The Topeka state journal., 1900-04-30
CHECK TO SPECULATION.
Given by the Recent Developments in
HSteel and Wire"
New York, April 3O.-Henry Clews'
Wall Street Review saws.

New York. April SO.-Henry Clews'
Wall Street Review says:
The stock market has been slow in
recovering from the shock impaired by
last weeks developments in .'steeI and
wire" The losses then incurred have
upon speculation, 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 as
sisted by exaggerated reports of de-
clines in the iron and steel trades. Many
of these stories were utterly untrue,
but they had the desired effect upon
values on the stock exchange; and weak
or tn1d holders of these securities were
frightened into parting with their hold
ingS at considerable losses. This is
one Of the experiences that may be
expected in the induStrialS. They are
vastly more exposed to the manipula-
tiOnS of bold speculative managers than
were the railroads in even the early
days of rate cutting; and the best Sc
cuf1ty against repetition OF such
practices is the employment only of
officials whose integrity and character
are beyond suspicion AS for the iron
trade, it is still in exceptionally salts
factory condition. Prices have often
been abnormally high owing to the
extraordinary conditions of supply and
demand. Some moderate recessioas 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 present
But no important changes are yet in
| sight. Pig iron of high quality has
not declined, the only shading being
| on Southern pig and a few Off-grade
makes. The large producers of pig iron
are fully employed and have their out
put sold up to the first of August.
| Later on it is quite likely that some
| concessions will be made in both raw
| and finished products; and, as prices
| at present are abnormally high, such
/ a reduction will be a wholesome stim-
| ulus to industry, and not a cause for
apprehension, as certain stock Speculd-
| tors would have the public suppose.
| Speculation in railroad shares has
| been on a very limited scale. The pub
| lie have refrained from buying since
| the break in F'Steel and Wire"; and the
short interest, once heavy, has been
largely covered. While the large hold
| erS are not selling stocks, they are
| not at present making particularly ac-
| tive efforts for the rise; hence the mar
| ket has been left mainly to the pro-
| fessional element. General outside con-
ditions have undergone little change,
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 ex-
ports of gold excites little concern;
this being the season when an efiluN 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 re-
ports are generally favorable; especially
in the west. where the feeling is even
more hopeful than in the east No sur
prise need be shown should trade as
sumo quieter phase in some depart
| ments after the heavy business done
| during the last six months. Distrib-
| utOrS are often carrying ample supplies
of merchandise, bought at lower thar
| current prices; and until these are dis
| posed of they are likely to somewhat
restrict their purchases. Collections
| however, are good, and merchants from
all parts of the interior are looking
| forward to a continuation of large de-
mand. Crop reports are very favorable
| for this time of year, and the south /:
benefiting greatly by the higher price:
for cotton and the wonderful develop
| ment in cotton mill building. Railroad
earnings continue to show most e1
coura aging gains; encouraging becaus
they now compare with the remarkable
gains of a year ago. 1t would be nj
cause for alarm should they occasion
ally fail to reach last years figures
but that they still continue to surpas
them is the most striking confirmation
of business activity and stability tha
could be desired. The presidential cam
paign is not likely to begin in earnes
: until August next This Is usually
period of more or less uncertainty;
: time when speculative commitment
should be undertaken with caution. In
! dications are that the coming cam
paign, while likely to be an earnest one
will be comparatively free from tn
threatening issues of the previous pres
idential contest. Free silver may be in
jected into the campaign oratOry, but
will fail to be influential and with
l | any attack upon the integrity OF ou
, | present sound money system COndi
f tions are favorable to the purchase c
! | good railroad securities upon all reac
| tions; it would probably be muc
/ easier to manipulate a rise of severe
+ points than a similar fall; but the mar
4 ket is open to surprises, and specula
{ tive operations will have to be conduct
! ed with a close eye upon immediat
2 events
CN2nm VrDI1UI