Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1900-07-15

misunderstanding and iron, mas done
wonders in lifting that section out OF
the slough Of despond. The strength
Of the coal stocks and some of the
Eastern trunk lines suggests that inn
portant movements of some kind are
on. Their purpOrt, however, is yet
unknown, unless it be in line with the
policy of bringing all of the Eastern
lines under the practical control of the
Pennsylvania and Vanderbilt interests.
Estimates of the fall wheat crop,
based upon the last Government re-
port, indicate yield varying from 470
million to SO million bushels. The
actual crop in 1899 was SAT millions;
in 1898, 675 millions. and in 1897, $50
mi-lions; so we are likely to have the
smallest crop of the last four years
The estimates of the corn crop aver
age about 2,200, 100000 bushels, which
If realized will be the second heaviest
crop on record. 1t is, however, too
early to indulge in any reliable calcu-
iations as to the corn crop. Under IA
vorable conditions 1t might exceed
these figures, and with unfavorable cir
cumstances it would very likely fall
short. The cotton report showed an
average condition of only 1853 compar-
ed with an average of 87.9 for the past
ten years. In view of ...e fact that the
acreage of cotton is the largest On re-
cord and futures are now selling at
big advance, it is probable that the
money value of the 1900-1901 crop will
far exceed any year on record.
At the moment the market seems to be
under control of dividend rumors and
few strong leaders who are advancing
their favorites There is excellent sup
port to some securities, and prices may
easily be carried higher should an acct
dent intervene. The power of concerted
action by the big holders should not be
moderated; yet there is more risk than
usual just now in carrying on a pro-
longed bull movement at this juncture.
The market will be particularly exposed
for some weeks to come to shocks from
either international or domestic politics;
and any rash bull operations may be
brought to sudden termination. There
are both good and bad features in the
situation; more of each than usual; so
that the difficulty of calculating future
movements is much greater than a year
ago when the tide of prosperity was all
one way Now there are conflicting cur
rents; and more care in avoiding treach-
erous eddes will be necessary than usual
Values have shown a decided disposition
to improve, in the face of hight transac-
tions which appear to demonstrate the
inherent strength of the general stu
alton. The readjustment in general bust
ness lines has lately been viewed in a
rather too pessimistic way by many peo
pie. The enormous demand of the last
two years inevitably resulted in an over
production, which must await gradual
consumption hence the shading in prices,
and the stacking off in sales, but the
fact remains that the great mass of the
people are upon larger income basis;
wage scales still rule materially higher
than for many previous years, hence a
very large purchasing power still remains
to stimulate business. This fact alone
should be enough to confound the alarm
lists. More favorable weather conditions
in both wheat and cotton growing dis
tricts have caused a more hopeful feel
ing and bid fair to result in better crop
showing Affairs in South Africa are
progressing slowly but surely toward a
cessation of hostilities. When this shall
have been accomplished, the material
increase in gold receipts at London can
not fail to benefit the general European
financial situation. The immense relief
that will be accorded the sadly over
strained finances of ST Petersburg and
Berlin will of course have a beneficial
effect all over the world. We shall come
in for our full share of fresh investments
when the time comes. American securi-
ties, upon an absolutely gold basis, and
backed by steadily increasing earnings,
offer field that will not be overlooked.
We find a most encouraging sign in the
placing of the Louisville e. Nashville rail-
way stock upon a declared four per cent
basis. Such action by management
we'll understood to be conservative dis
plays faith in the business future. 1t is
well, however, to exercise reasonable eau
ton in view of the remaining uncertain
ties in the situation, and temper euthu-
siasm with prudence
HENRY CLEWS.