Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1900-05-13
BUSINESS AND
INDUSTRIAL.
VIEWS OF HENRY CLEWS.
Special to the Register.

Special to the Register.
NEW YORK, May 1.-THE reaction
airy movement in the Stock Market de-
veloped further strength last week,
and the tendency has been much less
bullish than two weeks ago. Good
reasons exist for a strictly moderate
reaction. Values of good properties
were often pretty high; and more or
less liquidation of speculative accounts
was inevitable in the absence of fresh
stimulus to outside buying. Here and
there securities could be picked out
which had not received their full share
of the rise; but which by modification
of favorable conditions IN other quar-
tiers their upward movement was made
more difficult.
The most important setback origin
ated in the iron and steel stocks, which
declined owing to unfavorable reports
of the iron trade. This great branch
of industry, however, is not going to
destruction; it is still enjoying pros
perity, and is likely to continue so do
ing for months and possibly years to
come. The worst that can be said is
that the abnormal rush of orders, the
like of which was never before expert
enced, has subsidized; and the extreme
prices which buyers paid in their pan
ic-like anxiety are now thing of the
past. Demand is temporarily abat-
ing; production is increasing, and
values must soon reach more normal
basis; and this may not be accomplish
ed without some injury to the poorly
equipped and poorly organized con-
Germs which ought never to have en-
tered the ract of competition. This
condition is no surprise to those en-
gagged In the iron business; a reaction
has long been foreseen; and, as soon
as prices have settled down to lower
and more reasonable basis, it is more
than probable that a new set OF orders
will be received; there being many en-
terprises, improvements and enlarge
ments which have been postponed ow-
ing to the high prices of iron. While
the readjusting process in the iron
trade may injure those unprepared, 1t
will result In placing that great indus
try on a stronger and more enduring
state of prosperity than just now ex-
lists. The United States, with its I'M
limited supplies of cheap ores, its I'M
rivalled means of transportation, and
ufacturing on large scale will lead
the world in iron manufacturing; II
indeed it has not already reached the
position OF leader. Already we are
successfully placing our iron products,
from pig iron and locomotives to type
writer's and hundreds of other ar
ticles, in the foreign markets hitherto
controlled by England and Germany.
Our success In these fields Is an assur-
ed fact; the future is simply matter
of growth, or to use q more suitable
word, expansion. In the future the
iron industry will no longer be solely
dependent upon the home market, and
the periods of excessive congestion
| which that meant will be fewer and
far between; for the foreign markets
will offer an unlimited field if proper
ly cultivated to American enterprise
for years to come We are accustomed
in this country to spells OF violent de-
preston after every period of unusual
activity, and 1t will be interesting to
observe as to how far these new out
lets for our surplus will save US from
the effects of oversupply and reaction.
General trade shows some signs or
less activity; but not more than could
| Ue reasonably expected after the rush
of the pas. six months. n the tex
tile trades the pace has been little
too fast in some respects, and buyers
finding values unsettled are holding
off until their large early purchases
are disposed Of In some lines OF gro
cerieS there are signs OF ovelbuying
and similar reports are heard here and
there from other trades. AS whole,
however, the business situation is
sound and promising. The approach
of a Presidential election acts as a
deterrent In some quarters, much
more than it really should, but there
is every prospect of renewed revival
of business when the elections have
been discounted and values brought
down to a more normal level.
The immediate future of the Stock
Market is somewhat problematical.
There is no reason for any important
declines. The industrials have al
ready dropped considerably below top
figures, while the railroads are max
ing such excellent returns that no anx-
iety need be manifested should they
cease overlapping the big gains OF
1899. On the other hand, 1t would be
difficult to force any pronounced Dull
movement under present conditions.
A good many operators attach more
importance to campaign oratory and
gold shipments than they deserve;
hence these factors may affect prices
adversely. Again the summer season
is approaching and a period of quiet
and uncertainty Is likely to prevail
until the time when the crop outlook
and Presidential uncertainties dre
more settled than now. For the pres
ent purchases should only be made on
good declines, and profits taken on
all sharp rallies. HENRY CLEWS.