Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1900-02-04
VIEWS OF HENRY CLEWs.

/ Special to the Register.
| NEW YORK, February 3.-The stock
market hiss lately displayed a strong
/ undertone, confirming the intimations
contained in these advsces during the
last two or three weeks.
| Easier money Is at present the most
powerful factor on the bull side. Tight
money was the chief cause of the De-
cember panic. This clarified the at
mosphere and left the way open for
new bull campaign as soon as con-
ditions favored Intrinsic conditions
are already encouraging TO a rising
| market; but much depends upon The
disposition of the big leaders, and
they have evidently agreed upon the
| present upward movement. Or late
there have been some sharp struggles
between conflicting interests. which
materially added to the depression or
| the last two months. There are indi-
cations. however, that many OF these
( differences have been settled by one
means or another; so that the obstac-
| les to recovery are now much less for
midable. Certainly with so many in
| f1uences at work favoring higher prices
| it seems impossible that the market
| can be indefinitely prevented from re-
i spending.
! AS Just said, the easier condition OF
| the money market is likely to be
a strong stimulus to buying of stocks.
/, The foreign markets are all in much
easier condition than expected: and.
while it is quite within the range or
probabilities that we export gold be-
! fore long, such contingency causes
h
/ The African war has ceased TO be an
] important factor; apparently 1t has
1 been fully discounted; even the re-
verse at Spion Kop had little effeet IN
London, and absolutely none In New
York. Our financial independence OF
Europe, it is plain to all, was never
so real as now; and We can regard
ordinary disturbances over there with
more eauanimity than formerly.
Our reasons for belief in better
market have been so often stated that
| is is useless to repeat them again. lt
| is not to be expected that values VIII
rise without interruption. Speculative
opinion is still divided on some securi-
| ties, and many should not be touched at
any price. The most profitable oppor-
! tunities are likely to be found in many
of the lower-priced issues which have
| gone through the reorganizing process,
and, through the improvement in busi-
ness, have become or promise TO be-
come dividend-payers. In these spec
ulation is also likely to receive more
attention now that monetary condi-
| tions have improved. All the unfav-
orable elements in the market having
been exposed and discounted, recovery
is now in order, and in the absence OF
| unfavorable developments we look
for continued improvement.
When the South African war broke
out money was very active and scarce
here, caused by the drain for crop-mov-
ing purposes and to pay for sales OF
stocks on London account, SO that we
were threatened with the taking away
| of our gold in payment therefor. The
war was then considered a bad thing
| for us for that reason. Now that
| London has no longer an important
| quantity of our stocks in speculative
| hands that can be dumped upon us,
and the money for moving the crops
has returned to this center, instead of
the South African war hereafter being
any detriment to us, its effect will be
the reverse. as an evidence OF
this, large number of Eng
lish agents are now in the
West buying all the mules and
horses they can get, and large orders
for war supplies are also in all our
markets, and the longer the war lasts
the longer will we be called upon TO
| furnish them. Therefore, the South
African war will heneeforth be an abb
solute benefit to our producers, to our
transportation companies and to our
merchants. AS a matter of fact, our
stock market is now selling ex-Afri-
can war;
The anxiety about gold shipments is
now entirely removed owing to the
plethoric condition of the money mar
ket. If the Bank of England should
want our gold now and will pay high
enough for it, we can very readily part
with S20,000,000 or more without any
| discomfort This is the reason why
our stock market refused to retreat
on the news early in the week. of
General Buffers disastrous retreat
| This incident has a strong test of the
| situation and was evidence that our
/ market had cut adrift from the South
| African war influences. No matter
what happens now in South Africa,
the conditions on this side warrant an
advance in the price of stocks, and
| they are now most decidedly headed
| that way. The money market warrants
| it: the earnings of the railroads war
rant it; the general prosperity of the
country warrants 1t. and the outlook