The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-02-13

causes W uiCu Ahuhc IL INcIudrhuUlC
that tho Decline in Stocks and
Bonds has not Been Grcatcr-Eu-
rope Settling for Food Purchascs.
Special Correspondence OF 1ntelllsencer.
NEW YORK, Feb. lion the stock
exchange we have had a week OF irreg-
ular movement. Upon tho whole. SELL
Ing has prepondcrated; and the sellers
have been not onlf the professional OPP
orators, who. appear inclined to dis
count probability of lower prices, but
also the more prudent outsiders" who
show some abatement OF their hitherto
sangulne feeling. There has been per-,
haps little forced selling, or realizing
under stop ORDERS" but simply soft
ening OF the late confidence In the main
tenancc OF the extraordinarily high
range Of values; and this yielding ten
dency Is drawing out quite q consider
able line OF shorts" The large oper-
utOIS uppcll w iloN Z iCdlILCu VII u GULL
siderable portion OF their holdings. which
is undoubtedly an element OF weakness,
as the eS-holders may. be expected to
use more or less intluerce>in making q
lower range OF prices. as q basis OF buy
Ing for fresh rise. A transitional state
o. things Is thus introduced, the out
come of which 1t is not easysto foresee;
bu, It plainly suggests the prudence OF
operators following a policy Of buying
and selling for quick turns only
So far. this change In the market has
not shown its effects in any very mark
ed change in prices.
OF nineteen stocks quoted, eighteen
have declined and the average fall has
been 40 points. This certainly Is no i'm
portant decline. considering that prices
were at their highest at thereafter date
cited and about at their lowest on the
later date.
There are causes which make It re-
narkable that the decline has not been
greater The amount OF stocks and
bonds that have been sold here on for
eiGn account within the last six or
seven weeks Is extraordinary From the
best Information obtainable from for
e!ga houses making these negotiations,
there can be no doubt that. since the LIST
of January, stocks and railroad mort
cages have been sent here from Europe
which, taken az their market value,
aggregate. .S60,00o,000: besides which
some 100000 additional are now on
their way home; while the amount ex-
ported within the same period has been
quite nominal. The wondersis that the
pressure Of this flood OF supply. stead
l!y pouring in from external sources, has
not produced greater impression on
prices. There may be room for question
whether the market has yet digested
anu asslTilated these new supplies, or
whether. not having Yet done so, some
further decline Is to be expected. Had
the money market been! In different
disposition, the effect might have been
marked than 1t has: but with the pres
emf plethora o, money the banks are
NOT likely 70 withhold any needful
funds for carrying these securities until
taeE lind 4 more permanent. form Of
ownership. It can hardly be expected
that any important portion OF these Sc
cur!ties will be returned TO Europe at
the present range OF prices: there is no
iaea however. among houses directly
connected with these realizatlons, that
they are intended to be permanent, but
rather that any important drop in prices
would bring out considerable buying or
ders from LONDON and Berlin.
This reaux OF securities does not ap-
pear TO bed ue merely to the conditions
OF the European money markets. nor to
any discrimination against American in
vestments. The fal! in prices on the
New York Stock exchange, at the out
break OF the war. caused large pur-
ch2sss OF our stocks by SIondon and
beriia; and the great rise following the
close OF the war has yieldedJhandsome
lTohts on the operations, which are now
hetns realized. THIS seems 10 be the
"ao's explanation of the Inovement,-
W,nich mas not only exhausted the float
Ns supply on the foreign markets. but
also drawn considerable amount OF
s.ocks and bonds out OF the hands OF
European Investors. This movement
mas Afforded a very convenient oppo.-
auHl,y Tor Strengthening out the large
Tvat!hS Indebtedness OF Europe to the
nHNed states on trade account: and
mere is evidence that the foreign bank
e.a nave used their influence TO induce
~, r.!eiF c!ients TO turn 1t TO account.
tHsss iiqu!dations, however, can hardly
nae sct!!ced 10 fully Offset what Eu-
.Spe IS owirg US on open account: but
my nave. for the present at least.
aStsteu remittances of gold to this
country WHICH might have produced a
Sg.loEs str!nseHcy in London and the
y n =
Inc long and short OF these transac-
IONS. however. is that Europe is, after
d PEet'y lo7s: pos;poncment OF payment,
settling FOR Its food purchases from US
w we remittance OF Its Investments,
Snu II IS more fortunate for them than
tS' US mat they have been able to do
~ upon suca favorable terms. We gave
NV advantage OF buying from our
is,H'otS a considerable amount OF our
e opISations. but the disadvantage
- pay1ng Very high premium on
'.'eIH' II IS not easy to see what lust &C.
, asl2u European critics can find for dis
tea''inS our Investments, when, after
Necbihg them few years. they can
realize upon them at such handsome adj
hdnccs. This experience, however. may
w expected TO bring these lucky people
"''o our market again when u new turn
York. = pt'se'z,a " Nc"
Notwithstanding that Europe has
nus, nus I'luIdated nearly $4,000, 900 OF Its
Snuhs obliSatlons to us, there Is prob
Guy q large amount stu outstanding.
-Nter balanc!ng all items OF the debt
y. ana creditor accounts between this
n,'n other countries. for the year 1898,
..H.se must have been some Slln 600 0cn