The times. [volume] (Washington [D.C.]) 1897-1901, 1900-05-14
CLEWS ON THE OUTLOOK.
a Financial Critic Who Takes n
Hopeful View.

1
Hopeful View.
Henry Clews the New York financial
writer. In his weekly letter, gays Of the
outlook for the stock market and Of the
business conditions OF the country in gen.
eral:
The reactionary movement in the stock
| market developed further strength last
week. and the tendency has been much less
bullish than two weeks ago. Good reasons
| existed for a strictly moderate reaction.
Values Of good properties were often pretty
high. and more or less liquidation Of spec
| ulative accounts was inevitable in the abb
sence of fresh stimulus to outside buying.
Here and there securities could be picked
out which had not received their full share
OF the rise: but. with a modification OF
favorable conditions in other quarters
their upward movement was made more
difficult"
The most important setback originated
in the iron and steel stocks. which de-
clined owing to unfavcrable reports OF the
iron trade. This great branch Of indus
try, however is not going to destruction; ;
1t is still enjoying prosperity, and is like
ly to continue so doing for months and
possibly years to come. The worst that
can be said is that the abnormal rush Of
orders. the like of which was never before
experienced. has subsidized. and the ex-
IRENE prices which buyers paid in their
panic-like anxiety are now a thing OF the
past.
Demand is temporarily abating: produc-
tion is increasing and values must soon
reach more normal basis. and this may
not be accomplished without some injury
to the poorly equipped and poorly organ
lied concerns which ought never to have
entered the race Of competition. This
condition is no surprise to those engaged
in the iron business: reaction has long
been foreSeen. and, as soon as prices have
settled down to a lower and more reason
able basis, it is more than probable that
new set of orders will be received, there
being many enterprises. improvements,
and enlargements which have been post
poned owing to the high prices OF iron.
While the readjusting process in the
iron trade may injure those unprepared.
it will result in placing that great indus
try on a stronger and more enduring state
of prosperity than just now exists. The
United States. with its unlimited supplies
OF cheap ores. its unrivaled means Of
transportation, and its unequaled skill In
the art Of manufacturing on large scale
will lead the world in iron manufacturing;
il indeed 1t has not already reached the
position of leader.
Already we are successfully placing our
iron products. from pig iron to locomo-
tives, to typewriters and hundreds OF
other articles. in the foreign markets
hitherto controlled by England and Ger
many. Our success in these fields is an
assured fact: the future Is simply mat
ter CT growth. or. to use a more suitable |
word. expansion. In the future the iron |
industry will not longer be solely depend |
ent upon the home market. and the periods |
Of excessive congestion which that meant |
will be fewer and far between; for the
foreign markets will offer an unlimited
field il properly cultivated to American
for years to come. We are ac-
customed in this country tn spells of vio-
lent depression after every period of I'M
usual activity, and it will be interesting
TO observe as to how far these new out
cts for our surplus will save US from
he effects of oversupply and reaction.
General trade shows some signs of less
lctivity: but not more than could be
reasonably expected after the rush of the /
'ast six months. In the textile trades tbs
'ace has been a little too fast in some
aspects. ard buyers finding values I'M
ettled are holding off until their large 6
arly purchases are disposed of. In some i
ines Of groceries there are signs of over ,
uying. and similar reports are heard heref =
nd there from other trades. AS whole. :
owever. the business situation Is sound ,,
nd promising