Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1900-04-15
THE NEWS OF THE
BUSINESS WORLD.
VIEWS OF HENRY CLEWS.


Special to the Register.
NEW YORK. April 14.-Prices have
shown reactionary symptoms during
the past week, owing more to a sensi-
BILE disposition to take profits than to
any pronounced change in the general
situation. The approach of the Easter
holidays somewhat tended to restrict
transactions, especially on London ac
count, where the possibility of unfav-
orable news from the Transvaal during
four days suspension of business nat
urally checked speculative operations.
The condition of the stock market
continues favorable, and it is notice
able that efforts for the rise are much
more successful than those for the fall.
AT the moment the market is largely
under the influence of professional
manipulators, and the majority of
these, it is plain, are on the bull side.
The public have both bought and sold
rather more freely than of late; and
the readiness with which stocks offered
are absorbed by strong buyers is evil
dence of healthy conditions.
The political campaign is too distant
to have any immediate effect on the Sc
curities market. A more important
factor at this time is the money mar
ket. Home conditions are favorable to
continued ease for some time to come.
The April settlements are over and all
reports indicate an abundance of loan
able funds at the interior. The supply
of currency is considerably larger than
a year ago, and is being steadily in
creased under the operations of the new
To- "a iaf do IN ha
money market, and one that should not
be overlooked, is the possibility of in
conveniently large sums being locked
up in the United States Treasury
through the operation of the internal
revenue law imposed by the war with
Spain. Secretary Gage has estimated
surplus of $70,000,000 for the fiscal
year ending June go 1900, and $50, 000
600 for Inc fiscal year ending 1901. 1t
is needless to point out the injury not
merely to Wall street, but to what is
vastly more important the legitimate
business interests of the country, if
funds are allowed to longest in the
Treasury in this fashion 1t might be
possible for the Secretary to deposit
a large portion of these accumulations
in the depository banks; but, consider
ing the present state of public preju
dice, this method would doubtless eX-
pose the Administration to the silly
charge of favoritism to the banks, and
raise an issue that is to be avoided.
There is but one true course, and that
is for Congress at this session to re-
peal the superfluous and most irritating
features of the internal Revenue law;
so as to keep a closer balance between
receipts and expenditures. A large
surplus may lie considered a sign of
good management in private business;
but in public business it Is bad manage
ment and dangerous temptation to all
sorts of extravagant and vicious legisla-
ton. Our Congressman should be
obliged to reduce the revenue before
the present session closes; otherwise
they must accept the responsibility for
bringing the present tide of business
activity to an untimely halt.
The course of the railroad share
market amply confirms the advice CIV
en- in these letters--that railroad shares
should be preferred above the indus
trials. American railroads were never
in such condition as to-day; sound
both financially and physically. Near
ly all have passed through the re-or-
ganization process; they are managed
by professional railroad men. not stock
spectators. they are honestly manag-
ed, and running at the lowest cost per
mile in their history; while many of
the industrials are running at their
largest ratio of expense. Again the
railroads have many sources of in
come, and their gains being less excess
La, x,,so
to suffer shrinkage when business quiz
cts down. There is no gainsaying the
statement that American railroad
shares offers the safest and soundest
investments of any available. Some of
the industrial shares are good of
course; but they are closely held and
are likely to show far more deprecia-
ton when the next downward move
ment comes than good railroad shares.
The future of the market will prob
ably be irregular. but prices seem more
likely to go higher before they go low
er. AS we have said, conditions are
favorable to activity and an advance.
Money is easy; earnings are large,
and general trade satisfactory. Fur
Their, the market has had strong inside
support; and as long as this continues
we are not likely to have any import
ant recessions. Crop reports are gem
orally satisfactory, and the April Gov
eminent report indicates a winter
wheat yield of 90,000,000 bushels more
than last year. For the present we
advise quick turns in the active stocks:
selling on the sharp rallies and buying
on pronounced breaks.
HENRY CLEWS.