The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-06-26
FINANCIAL FACTS.
Summer Season Quiet Has Set.
tied Down on Wall Street.
new SPECULATIVE INTEREST
In Industrials Has Fallen jFlat-The
Result Of Impossible Expectations.
The Improvement in Railroad
stoclss-Iingland Buying Our Gold.
Low Reserves of the Bank OF Eng.
InpI ..tf 81, ..O-fsH

Special Correspondence OF IntcllIeencer.
NEW YORK, June 2l.-Wall street
Is gradually drifting into the season Of
recreation and absences, and there
seems to be little reason to expect any
important exception from the quiet
that usually prevails during the very
hot weather period of the summer. The
many operators who have made excep-
tonal profits during the last few
months will be apt to court relief from
long strain OF excitements which
have not often been equalled In the
history OF speculation; and the posi-
ton of the market presents no partlc-
ular inducements to them to forego the
desired rest.
There has been a steady process OF
realizing for some weeks. and affairs
appear to be still more or less, In n
state OF reaction; and this produces a
disposition among leaders to let the
present drift take its course and wait
until more stable basis has been
reached. In some quarters. 1t has been
thought that the new speculative in
tcrest. developed by the large creations
OF Industrial consultations. would
probably make an effort to revive the
bull feeling with u view to protecting
their special properties. And opera
lions during, the earlier half OF the
month appeared to Indicate that on ex-
pertinent In that direction was being
made; but results have shown that
there Is little present disposition among
outside operators to participate In any
such side campaigns. The movement
fell fat n slight advance In prices
brought out more sellers than buyers:
prices therefore steadily declined, and
the small volume of transactions shows
a predominant disposition to leave the
market to find natural bottom under
the test OF the summer dullness and
the manipulation Of the professional
bears. And there are reasons which
may easily dispose conservative opera
tors to such course.
There has undoubtedly been great
deal OF eXtravagant speculation: i'm
possible expectations have been encour-
aged. considerable fall In prices
from the top figures has occurred,
which has discouraged at least the
most sanguine class: the introduction
of the vast new issues OF industrials
has brought new and influential ele-,
ment into the market. the effect of
which cannot yet be .foreseen: and in
view OF the strained condition
OF the foreign banks, especially
o; the Bank of England and
the Heichsbnnk, It Is not certain wheth-
er we may not have to face further re-
turns OF our securities from Europe In
addition 10 the net reflux. estimated at
$3.50, col. 900. that has. occurred within the
last eighteen months. Besides, without
have induced, so many OF our indus
trialists TO consolidate their interests.
1t is not to be overlooked that there is
4 large and important class who enter
tain very opposite expectations as to
these new lnvestments-which Is q
phase of sentiment not favorable to
elic!ting outside participation In bull
movements. Indeed. In many ways.
the powerful bul: tendencies that nat
urally attend the extraordinary revival
In our national trade are subject to q
certain amount of ccuntera elton from
series of conditions entirely new to
our experience and yet Of far-reaching
interest and influence. Coming concur
rent1y with the reaction from an extra
ordinary speculative excitement. 1t is
natural enough that these new ele-
mcnts In the situation should arrest at
iention, produce some postponement of
operations and incline cautious opera
tors at least TO policy of waiting. In
view OF these general conditions. 1t Is
not difficult to account for hescompar-
alive stagnancy that is steadily COM
Ing over the market, and the absentee
ism OF operators incident to the season
can only be expected to give force to
this tendency Of affairs.
But while the conditions and fore
castings above referred to are not to be
overlooked in prospective estimate of
the securities market there is 4 limit
TO the extent to which their influence Is
likely to be felt. In some measure.
these factors have been already felt.
The chilly days on the stock exchange
t" which we are becoming accustomed
mean that attention Is being occupied
with these self-same matters: but It
takes n clear head and cool one to
See the end Of q Set Of new and pcrpleX-
Ing conditions. This reconsideration.
however. helps to break the force Of
any apprehension which the new condl-
tons may excite. Moreover. due
weight must be given to the fact that.
so far as respects railroad securities.
The market has an undcniably sound
bottom. Apart from the largeness Of
the current earnings OF the roads, there
ample evidence that the discipline OF