Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1900-08-19
BUSINESS AND
INDUSTRIAL.
VIEWS OF HENRY CLEWS.

NEW YORK, August 1S.-Our for
eign trade continues to show eminently
satisfactor tendencies. In July our ex-
ports OF merchandise amounted 10
$500, 413,501, probably the largest July
exports on record. They were $780,
600 larger than last year and SIT ,900,-
90 larger than in July, 1898. Our i'm
ports in July were also large, $63, $780,
253, indicating a free consumption of
foreign luXuries and raw materials.
The excess Of exports over imports
during the month amounted to $780,
SIT 600, compared with S34,824, 900 the
same time last year. This steady con-
tinuance of large trade balances is
something phenomenal, and could not
have been anticipated even two or
three years ago. Nevertheless. it is
one more manifestation of the wonder
Hul development of the United States.
Steam, electricity and machinery have
so perfected our means of communica-
ton and production that we are in a
pre-emlnent position for competing in
the worlds markets. More and more
we manufacture, first for ourselves and
then for others, The products we have
been accustomed to buy from abroad;
our exports of manufactures having al
ready become an important factor in
the total shipments and largely ac-
counting for the present favorable
trade balance. AS this feature of our
development-the export of manufact-
ured productS-is likely to continue it
seems reasonable to expect that we
Shall be able to maintain our new posi-
ton as a creditor nation for some
time to come. if not indefinitely. Eu-
rope certainly cannot decrease her pur-
chases Oh American food products to
any considerable extent; and there be-
ing little prospect of our again i'm
porting many of the articles we have
displaced, we seem to have entered a
period Of continued favorable trade
balances. Lower prices here would
only stimulate exports and check i'm
ports so there is little chance of bust
| ness depression changing the current.
This great alteration in our relations
with Europe has been quietly proceed
ing for months and years; 1t is not new
it Is only when some striking transact
ton occurs, such as the placing of $2S,-
Ovv,0 900 of British government bonds IN
this market, at the change is really
appreciated. That transaction was the
natural sequence of conditions which
! have been in force for two or three
years. and which as they seem destined
! to continue will work still greater
| changes in our financial machinery.
They will gpaduauy strengthen that
| ascenuency Of New York in the money
| markets of the VOL which has been
| ambitiously looked forward to-
| In spite of midsummer dizziness the
market has displayed unusual strength.
This was due chiefly to strong inside
support, easy money, Improvement IN
| the Chinese situation, good railroad
| earnings, satisfactory crop reports in
general, improving trade prospects and
| increasing public confidence. With
the return of absentees from their vaca-
| tions. the prospects are for a more ac-
tive and stronger market. Considera-
| BILE discrimination, however, will be
! necessary in the purchase of stocks,
much more than a year ago. A few
! OF the best class OF industrials, espe-
| cially the iron and steel issues, may af-
| ford a fair chance of profit; but the
more conservative operators will select
| the securities of railroads which are
making good records in earnings and
| speculative interest is likely to be
| chiefly centered upon the new dividend
payers. The market has thus far ig
nored the large gold shipments, for
the reason that we have plenty of gold
| TO spare for Europe's needs. More may
| follow, but there is no prospect yet of
| the movement causing disturbance
] here. Before many weeks the supplies
| from South Africa, which have been
| shut off since last October, will begin
| to find their way to London, and so
| modify the drain upon the United
| States. When crop demands and trade
activity reach their climax, money rates
| viii probably harden, especially as
bank reserves are not particularly
strong: and any sharp advance in the
| international stocks might easily slim
ulate foreign selling in this market, for
Europe has been Selling all such op-
| portunities to pay her debts here.
| These, however, are not factors to be
| feared: they are simply conditions that
will bear watching for their influence
upon any bull campaign that may de-
velop. Another evidence OF the
strength OF the market was the absence
of effect from the death of c. p. Hunt
ington, who belonged to a generation Of