Marietta daily leader. (Marietta, Ohio) 1895-1906, 1900-07-17
Henry ClewsLetter.

Hon to 51O mlfffon -bushelS- The act
ual crop in 1899 was 547 millions lin
1898, 675 millions and in 1897, $50 mil
lions; so We are likely to have the.
smallest crop of the last four years.
The estimates OF the Corn crop aver
age about 1900, ,OOO, 900 bushels. which
If realized will be the second heaviest
crop on record. 1t is. however. too.
early to indulge in any reliable calcu-
Tatfons as to the corr chop, Under fac
orable conditions 1t might exceed these
figures and with unfavorable circum-
stances it would very likely fall short.
The cotton report showed an average
condition of only 75S compared with
an average of S79 for the past ten
years, In view of the fac' that the
acreage of cotton is the largest on rec
ord and futures are now selling at big
advance, 1t is probable that the money
value of the 1900-1901 crop will far ex-
ceed any year on record. a1..i
| At the moment the market seems to
be under control of dividend rumors
and few strong leaders who are adj
vancing their .favorites. There is ex-
cellent support to some securities, and
prices may easily be carried higher
should no accident intervene. The
power of concerted action by the big
holders should not be underrated yet
there is more risk than usual just now.
in carrying on a prolonged bull move
ment at this juncture. The market will
be particularly exposed for some weeks
to come to shocks from either interna-
tional 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 move
ments is much greater than year ago
when the tide of prosperity was all one
way. Now there arc conflicting cur
rents; and more care in avoiding
treacherous eddies will be necessary
than usual
Values have shown a decided dispo-
sition to improve, in the face Of light
transactions, which appear to demon
strate the inherent strength of the gen.
eral situation. The readjustment in
general business lines has lately been
viewed in rather too pessimistic way
by many people. The enormous de-
mand of the last two years inevitably
resulted in an overpl oduction, which
must await gradual consumption,
hence the shading In prices, and the
Stacking off in sales but the fact re-
mains that the great mass of the peo
pie are upon "a larger income basis;
wage scales still rule materially high
er than for many previous years, and
hence very large purchasing power
still remains to stimulate business.
This fact alone should be enough to
confcund the alarmists. More favor
able weather conditions in both wheat
and cotton growing districts have
caused more hopeful feeling 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 Lonlon cannot fail to
benefit the general European financial
situation. The immense relief that
will he accorded the sadly overstrained
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 Sc
curities, upon an absolute gold basis,
and backed by steadily increasing
earnings, offer field that will not be
overlooked We find most encourag-
ing sign in the placing of the Louis
vile G. Nashville Railway stock upon
declared four per cent basis. Such
action by management well under
stood to be conservative displays faith
in the business future. 1t is we'll, how
ever, to exercise reasonable caution in
view OF the remaining uncertainties
in the situation, and temper enthusl-
asm with prudence.
HENRY CLEWS.