Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1901-09-15
VIEWS OF HENRY CLEWs.

| Special 10 the REGISTER.
NEW YORK, September 1.-THE eff
! feet upon the stock market of the at
tempt to kill the President was much
less than might have been expected.
Fortunately, 1t happened soon after the
close OF buiness, affording the finan-
cial leaders full opportunity for MAX
ing protective arrangements. Had the
event occurred while the stock ex-
change was in session we should have
witnessed a severer decline than the 3
to 5-point break which followed Satur-
day morning. In reality there was no
occasion for panic. the political and
business outlook being unusually Sc
rene. The business situation is emil
nently sound; there has been no undue
expansion Of credit and ov~erproduetion
IL not yet in sight. Heavy clearing
house returns. large railroad earnings.
and small colume Of failures, all testify
to the general activity and s%oundness
Of business and the predominance OF
favorable conditions. Hence no par
allel could be made with the depres-
sion which followed the assassination
OF President Garfield Then confidence
was unsettled by political uncertainties
and the country was ripe for a reaction
from previous commercial and finan-
cial excesses. Such is not the case
now. Whatever weak spots may de-
velop, and there are some, it must be
admitted, 1t seems quite certain that
the period of business activity Is not at
an end. In some instances, and par
ticularly on the stock exchange. prices
have been pushed too high as a result
of Over-sanguine expectations. This.
however, is an excess that will correct
itself; and it is quite likely that lower
prices for stocks and for ONE articles
Of merchandise, notably iron products,
would infuse fresh activity and conf
dence into the various markets. 1t is
altogether premature to assume that
the wave Of prosperity which we have
been enjoying the last few years has
spent its force. Its momentum is still
great, and IL speculation Is neld within
reasonable bounds we may confidently
expect it's continuance for a further
period. On this account the scarcity
OF money may be regarded as a bless
ing in disguise. With very easy money
and a big corn CROP we shoUid certain
~ have rushed into an unmanageable
? EOOIn tudl WOuiQ HoNt HuA'h'y 1''eN
material for a good-sized panic later
on.
The future OF the stock market is
still uncertain. In spite of large earn
ings and important negotiations no Inn
portant upward movement can be
maintained in face of the uncertainty
about money and the corn crop. The
best that can be expected OF corn is a
yield of 300 to 400 million bushels.
An early frost. however, would serious
~ injure late planted corn, upon which
such a yield chiefly depends; so 1t must
be remembered that there is still great
risk in the crop falling below these
figures. A loss of 600 million bushels
or over cannot be ignored. even IL
largely compensated for by better
prices and good crops of other sorts.
The deficiency of the corn crop will be
felt later on, the movement of corn or
it's equivalent in cattle not beginning
until after the harvest. AS to the
money market, its future is problemat-
ical. except that it seems folly to ex-
pect easy rates until funds begin to re-
turn from the west, which is usually
the end of October or early November.
Bank reserves are exceedingly low. and
the only sources of relief are gold i'm
ports and treasury disbursements. We
seem likely to draw gold from Europe