Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1900-06-24
VIEWS OF HENRY CLEWs.

clivities have been quite active during
the past week; unfavorable GRO re-
ports, the approach of a political cam
paign, the Chinese developments and
the renewal of gold exports being the
apparent reasons for the declines. The
real reasons, however, were the indis-
position of the public to continue buy
ing at the recent high level of prices;
the recognition of this fact by exper-
fenced operators, and the willingness.
if not desire, of the big holders to see
a moderate reaction on which to base
a fresh buying movement in anticipa-
ton of more favorable developments
later on Intrinsic conditions may be
perfectly sound; yet if the speculative
forces are agreed upon a lower range
OF values, nothing car be gained by re-
sisting those forces at this time. On
the contrary. the advantage lies in let
ting them have their OWL way for Il
period; so that the rebound upwards
will become the more pronounced later
on.
AS to crop reports, it is quite certain
that considerable damage has been done
by drouth in the northern spring wheat
districts; but this seems to have been
fully discounted. and considerable COM
penSation will be gained by farmers in
other sections through the higher prices
for wheat, while there is no prospect
of a deficiency in the aggregate wheat
crop. In other respects there is moth
ing u~nfavorable in the crop situation
unless. perhaps, hat the weather has
haon fno aoo1 For Tho raniI 1rorrfh ~
corn. 1t is altogether too soon, how
ever. to make any reliable calculations
as to crop returns.
Trade prospects are very satisfactory,
although the outlook is somewhat cor
fused by the ~readjustment of prices
now going On. Values had been adj
vanced much too high because of the
sudden and unprecedented rush of or
ders. Now that these are satisfied
both demand and prices are gravitating
to the normal. More or less unsettle-
ment nus be expected until this period
is passed and it is quite likely that
buyers will hold of for still lower prices
until forced to recognize that bottom
is touched. During the interval, there
fore, a period of dizziness may be ex-
pected that will be very discouraging
in contrast with the conditions of a
year ago. But this Will only be tenn
porary, for there are no signs OF the
recent activity having run its course.
Quite the reverse; there's every rea-
son to anticipate a good trade during
the coming fall and winter, because en-
terprise and industry are alert and the
execution OF new projects will keep
every mill busy for months to come.
O-verproduction is not yet in sight
In the foreign situation there is
nothing seriously adverse to this mar
ket. Should the disturbances in China
be subdued by the combined Powers.
without any discussions among the
latter, there will be no cause for IN
~easiness. The situation. however, In
the Far East is highly complex and not
free of dangerous possibilities. When
these have been safely passed the Unit
ed States will reap greater advantages
from the opening of China to COM
mercethan any other nation. This
East is interested in China on behalf
of her iron manufacturers who will
supply that country with railroads
telegraphs and other articles required
with the advance of Western civiliza-
ton. The South is especially interest
ed in behalf of her cotton manufacty-
ers. who will some day be threatened
with overproduction unless they find
the foreign outlet which China offers:
and the Pacific Coast is interested in
behalf ofo her came. fruit and grain
products. of which the Chinese will be-
come large consumers-to say noihIns
of the Pacific Coast shipping and mer-
camille interests which will largely
benefit from the development of com
merce with China. Japan and the Pm
ippines. Meantime the foreign mar
kets are exposed to shocks arisins
from the Chinese situation which
would be partially reflected here:
though there is small Likelihood OF our
markets beinog seriously disturbed BIZ
this factor.
The o desirable solution OF the
Chinese question would be the removal
Of the Dovager Empress and the es-
adjustment of a strong central gov
eminent, through concert OF the Pow
ers. made up Of the progressive ele-
ment in China which is amply capable
Of giving a good administration If ad-
equateiy supported at the start. II
this plan fails, the outlook would be
anything but promising, for the on
ltrol Of four hundred millions Of people