Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-11-20
VIEWS OF HENRY CLEWS.
Special to the Register

Wall street has been in a condition OF
struggle between the upward forces
incident to position Of extraordinary
national prosperity and an insufficiency
in the supply of credit and circulation
facilities. Outside the monetary situa-
tion, there can hardly be said to be
"bear" element in the situation. All
other tendencies are admitted on all
admitted on all sides, to favor higher
range OF values; and as a consequence
holders are indisposed to sell, strong
operators are ready to buy on the de-
clines, and bears" confine themselves
to transient ventures based upon mon
etary features. In brief, the prepon-
derant disposition is to sand well Ior
the Dull" campaign which all are an
ticipating. Nobody, not even the most
Dessimistic "bear," seems prepared TO
sell upon the reasonable pOssrDlilty OF
the money stringency continuing TO
hold speculation in restraint. Hold on
to what you have and buy on the
DROPS seems to be the controlling pol
lev all round. The "bull' factors are
considered SO trustworthy that all are
willing to wait for their fruitlon ana
unwilling to follow the adverse currents
of the money market.
During the past week the foreign
markets have caught the same spirit.
The political disquiet in the European
capitals appears to have produced
feeling abroad that, under the present
unsett,ing conditions on the Continent,
American investments are 1kely 10
prove more steady than those OF otner
countries-to say nothing OF the
chances of an Improvement IN their
value when our money market becomes
easier-and this feeling has expressed
itself within the last few days in net
purchases of about 100000 shares on
foreign account. This slgnlncan1
movement comes as an important rem
forcement of the home tendencies To-
wards an ultimate general rise III prices.
1t means that, in the estimation OF
foreign investors and SPECTATORS,
American securities afford better prom
Use than certain classes OF Continental
issues with which their markets have
recently been over-supplied; and, thus
interpreted, it has an encouraging pear
ing upon the New York market. 10
some extent, this drift of foreign IN
yestment is to be attributed also to the
impression produced abroad by the
great outburst of industrial activity in
this country and to the unmlstaKaDIe
evidences Of our immediate destiny as
one of the foremost competitors LOT the
worlds international commerce. 1t IS
g. very significant fact that, just at the
moment when our State Department
authorizes an announcement OF its hrm
adherence to the policy of the open
door and equality of opportunity IN
the Far East, the European Dourses
send extraordinary orders fer our Sc
curities-showing that, however much
foreign countries may deprecate our
competition, they respect our invest
ments. 1t will probably be found, now
ever. that there is a limit to the extent
to which these foreign purchases VIII De
at present carried. At all the EURO
pean money centers, credit IS ABOUT as
stringent as it is here and the balance
of trade with Europe as WnoIe Is
largely in favor of the United states.
So much is this the case that 1t WoulC
not be surprising if some OF these pur-
chases of stocks should be sent nome
again at an early day; but, however
that may be, these export operations
are significant and assuring FEATURES OIL
the market.
Whilst all intrinsic conditions of the
investment market-outside the recent
issues of the industrial consultations
are solid and promising of higher
prices, yet the problem as to when the
rise NAV be expected still remains en-
tirely a question of the money market
not easily solved. The reserves OF the
city banks remain close on the 'dead
line" There is a notable. abatement
of the shipments of currency to the IN
terror; but the receipts from the west
are still less that they should be at thls
season; and there are no indications OF
the extent of the refiuX from the coun-
try which always places the banks IN
an easy condition in November. A sud
den rise in prices and wages and
large increase in the volume OF trade
have together very greatly swelled the
amount of money needed for the retail
circulation; and while the banks need
more legal tender money to meet the
increased demand for loans-or rather
to provide the enlarged reserves Tor
which the loans indirectly call-tne
augmented popular wants for cash set
elements make it difficult for the banks
to get the supplies of lawful money
which their reserve laws demand The
truth is we have reached a position OF
commercial expansion in which the re-
straints of the national banking sys-
tenn make it impossible for the banks
TO supply the legitimate wants OF
credit and the difficulties in the
money market must be set down almost
entirely to legislative regulation which
the times and the country have out
grown. This is an obstacle to financial
operations not easily overcome without
a remedy in the law. We may expect
a return of these spasms with every re-
turn OF the crop movement; and dur
ing the intervals banking operations
must be needlessly restricted.
At the moment, there are two leglti-
mate ways of easing the money mar
ket, and either of them is liable to
come to our relief now any day. One
is decisive battle in South Africa with
victory to the British. This would en-
able us to import gold from London
without much resistance. The rate of
sterling bills for sight sold down to
4.S5 early in the week, but afterwards
advanced to 4.S6 We can bring gold
here at 241h hut mill the ROerS are