Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1901-02-17
VIEWS OF HENRY CLEWS.

Special to the Register.
NEW YORK, February 16.-The gen.
eral aspect of the stock market does
not vary materially from the, condi-
lions prevailing for the last three
months. Although prices range from
Is to 80 points above the ante-election
average level and might, according to
usual experience, be expected to ex-
hibit ncw some decided reactionary
tendency, yet holders Of large blocks of
st1cks show no timidity about prices
nor any haste to realize profits. The
market is almost entirely speculative,
and the influences affecting speculation
center almost wholly around the great
industrial and railroad deals" now in
process, Or contemplated or rumored.
The deals" barometer is the chief in
dicator OF the market. and, when it
falls there is enough realizing to show
how largely confidence is dependent
on these special conditions. Still,
there are always plenty of sanguine
buyers ready to take tile securities thus
parted with and each slump is fol-
lowed by a recovery.
The predominant sentiment seems to
be that the current remarkable run of
industrial development is forcing on
the country an era Of concentration, of
mammoth capitals, destined to admin
lister our largest material interests.
Men of speculative bent do net wait to
consider the economic merits or de-
merits of these new conditions; to
them, it is sufficient. that a movement
CT such breadth and prominence, and
backed by the foremost tinanciers and
capitalists of the country, affords ma
terial for a speculation CT unprecedent-
ed breadth. activity and expectancy.
They perceive that, from the exter of
these operations, they must require
time for their consummation and see
at least a possibility that the consoli-
dation movement may run on to
lengths not at present definitely fore
seen. Thus, the general conclusion is
reached, that q special basis is estab-
lished for a fairly reasonable specula-
tive probability that the present Doom
will be kept up for some considerable
time, with a possibility OF even mater
tally higher prices for many stocks
than have yet been reached. Plainly
this is the controlling sentiment under
lying the present extraordinary situa-
ton. 1t is adhered to with great te-
nacity and with very sanguine hopes.
and its attractions are drawing into
the market very large amounts Of cap
itel which have rarely ventured on
speculative operations; whilst, by a
sort of necessity. it Is drawing even
conservative investors into specula-
lions associated with the deals but
wider fluctuations for the balance of
this month and during Alarch may be
expected.
1t is not to be denied that a situa-
ton so calculated to excite the sptim-
istic spirit OF speculation has never be-
fore existed in Wall street; indeed. we
may not alone say Wall street. for a
like furore has dominated London. in
spite of the many bearish factors that
are straining nat centre. From the
wholly extraordinary state OF affairs
presented by the new conditions in
politics. trade. industry and finance. we
could expect from speculation no other
result than that which now appears In
a rise Of one-thkd in the market value
of nearly all corporate investments.
Nor can we be sure that this great en-
hancement of prices has yer reached its
elimination. Certain it Is, however.
that the point ha not ret been reached
at which the bear has even yenxured
on a tentative test OF the inherent
strength of the market. The pessim-
lists are lying low until a higher state
OF tension in prices has been reached.
or ever lending their help as buyers
- precipitAte the breaking point: for
It is against their interest TINT the pub
lie ehooh 1oooms educatea Into -