Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1900-07-22
VIEWS OF HENRY CLEWs.

Special to the Register.
NEW YORK, July 1.-THE London
money market has been in an unset
tied state ever since the beginning of
the Transyaal war. Germany and
Russia have lately been passing
Through the throes of an "industrial'
panic, France alone of the Continental
Powers exhibiting at present any fin
ancial strength. But comparatively
high discount rates at all European
centres, Paris included, would act un-
favorably upon the placing of any ne
cessary war loans there. The United
States alone seems, through extraor-
dinarily prosperous conditions, in posi-
ton to furnish a portion of the needed
funds in case OF emergency.
The iron and steel trade presents a
more encouraging aspect this week.
Several good Western orders have been
placed; and while large consumers in
general are ST. hesitating, being as
We a little in doubt as to whether the
market has reached bottom, indications
OF a revival OF business are not lacking.
he lower level OF prices has brought
many inquiries from abroad covering
a range of material from pig iron to
the most highly finished steel products,
pointing to an early increase in an AL
ready fattering foreign trade. The ad-
vance IN the Bank of E%ngland's dis
count rate TO four per cent and the drop
in consols under SO, are due to the
more acute safe of affairs in China,
as well as to the prolongation OF The
South African struggle. One effect
may not unlikely be to induce Europ-
can selling OF our stocks Tor at least
to defer buying for the presently which,
in conjunction with the more serious
view of the %situaMOn taken here, is
likely to bring about hesitation, if not
a lower range OF prices.
The stock market, while relatively
dull, showed unexpected strength.
Strong inside support and dividend rue
mors were the chief explanations,
Union Pacific, Baltimore & Ohio, Illi-
nois Central, Missouri Pacific and Su-
gar being the chief features in this con-
nection. There is also a strong under
tone to the market, based apparently
upon the expectation OF a trade revival
in the coming fall and a satisfactory re-
suit of the elections. AS yet, however,
few are bold enough, 70 buy stocks on
a large scale, on the prospect OF an
other victory for the sound money
cause; the vlcissitudes of a campaign
naturally operating to check specula-
ton until the worst that may happen is
almost positively known. Surprises are
always possible in a presidential CAM
paign, and the coming one is not likely
to prove an exception. The Chinese
difficulties exerted little effect, because
1t is well understood that the sending
of whatever American soldiers to China
may be necessary will L,
expenditure to this government. The
present rate of surplus revenue would
permit u carrying on military oper-
ations OF considerable magnitude with
out any embarrassment whatever to
our finances. China, on the other
hand, is not in any position to conduct
a prolonged war, having but very linn
tied military n financial
She may keep up a long sustained re-
b%ellion; but that would be less costly
to others thar a long and savagely on
Quoted war. There is the possibility
of the other powers getting into diff
cultiss, and what the effect would then
be upon the European money markets
IL 10 EupOSSlDlo W say. Inc OulC6u
States, however, is in the strongest
condition financially, and would be best
able and least called upon to meet
such contingencies. Europe is already
a larger holder of American funds, and
while we are now actually shipping
gold abroad we have the power to re-
call these sums when wanted by the
simple advance Of interest rates.
Money is easy now, but higher rates
are in prospect as soon as the regular
crop and trade requirements assert
themselves. Crop reports, while con-
f1icting, are generally favorable, or the
INJURY done has been amply discount
ed. The agricultural classes as a rule
are prosperous. Labor is we'll employ
ed, though in some cases wages are
lower thar the unusual level of last
year. Both the iron and textile indus
triHs are gradually settling down to a
more normal basis, and with a subse-
quent revival of demand will reach a
more reasonable and therefore more
substantial basis of prosperity. I'm
less the Chinese difficulties assume
serious proportions good stocks
will be a purchase on all sharp declines
and profits should be accepted on good
rallies. HENRY CLEWS.