The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1899-05-02
FIYiNCIAL AFFAIRS
ReYseW Of sae Pass Nee5 ~ the
Business World.

b.auk ga certain speculative industries
at the opening Of the month. proves Go
, have been broader In It's results than was
at first supposed II has caused cou-
siderable unloading in the geuctral list,
loud 50 far it has been a test OF the ln-
! trinsic strength Of tho market The
trial, however, can hardly be said To-
, have been unsatlsiactory IN IFS results.
1t may have wiped out some of the
earlier profits from high prices, and to
that extent IL has restricted the buying
capacity Of the smaller class of opera
tors. and this factor may largely account
for the considerable shrinkago apparent
In the volume of transactions. But the
satisfactory feature Is that this month
of test should have developed 50 little
levidonce OF intrinsic weakness The
bears" have done their best TO break
confidence i'm prices. but their success
has been very partial. and holders have
shown their ability to protect their hold
ngs.
This strength is the more noteworthy
have had some disadvantage Ia compari-
son with the extraordinarily largo rec
ceipts at the same date OF last year In
making such comparisons, however, IL
must not be ovorlooScG that tho carn-
ings must include much larger proper
ton of the high class freight than "a
year ago. The unprccendeuted activity in
our Industries has caused an increased
movement in the high-rated merchandise
which cannot but tell favoraby on The
net earnings. The remarkable business
activity must also have materially it,
creased the passenger traffic. which Is
one OF the most profitable branches of
railroad opera tlons It is therefore,
likely that, when the net earnings Of The
first three or four months OF the year
come 20 be exhibited, they may show
larger profits than has been counted upon
The prospects of the grain crops arc
watched with much interest. but remain
an uncertain problem The wheat crop
has undoubtedly suffered severely from
winter-kiling. but exactly TO what cx-
tent is stln too early TO estimate. In the
sDrlng wheat sections the weather CON
dtions are for the most part favorable;
but no estimate can yet be venturod as
20 It's acreage. Tho cuSrent prices ~
wheat and the possibilities OF n large
failing on in the supply from the winter /
crop, are undoubtedly favorable to an i
Increase IN the spring sowing but at the i
moment this is coniecural This unco--
tainty as TO the wheat crop ls the chief
element adverse TO the stock market. but
tho operators Dc not yet seem TO huvo |
mad up thir mind TO accept the worst /
probabilities % the outcome The money |
market Is no longer nn obstacle TO spec |
uative business. Money on call IFS I'm
good supply at moderate rates, and there |
Is no expectation OF "A change FOR the |
nextt few months. Taking the situatl ION |
In Wall street as a whole it is 10 be re- /
garded as a hopeful one. There Is moth |
ing in sight calculated 20 suggest mis-
givlngs. Speculative accounts are per-
haps quite generally IN condition con
servative enough to mako the ''be,ra'
cautious: and the unusual business pros
perity Is Viewed as suggesting al up |
ward rather than a reactionary course /
OF prices
one very important element. however
impeds over the market which az yet
has received no serious attention refer
TO the further consequences OF the war
In the direction OF trade expansion. TINS
Is a very large and Vital question A.
first. 81 attracts apparently very o. ne
open attention 10 the massol OF our
people II is something foroipn 10 our ex-
pericnce. 10 some, including "a few states
men OF prominence. % seems AN uuwur. /
raniablo Intrusion upon the past policy /
Of our government TO all. it Is confess
edly question OF many sides, and calling |
for Information. But it Is nevor hclosa /
a matter In which all classes feel q deep |
interest,-an interest so deep that mben |
prefer 70 do some thinking and invostl-
eating before they reach an Affirmative
conclusion. For this reason tho question
may be regarded as being Jus, now n
its silent ana broOdng stage. II mav
be safely assumed. however, that policy
aiming only incidentally az this uqusi-
ton Of territory and dreouy and per-
mantly at a great expansion OF our for
eign trade ana, at the same time. at "a
| future better protection OF our Ok N-crn1l
interests and the patriotic pfflo of our
people, With the large patriotic mass
| OF the American public this now devo-
opment cannot fan 20 receive an on
couraging reception; ana that favorable
| prepossesslon can only Etn m strength
In proportion as this promisel CONNER
| cial expansion comes 20 be understood
IN It's fun length and breadth Public
opinion has yet 20 give "a fair hearing a.
! the minority opposed 10 the change The
class who follow patty policies through
thick and thin are waiting 10 see where
the question will stunI iu political plat
| forms; and more stll are resorviag their
conclusions untn congressional discuss
sion has thrown its uncertain light upon
The question But whilst pending this
formative stage OF opinion me subject
may appear 20 boz surrounded with a1no
uncertainty. men who understand ,he in-
uonces that so farthest IN the shaping of
popular sentiment can have little dJub.
that policy which appears $50 directly
20 the passion of national Rrcq uoga auI
prosperity Will finally briRs m.so ma
iorty of our peqpla ia tha support ~ the
policy of commercial and udugtrill ez-
pauai0n. Ia proportion as the public
moves toward this conclusion, iho men
/ Of finance will come % gradually .s1uc-
ipate the approach " au era 0i national
expansion with which nothing n our
q history can comparoi and, aa the pros
, pect becomes clearer confidence WA iu-
, crease and American Investments WI
/ become more valuable The spectacle OF
! national greatness then resented vii
o lnfusa now confidence into New W0rl,
J. enterprise, and nothing can prevent "a
from marching on toward an era Of ga
uonal greatness unparalleled IN the his
tory OF MANKIND. This prospect ma
cQgse within sight OF realization earle
OF than many alow-moying observers ar
n anticipating. We aTs within compare
IN lively few ,nonths of the time when ou
4 future policy Ia these matters must b
1u finally determined bv fho netLQn Of IA