The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-09-04
FNANCIAE FACTS.
General Tone 6f tho Wall Street
Market Continues Good-Railroad
Lr.....t...-. n.aa.a.na....

General Tone OF tho wal DtESos
Market Continues Good-Railroad
ElrniItes Satisfactory.
Special correspondehee Of Intelligeneer.
NEW YORK. Sept. 2.-condltions on
the stock exchange show little change
from our last adyices. Some hesitation
was produced by the unsettlIng eject
Of the Transvaal difficulties upon the
London market, but as the best opln-
ion lncllnes to the belief that there viii
be no war ana that President Kruger
VIM ultimately make coacesslOns. no
serious injury to confidence followed
The market IS Of course sensitive to
foreign aftairs and must always remain
so in these days of close commercial
and financial interdependence; yet
were war TO happen between England
ana the Transvaal It would find this
country far better able to take care Of
It's finances than usual, and no one an
ticipates that any flood OF American
securities could be returned TO US, TOT
the simple reason that the available
supply over there has been so greatly
States during the last two or three
years. Any important declines IN Lon
don would bring ont eager buying on
this side Of the Atlantic.
The general tone Of the local mar
ket continues good. Confidence In q
broader and more active market during
the autumn is almost universal. This,
Of course, Is based upon the extraor-
binary wave Of prosperity which ex.
tends over the whole country. ana
Which as yet elbows no sign Of having
spent its force The iron and kindred
Industries are making a wonderful rec
ord; our whole history fails to show a
parallel. Raw materials, such as pig
Iron, copper and tin, show advances
from lowest prices Of from so to 100 per
cent. Finished products. Of course,
show no such rise; but In many In
stances price Is secondary condition
with buyers, delivery being the main
want. So far high prices do not seem
to have checked business. and there
has been a remarkable absence Of spec
uldtlve buying. Later on these condi-
tons must check purchases and defer
repairs, improvements and new enter
prises until values recede to normal
basis, but this stage Of AFFAIRS has not
yet been reached. Until It approaches
we are not likely to witness any I'M
portant recession in the stock mar
ket
Railroad earnings continue making
satisfactory gains. giving rise to all
sorts OF hopes regarding increased div
ldends. Some OF these are likely to
meet With disappointment for present
condition mean Increased costs in
operating that will materially modify
unreasonable expectations, A little
skepticism regarding dividend rumors
will do no harm. Some Of the best rail-
road stocks are held at prices that ofter
slight chances for further profits. AS
already intimated In these adyices,
however, there are n number Of low
priced issues OF reOrganized properties
which had been more or less neglected
and which must show large aPprecia-
ton as they iduproath from a non-div-
idehd to a 'diyidend paying basis.
The market Is likely to have the sup
port OF big operators for some weeks
to come; and as these return from
summer resorts dealings will resume
with greater activity. Comparatively
little attention is being paid to crop
reports. It Is certain, however, that
we shall have sufficient wheat and corn
for home and foreign wants, and that
our farmers wlllObtain reasonably good
shining upon the fields Of the west as
well as upon the mills OF the east.
This Saturdays bank statement Is
not likely to be a good one,snor is there
likely to be any increase in the bank
reserves during the month OF Septem-
Der, for the reason that It is the pri-
clpal crop moving month Of the year,
and money, therefore, is more liable to
be drawn from this centre than re-
turned to 1t from the various sections
OF the country. What will make the
bank statement worse than otherwise
is the payment which was made to the
government by the City bank for the
purchase OF the custom house. the
amout being $3,263,0OO The small sur
plus Of the banks Mt this season Of the
year. when the natural current is
against this money centre, is OF course
reason for conservatism. and should
be q wholesome check against excess
sive buying on borrowed money. and
this Is calculated to dwarf the business
OF the street" for the next two or three
weeks at least. / therefore advocate
quick ln-and-out transactions, as tenn
pOrary higher. rates for money may be
used at any time to force lower prices
fi9 ~ 1gis HENRY CLEwS.