Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1901-01-27
Stocks. Open High. LOW. Close.
VIEWS OF HENRY CLEWs.


NEW YORK, January 26.-The Wall
Street boom still maintains its life
with wonderful tenacity. 1t shows
some abatement in its activity. the
volume of its daily transactions hav-
ing fallen from the maximum Of about
100000 shares to a minimum OF about
100000 shares-the latter however
being far above the former ordinary
average. This implies considerable
extent of realizing. which has been ap-
parent equally in the home and Eu-
ropean markets-and in the metro
politan and provincial. Added to
large bonafde reaIizings, there has
also been considerable influential
bear manipulation, in the interest
of parties who have large special un-
dertakings in hand, which have been
hindered rather than helped by high
and steadily rising market. These
parties appear 10 have had consider
able success in their tactics for depres-
sing prices, and perhaps all the more
so from the willingness of large bull
holders to facilitate a drop in quota
tons and thereby make an opportun-
ity for their getting into the market
again on q lower scale of values
Whether from instinct or upon d
tacit understanding this latter class of
operators seem to have felt that a
temporary realizing was quite safe,
and have been entirely yelling to help
the promoters of the reconstruction
schemes to lay in a considerable vol
ume Of stocks for purposes that would
revive the general bull" spirit and
prolong the vitality OF the boom Any
how, the past weeks movement fits
this theory and will be generally &C
cepted as explaining quite remark
able drift of prices. After a few days
of active selnng in which prices de-
clined to points. orders for large
blocks Of certain stocks supposed to
be concerned i'll the rehabilitation
plans. came on the market. with the
result OF general recovery in prices.
but especially in those specialties.
How far these particular wants have
been satisfied, it is not easy 10 judge;
but it is to be supposed that when the
stocks needed in pursuance of those
plans have been procured, We shall
witness first a steaming-up process
and then a very general effort 10 real
ize profits. 1t is hardly safe. however.
to forecast in this matter. for few
know 10 what lengths these corporate
establishments may be carried. Some
people are confident that a great deal
OF corporate recons truction is over
hanging the market. 1t is said that
the trust principle is entering the rail
road system and will be pushed by
large capitalists as a means of restrain
ing the competition which for twenty
years has been playing havoc with
earnings. 1t is intimated that this end
will be accomplished less through di-
rect consultations of separate roads
or through leases of c&pitalistic COM
miJments than by large cooperative
alliances of stockholders in groups Of
companies which. through becoming
mutually interested in each Of the sew
eral lines. will be enabled to admins
ter the entire group upon a common
policy as to rates and distribution OF
traffic; the organization of the several
roads being kept intact. while their re-
lationS would be cooperative So many
fictitious stories about huge schemes
Of financial reconstruction OF one kind
or another are afloat, that it is difficult
10 say what is true and what is invent
ed for mere speculative effect. Ger
tain plans more or less OF this nature
are now in process Of execution; and
that may have suggested to sanguine
operators probability that a scheme
so full of speculative possibilities NAV
run TO great lengths and lay the basis
for wide expansion of the campaign
now in process. That there are believ-
ers' in these rose-coiored prospects is
plain from the extraordinary persis-
tenee of the bull feeling and the con-
tinued heavy buying of specials for
reasons not very obvious 1t seems,
however. very improbable that exper-
fenced financiers should undertake
large operations OF such character
when Wall street is at the climax of
an unprecedented speculation in ali
kinds Of securities. True. these are
entirely extraordinary times in Amer
lean finance. and there IS no saying
what may not happen in the way of
speculative ventures; but there is such
thing as reality in finance and trose
who ignore it must be prepared for The
risks For my own part counsel