Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1900-04-01
BUSINESS AND
INDUSTRIAL.
Special to the Register.

Special to the Register.
NEW YORK, March 31.-We have
had a strong and satisfactory market
for several days. Prices have risen
very generally. one of the best feat
ures being the breadth of the market;
SO some temporary reactions now need
cause no surprise, for early buyers are
sure to take their profits. This, how
ever, does not mean that the present
upward movement is at an end; 1t is
altogether based upon too many sound
reasons to prove nothing but short
and temporary squirt. The present rise
is based upon the excellent business
conditions that prevail; upon the large
earnings of the securities dealt in on
the Stock Exchange; upon the passage
of the new currency bill, which estaD-
fishes the gold standard and allows
of moderate expansion of the curren-
cy, and upon the scarcity of safe and
profitable investments. Lately the rise
in values has been stimulated by for
eign buying. London has purchased
quite freely, and some of these secur-
tiles will be shipped to Europe, While
a considerable portion will be held
here on speculative account; conditions
favoring that method of operation
rather than their transfer to London.
There is no doubt that considerable
of this foreign buying is due to the
passage of our currency bill, which car
ried much more weight in foreign
financial circles than over here where
public opinion was better understood.
The inactivity in the Kafir market,
which is likely to last until the Trans
vaal war is ended, is a further induce
ment for London operators to turn
their attention to this market.
AS frequently intimated in these ad-
vices, the most marked advances have
been in the securities of reorganized
companies which first benefit from the
gains in earnings. Gilt-edge bonds and
the old established dividend-payers are
neglected, being held too high for the
ordinary stock operator. Preferred
railroad stocks and low-prlced
bonds have proved the best purchases.
The preferred stocks of the best indus
trials are also likely to yield good
returns to their owners. while the
common stocks of these issues are
neglected, because no one expects pres
ent exceptional profits to continue in
definitely, and the common issues will
of course take the full brunt of fluc-
tuations in business. April settle
ments have had surprisingly slight eff
feet upon the money market, and at
this writing there is no prospect OF
disturbance from that quarter. The
monetary outlook is generally assur-
ing and moderate If not easy rates are
likely to continue for some time to
come.
The present wonderful showing
made by American railway and indus
trial corporations only foreshadows
the immense activity to come. The
entire world is entering upon an era
of commercial progression and pros
perity that will far surpass all present
records. National conquests will be
made henceforth by the weapons of
commerce rather than by those of war.
The great increase in the gold prod
uct of the world is the moving power,
and the faster it is brought up from
the bowels of the earth the greater
will be the impetus of business ven
lures and developments. The future
will be brilliant in inventions and dis
coveries and in the advancement of
gigantic business enterprises without
limit as to sphere. We are to witness
q race of mankind for supremacy in
the worlds markets. The open door"
will be the policy of all the great
powers. The completion of the Trans
Siberian Railway points to the devel-
opment of the heretofore almost I'M
known resources of Russia. Upon
the ending of the Transvaal war we
shall see a tremendous sweep of civ
ilization into Africa, which means the
opening up of its fabulous resources.
Who can gainsay the results will be
marvellous? There is not a corner of
the globe where they will not be felt.
Such are the conditions prevailing in
this closing year of wonderful CEN
tury. The prospect for the coming
one is indeed dazzling.
HENRY CLEWS.