Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-04-08
WORTHY OF ATTENTION.

NEW YORK, April THE Evening
Post of last night, in carefully writ
ten review of the steel market situa-
ton, said:
No doubt unusual interest will attach
itself to next Mondays stock market
not only because of the repeated clash
Of powerful opposing forces on the
present weeks market, but because of
the unusual circumstance that a three
days accumulation of orders must be
executed. AS a general rule, such a
situation, at such junctures as that
which has now occurred means very
heavy purchasers, by outside specala-
!. tors; with equally large or larger
realizing sales by professional Wall
Street. The outcome, during a single
day or week, it is useless to predict.
What may be safely said, However,
Without the assistance of a prophet,
Is that the state of mind into which the
outside public has fallen, and the meth
DDS of which the manipulators of the
stock market are making use, point TO
an extremely hazardous position.
In saying this, it is not necessary to
adopt the opinion lately expressed by
an eminent German economist. who
predicted, in private conversation. a
serious coming crisis as result of
our price imitation. The view SINH
larly expressed by one of the best
known London bankers, to the effect
that the market itself has a heavy
reckoning in store for it, may also be
taken with reserve. But the unpleas-
ant part of the situation of the mo-
ment is embodied In facts and tenGen-
cies visible to every one. The outside
public is paying for hundreds of spec
Hlatiye securities. prices which it
would never dream of paying on an
investment basis. 1t is paying these
prices, as everybody knows. because ii
believes tina 1.-THE pools and syndicates
will put prices even higher. On the
other hand. the pools and syndicates
have in a way been compelled 10 do
this very thing-to hold prices, IL not
TO raise them-ibecause the success Of
their cwn projects depends almost
wholly on keeping the public enthus-
iasm hnimpaired.
No intelligent person is likely to de-
ny that this is very artificial and
unnatural position It's dependence on
the condition of the money market
is quite as obvious That the re-
sources and position Of the American
banks and investing public. are almost
incredibly strong. is true; # it had not
been true. the stock markets of last
month might have had a different tale
to tell. The essential fact, however, is
that the syndicates have their hands
already reasonably full with present or
contingent obligations; that the banks
are meeting a drain on their reserves
both to inland points and to Europe;
that the requirements Of capital to
support the market artifcialiy have
been greatly increased with the recent
rise in prices: and that. with all this.
upwards Of quarter of billion in
new securities are overhanging the in
yestment market
These points need emphasis only be-
cause the public mind has been
brought TO a pitch Of excitement
where they are being deliberately ig-
nored. and because the air is fun Of
false reports conoocted simply to delude
the outsider Hardly a railway in the
country has not lately been acquired
by the Pennsylvania. or as being me
gotiated for by Mr. HILL None of
the interests named is to blame for
this use Of its name, and all have beeh
prompt in stamping with denials the
more outrageous Of the canards- But
it II the state Of mind. II and out 81