Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1900-05-27
BUSINESS N
T
VIEWS OF HENRY CLEWs.

Special TO the Register.
New York, May 26,-The stock mar
ket shows good resisting qualities.
Strong efforts have been made to de-
press values, but success has been linz
tied. The chief result was to enlarge
the short interest and create a buying
power that was otherwise wanting. At
present neither investors nor the OUT
side public are taking an active part
! in the market; but the real holders of
stocks make such a display of conf
/ dence that the long expected receSsionS
IN values do not materialize. On the
contrary, prices have been surprising
iy strong, considering the various I'M
certainties and the changes to be faced
within the next two or three months.
The strongest bull factors at the mo-
ment are continued large railroad earn
ings, easy money and -ue prospects of
an early end Of the T%ransvaal war.
While many Americans have SYM
pathized with the Dutch, chiefly be-
cause they have fought v~aliantly for a
losing cause, yet as a nation we were
not only compelled to be neutral by all
legal precedent, but on the merits of
the our Judgment could not anc
ton the position of the Dutch. Both
Dutch and English have fought for lib
erty as each understood it. But to the
Dutch liberty was for the Dutch only;
while the English fought for equal
rights for all men and not for the
privileged few of a single nationality.
Under British domination the Dutch
xrri11 hove 4h4 ea-,o ,srA%r 0r +h4 Ef,ar
lish; under Dutch rule other nationali-
ties had been made desperate by the
petty tyranny of rulers whose Interior
purpose was the utter exclusion of all
foreigners, if possible. The issue may
be clouded by discussing the minor
errors of both sides; but on the larger
view of the question which must con-
trol-that of equal rights for all men
there is but one side for Americans to
take, and that is the side of justice and
equality before the law. AS for Amer
lean interference we have no legal
standing there. 1t is purely an At
rican question; and ven from the hui
m~anitarian point of view it would be
supreme folly to shed more blood; for
Britain would Yer submit to Ameri-
can interference. Imagine our temper
should England have assumed to in
tervene on behalf of Spain during the
late war; or even to support Aguinaldo
at present. Besides, it would be I'M
generous of us to forget so oon the at
titude of friendship which England pre-
served during the Spanish war, and her
refusal to Join the other great powers
in a remonstrance against our inter-
ference in behalf of Cuba. Whatever
criticisms we may wish to make re-
garding British policy in South Africa,
it cannot be overlooked that her sue
cess stands for advancing civilization;
and the least we car do for u best
friend and our best customer is to
control our emotions and maintain an
attitude of friendly neutrality until this
unfortunate struggle is brought to a
| finish.
AS we have stated in our previous
advices, the business outlook does not
warrant any u~neasiness. Some on
lessons on values of merchandise
would merely bring in new orders
which have been held back by high
prices; and a partial cessation of the
recent rush of orders is desirable if
trade is to continue of healthy proper
tons. We look for a less profitable
but a smaller and sounder volume of
business during the next six months
than the last. And there is no doubt
whatever that the railroads will enjoy
their present prosperity for a consider
able length of time to come. The In
dustrials are not the to the
market that they one were; specula-
ton in these being largely restricted
to professionals and original holuers,
and current market prices often being
below the point of issue. AS specula-
tive holdings their ownership still in
wolves unusual risk, so long as they
have to face the consequences of ov-
capitalization and new competition;
the latter being a feature worth the
attention of the antitrust constituent
cy. The marke was temporarily dis
turbed by the failure of a Cotton Elk
change firm but the general situa-
tion is favorable, and prices are likely
to respond to good news. Until the
Presidential nominations are made,
however, there is not likely to be any
big concerted bull movement; and the
political campaign and summer quiet
together will tend to restrict opera
tons. We do not look for any i'm
portant downward movement in the
good railroad stocks and considert them
a good purchase on all decided reac-
tons. HENRY CLEWS.
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