The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-01-16


terlally changed during the past week.
In the stock market high pitch OF ac-
alyity is maintained. with higher ay-
crage range OF prices in the better class
OF stocks. Among the room traders,
however, there Ia an element OF persist
eptgelIers; but this Influence is Offset by
the outside buying element. There are
undoubtedly exposed spots in the case
of stocks which have been run up TO
extreme figures by dinercntial clIques;
und these are the main points OF attack
from the professional bears" while
they induce some cIrcumsDection among
the more cnutious bulls" But the
general conditions controlling the Waite
OF securities remain favorable anu
room sellers have 10 face preponder-
ancc Of buiitsh Influences. Thers mas
been considerable selling on foreign hc-
count during the week. but the STOCKS
rave been taken without any visible ell
feet on the local market; and. In estl-
mating the Importance Of these foreign
reallZIngs, II is to be taken into account
that Americans have been the strong
est stocks on the European bourses:
London follows closely the prospects Of
the fate OF the Paris treaty. The IN
dlCGAions are that the deep Interest Ia
ken by England in our acquisition OF
The Philippines might develop into an
active buying OF our securities for IN
vestment In thai country. In the event
OF the ratification OF the treaty. when
now seems to be foTegonc conclusion.
These foreign movements. however
come and go without any longer max
Ing much impression on wall street.
The only important element OF weak
ness In the stock market centres III the
''induSirIals." Outside OF n very lin
tied line Of exceptions, those stocks
have have long had to encounter a GER
tain amount of diatrust; but as their
wide and frequent fluctuations have Of
fered SPECIAL temptations to sanEuine
operators, they have ranked among the
most active properties on the list. AS
showing the grentcr activity OF this
class OF stocks. the sales OF American
Sugar, Tobacco and Peoples Gas for
1898 aggregated 23,500.0OO shares; while
the transactions in the three most ac-
tive railroads. tSt, Paul. Burlington q
O., and Union Pacific pTcferredt
amounted to only l7,SOO,O0O shares. These
figures show the Influence that few
Oh tle ttfthtHS ttttRt5tt 't'fs Ht"t'h 49,
upon the value Of an enormously larger
total OF railroad stocks That inilu-
encc Is unfortunately mainly pTcjudicial.
II is welded almost wholly In the inter-
est OF mOmcntnry spCculations by the
most VentureEomC class Of operators;
It is not regulated by the influences that
control the value OF railroad securities;
It Is II factor In speculation so tickle and
. Actlnnal that there Is no calculating up
on It either one way or another; and
yet II very frequently nrtiflclally domi-
mates the value Of all other stock a
veStmcnts. The feeling among those
Interested In the more solid class Of Sc
Curltics Is becoming aroused against
this clement rs a serious source Of
market disturbance. preventing leGlu-
mate influences from having their eff
fCCt upon Investment securities, and
causing constant needless unsettlinEs OF
confidence and OF valutG. This feeling
Is Just nowaccentuated by the fact that
the banks are showing their estimate Of
the "Industrlals" by throwing them out
frcelyns collateral against loans. With
ont speaking explicitly MS 70 the mo-
tivCs Of tho banks in taking this course.
1t Is easy to sec that they must take
cogEI2ance Of the surprising extent to
which new combines" are now being
created In all parts Of the country. I'm
less some check Is intcrpOsCd to that
movement, q very large MA t8rity Of our
industries must he operating under one
or other notifications of the trust prin-
c!ple; and, indeed, careful cstimatOrs
calculate that already fully GO per cent
OF our manufacturing corporations have
placed themselves under these amalga-
nations. II Is hardly surprising that
. these banks, especially those doing q
4lH al -
some attention TO the iioodInc Of Wall
street with issues. the true status or
valUe of which It Is generally difficult
10 ascertain
The case would be different were these
largely experimental lmalgamntiOns
capitalized upon sound principles and
on conservative valuations Of their as
sets. and did they pCssCa bona nhr Clc-
Inents of'pcrmanency, In most cases.
however. they arc greatly over-CapItal-
i.cd: properties arc taken at cxagger-
ntPd valuations: factories are absorbed
with the expectation that they will keen
idfe: good viii is capitalized al fiction
al figures, and profits are promised
which are Incompatible with the main
teHancc Of prices for products low
enough to either protect or to stave off
public dissatisfaction and legislative or
legal Intervention. II Is very apparent
also that many Of these committed To
these amalGamations are Influenced by
n desire either to realize upon the stocks
distributed to them or to make them n
basis Of speculation, or both. 1t Is n
serious question for Wall street as to
how far It Ia consistent with tho safety
OF its large interests and with its repu-
tation as Il great financial market to
become Instrumental In the distribution
nT 1N,ft ct ri Too
resting upon such basis MS these I'm
dustrials" for the most part possess. II
would seem inevitable thai thee coFPoT-
atoms must, ut no very distant day. be-
come burning question IN politics:
and. In that event, what would be the
situation OF investment interests II
Wall street were found flooded with
these issues? Is II not better to face
this question nov. while protection Is
possible. than to Ignore It until the
movement has passed beyond control?
The decentralization 70 which the stock
market IL already constantly exposed
from these Influences Is sufficient. with
out inviting further exposure to this de-
morali2lng tendency
There can No no doubt that the rapld
increase now IN process IN these indus
Jrial aTHlgamatlNHE IS having It's effect
rron the otherwise hopeful Influences
that nrc enhancing the vnlua Of lcgitl-
Tfr Investments, The surprising mag
litulo NJ those new creations causes
conservative men To halt and nsk-what
90 10 No 'hc outcome ~ speculative or
i74tz1t."r that Is srrcDfnr over our
!ulos'r.n' system" Their eye Is upon the
cloud h. tho horizon. rnl no, few eau
i'r"' men arc disposed TO stand SIN nm
~ ih.| arc moro satisfied with tho In
dN"tr.ri outlook. TIL" moral is--.conllnc
'g"r 0Hrchrncs tn railroad Investments
OF reasonable g1Wdnces
HENRY CLEWS.
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WOOL.