Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1901-02-10
VIEWS OF HENRY CLEws.

NEW YORK, February 9.-Wall
street still excites surprise by the con-
tlnuance OF its extraordinary speeula-
tive boom. The market is almost I'M
precedented in the persistency of it's
activity and firmness. Its elasticity is
entirely in an upward direction, and
naturally nobody cares to take profits
so long as prices keep advancing. Last
week the daily transactions in stock
fell from a maximum of 100000
shares to the minimum of 900 900
shares. and yet without any CORES
ponding fall in prices; in the past
week the daily sales have bounded
back to 100000 shares, but with no
such rise in values as might be expect
ed from such an increase in buying.
The movement is wholly abnormal.
There is no explaining it by the ordi-
nary rules of speculation; it is plainly
under the direction of special influ-
enees of absolutely controlling force,
which nobody has the courage 70 OPP
poses whilst holders generally are ready
to follow to any lengths.
The explanation is in the fact that
financial giants are in the field, per-
forming unexpected feats of consolida-
ton among leading corporations. WHAT
has already been accomplished, or is
in process of achievement, aggregates
several hundred millions OF capital.
Those operations may be considered
as having already had much of their
stimulating effect on the general mar
ket, but no reactionary tendency is
distinctly apparent. There remains
the question whether other similar
deals may not be waiting their turn.
Each day brings its rumor OF other
schemes; and it is not unlikely that
there may be some basis of truth In the
reports. There are plenty of railroads
which present as good a case for CO.
operative alliances as those which are
now being put through one or another
form of consolidation; and what is
now being accomplished will naturally
have tendency to force competing
lines or routes to adopt similar ar
rangements. Railroad capitalists APP
pear to quite generally favor the prin-
ciple of these readjustments, as the
most effective method of controlling
railroad competition yet introduced;
and there appears to be some consid-
cradle probability that we may prove
to be in the beginnings of movement
that viii ere long revolutionize the
relations between the units of our en-
tire railroad system. With what speed
the change may be expected to travel
is, however matter too uncertain to
speculate upon. Whatever may be the
impression produced by the important
deals now in process, such transac-
lions require much Reconsideration
and negotiation, for which time has
to be allowed. While, therefore, there
may be certain arrangements pending
which will develop further deals be-
fore the present excitement abates, yet
it is doubtful whether these operations
can be carried much farther at present
without inducing an excitement that
would break up in violent reaction on
the stock market.
1t is not to be concealed that the
present firmness of the market at a
very high range of prices is abnormal
and largely fietional. But for the oper-
ations of our strongest financiers in
these exhilarating deals, the market
probably would se now careering back
towards a normal level of values; and
when it is seen that the giants have
completed their plans and Withdrawn
their support, the speculative value OF
stocks will be estimated from a quite
different point of view. In prospect OF
certain degree of reaction at prob
ably no very distant date, IL may be
well to compare present prices, for
twenty representative stocks promiscu-
ously selected, with market values
midway between the highest and low
est Of 1900 (omitting fractions), as
follows: