Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1900-04-29
VIEWS OF HENRY cLEWs.

Special to the Register.
NEW YORK, April 2S.-The Stock
Market has been slow in recovering
from the shock impaired by last week S
developments in ''Stee1 & Wire" The
losses then incurred have naturally
exerted a deterrent effect upon specu-
lation, giving professional operators an
opportunity of forcing liquidation that
they were not slow in seizing All the
steel stocks suffered in sympathy, and
the decline was assisted 10y exagger-
ated reports of declines in the iron and
steel trades. Many of these stories
were utterly untrue; but they had the
desired effect upon value on the Stock
Exchange; and weak or timid holders
of these securities were frightened into
parting with their holdings at con-
siderable losses. This is one of the
experiences that may be expected in
the industrials. They are vastly more
exposed to the manipulations of bold
speculative managers than were the
railroads in even the early days of rate
cutting; and the best security against
a repetition of such practices is the
employment only of officials whose in
tegrity and character are beyond sus-
picion. AS for the iron trade, it is
still in exceptionally satisfactory con-
dition. Prices have often been alb,
normally high owing to the extraor-
binary conditions of supply and de-
mand. Some moderate recessions in
values are highly desirable; because
they would Immediately attract a large
body of orders, not justified at present
figures. Such action would really place
the iron trade upon more normal and
more stable conditions than at pre-
sent. But no important changes are
yet in sight. Pig iron of high grade
quality has not declined, the only
shading being on Southern pig and a
few off-grade makes. The large pro-
ducers of pig iron are fully employed
and have their output sold up to the
LIST of August. Later on it Is quite like
ly that some concessions will be made
in both raw and finished products;
and, as prices at present are abnormal
ly high, such a reduction will be
wholesome stimulus to industry, and
not cause for apprehension, as GER
tain stock spectators would have the
public suppose.
on a very limited scale The public have
RETAINED from buying since the break in
steel & Wire" and the short interest,
once heavy has been largely covered
While the large holders are not selling
stocks, they are not at present making
particularly active efforts for the rise;
hence the market has been left mainly to
the professional element. General outside
l,tio
and these seem as favorable as two or three
weeks ago. Money is easy, and promises
to so continue for some time to come.
The prospect of moderate exports of gold
excites little concern; this being the season
when an efflux of gold usually sets in.
Money rates are high in London and as
gold generally goes where it is most
needed in spite of trade balances, it is not
unlikely that further sums will follow.
Trade reports are generally favorable;
especially in the West, where the feeling
is even more hopful than in the East. No
surprise need be shown should trade as
sumo quieter phase in some departments
after the heavy business done during the
last six months. Distributors are often
carrying ample supplies of merchandise.
bought at lower than current prices: and
until these are disposed Of they are likely
to somewhat restrict their purchases.
Collections, however, are good, and mer-
chants from all parts of the interior are
looking forward to continuance for this
time of year, and the South is benehtting
greatly by the higher prices for cotton and
the wonderful development in cotton mill
building. Railroad earnings continue to
show most encouraging gains; encouraging
because they now compare with the re-
markable gains of year ago. 1t would be
no cause for alarm should they OCCASION
ally fail to reach last years figures; but
that they still continue to surpass them
is the most striking confirmation of business
activity and stability that could be desired
Conditions are favorable to the purchase
of good railroad securities upon all re-
action; it would probably be much easier
to manipulate a rise of several points than
a similar fall but the market is open to
surprises. and speculative operations will
have to be conducted with a close eye
upon immediate events.
HENRY CLEwS