Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1900-08-06
VIEWS OF HENRY CLEWS.

Special to the Register.
NEW YORK, Aug. 5.-The market
has been dull and undressing;
strong in spots and weak in spots: but
| displaying in general a firm and heal
| thy undertone. Absenteeism is the
chief obstacle to an advance at this
time. Many of the big leaders are
away on pleasure; and, until their re-
turn, any concert of movement to-
wards an aggressive advance in prices
is impossible. The public never jump
into the market without distinct signs
of leadership.
There is an abundance of money
seeking investment. At present this
is not going into either bonds or
stocks; but both investment and spec
| ulative buyers are waiting until the
market develops more visible strength.
The reasons for anticipating a better
market later on are ple-~> and
sound. The most serious impeachment
to speculative operations has been the
Chinese situation. Fears that serious
foreign entanglements of some sort
might arise which would derange the
foreign money markets, draw gold
from New York and send back Ameri-
can securities very naturally deferred
any upward movement in this market.
Other retarding influences have been
the crop uncertainties and the signs
OF trade reaction shown by declining
prices and curtailed production in the
iron and textile trades. Election
doubts have not been a factor worth
notice so far.
The crop situation shows improve
ment owing to more favorable weather
during the last week or ten days The
serious damage to wheat has been con-
fined to the sping wheat sections of
Minnesota and the Dakotas, where
only about half crop is expected
Business in those sections and the rail-
roads also will be unfavorably affected
by this loss; but elsewhere the outlook
is promising. In spite Of the damage
and the shortage on the Pacific coast,
the indications favor yield of about
$50 900 bushels of wheat compared
with 100000 bushels last year.
Higher prices, be it noted, assure a
money value considerably in excess
OF last year. Corn is in excellent con-
dltion; and, if the next few weeks pass
without injury from frost, the yield
may reach over 1000, 000, 900 bushels
and prove one of the biggest on rec
ord; fact of much consequence to
the business interests and railroads Of
the West and Southwest. The South
is now more prosperous than for many
years; in fact it is doubtful if the
South was ever in better condition
than to-day. Cotton costs less to pro-
duce than formerly, but is bringing
HI - h-+F
and distributor. The South is also
beneftting greatly by the diversified
ton of industry, the wonderful devel
opment of cotton manufacturing and
the iron industry creating an area of
prosperity TO which that section has
long been a stranger.
Railroad earnings are generally
showing wonderfully good results,
when it is remembered they compare
with two phenomenal years. Such
gains cannot always be expected. At
the same time expenses are often in
creasing very heavily; hence unrea-
soRAble expectations Of extra divi-
dends are likely to meet with disap-
pointment A number Of roads have
lately increased or paid their first div
idends, and this fact has proved the
strongest support which the market
has had. There are a number OF 4
per cent. dividend payers with per-
manent prospects, which are likely to
sell at considerably higher figures
when the investment demand again
sets in. A good many buyers are hold
ing off for lower prices. who may a,
any time be obliged TO shift then ~
sition. HENRY CLEWS.