to an un.
usual degree. Every banker In Wall
street knows that the demand for good
Investments is altogether beyond the
supply. and that dealings outside OF the
Stock Exchange are also unprecedent-
ed. At present the street" Is full OF
rumors Of new enterprises which sooner
or later will Increase the outlet for cap
ital. 1t Is somewhat remarkable that
none OF these has yet been floated, and
this is perhaps explained by the fact
that American capital Will In all prob
ability be obliged to seek different
channels from those hitherto followed
and Is slow In making new departures.
No such expansion In railroad building
viii take place In the future us In the
past. and railroad men are likely to be
more interested in pcrfcct!Rg present
systems than In building new ones. The
industrials have attracted much attcn-
ton. but these represent lIttlc new cap
ital so far: though 1t is in this direction
and In foreign markets that American
capital will probably be obliged TO look
for more profitable employment. S;ich
considerations give our best railroad
stocks ard bonds an added value.
These arc being absorbed by strong in
stItutions and rich men, and their
supply Ia being 60 rapidly reduced that
higher prices must be paid in 1899 than
IN 1928 by those who want them. Our
opinion. therefore. Is that the market
will eventually go considerably higher.
4 reaction Is very desirable: but seems
impossible while so many are willing 10
buy at any recession Of consequence.
Some liquidation has occurred. still the
public does not yet seem prepared TO
take profits and cannot be forced to do
so under present conditions BY and
by larger reaction will come: it may
be closer ut hand thar supposed: So We
can only emphasize the ad"ice to be
cautious concerning stocks and bonds
which have advanced out OF proportion
TO their intrinsic merit.