Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1900-06-17
BUSINESS AND

Special to the Register.

o- - N@~~t
though not in a peSsimistic mood, is
Just now occupied in d~iscounting I'M
favorable possibilities. While intrinsic
conditions are sound and promising.
there are sufficient uncertainties to de-
fer a continuance of the upward move
ment and permit limited efforts for the
decline. The most important obstacle
Just now is the approach of the Pres
ldentlal campaign. which has much
more effect upon speculative than upon
ordinary business transactions; the
latter suffering little interference, as
statistics amply show. even when po-
litical agitation is unusually sharp.
All indications point TO a very quiet
election, considering its Importance.
Another important element of uncer-
tainty Is the situation in China, which
is so threatening and complex as to de-
fly all representations. Should war
develop out OF the present outbreak,
as is not at all impossible, its effect
upon the United States will not be
serious. If we are called upon TO take
a more decided and more active part
than we are now doing, it would In
volve no strain upon the resources of
the United States. Our activities would
very likely be confined TO diplomacy,
supported by some show of force; but
the probability of our taking any very
active military or naval operations are
very remote. War, however, might
cause considerable disturbance in the
European money markets; and as there
are weak spots over there any special
strain Upon the money markets would
be unwelcome, and the consequences
mavoidably felt on this side of the At
lantic. Fortunately the United States
is in a relatively stronger. financial
condition than any foreign country.
England has the Transvaal war to pay
for. and has not vet recovered from
the losses in African mining shares.
Neither France nor Germany can
boast of their financial strength; the
latter country still suffering from ex-
cessive speculations in Industrial
shares. While the United states mas
experienced a most remarkable INDUS
trial boom, the iron trade far surpass-
ing all records, yet it has been singu-
larly free thus far from reckless spec
ulation. OF course speculation has
beer much more ACTIVE the last two
years thar usual, but it has not been
marked by the excuses that are usually
the first signals of coming collapse.
In Re industrials where the LANCER OIL
such excuses were greatest speculation
has beer kept within bounds by the
ac o Of the banks and the repeated
warnings of commission houses OF
high, standing, as well as by many IN
~luentiaI ~ewspapers Many OF these
stocks are selling to-day much below
the price of issue; but the losers, as a
rule. are not those who bought at
higher prices. but the original holders
who failed TO sell their over-watered
product. 1t Is fortunate ln1eeu
that such an unwholesome speculative
movement as the booming and selilng
of the industrials has failed. Heavy
losses may fall somewhere, but so
long as they are confined To original
sources they will not no greatly regret
ted and inasmuch as they often repre-
sent failure TO cash paper profits nttie
harm will be done.
The industrials will have enough TO
do in meeting new competition IN
welding overproduction and in paying
! ALLEGATIONS on overcapitaliZed proper
ties without venturing upon the vieis
situdes and q%uicksands o speculation.
One very satisfactory evidence OF pros
nerity Is the continued large exports
amounting to Sill ,296, 900 last May,
against S91 $50. 900 a year ago. Our
imports during the same month were
71,555,O00 compared with SIO,l6O,OoU
last year. This lett an excess OF ex-
uorts amounting TO sal ,947 600, against
s23 $4,000 in 1899; and a considerable
portion of his excess was due 10 the
rapid increase in exports Of American
manufactures.
U~nfavorable reports concerning the
wheat crop nave caused more uneasi-
ness than justified, because the large
increase in acreage promises TO fully
offset all damage reports thus FAR re-
eeiyed. The condition statement Of the
Department of Agriculture on June !
indicated a yield of 619, 900, 900 bushels
while the total crop of 1899 was 547,-
900 600 bushels. which affords a big
margin for damage before the yield
falls below last year. Trade reports
indicate a slackening Of business and IN
a few instances railroad earnings show
a decline from top figures. This should
be expected. Demand and prices can
not always continue at the 1ood-tide.
moderate reactions would probably put
trade on a much more healthy basis
and pave the way for renewed activity
next fall. Wall street is even now dis
counting such a reaction. Gold exports
have been renewed upon a considerable
| scale. but this movement attracted lit
tie attention. Money rates continue
easy and the satisfactory condition Of
the money market is the chief scarce Of
strength in stocks. For the mex few
weeks, or until after the nominations.
we NAV look for a quiet market. Some
| attempts may be made TO force a low
| or level OF prices, but they are likely
TO meet with the indifferent success.
there being already a considerable
short interest in the market. Stocks
are firmly held, and with easy money
and disappearance Of some Of the un-
certainties noted above there viii be
good opportunities for profitable pur-
| chases in the better grade stocks. On
the weak spots the market win be a
purchase for quick turns
HENRY CLEWS.