Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1901-02-03
VIEWS OF HENRY CLEWS.

Special to the Register.
NEW YORK, February 2.-The stock
market continues an enigma to the
average observer and shows an utter
disregard Of all precedentS. Activity
has been greatly diminished, and some
efforts were made to force declines,
but with very limited success. At the
moment the public shows no DISPOSE
ton to enlarge its purchases. 1t is
the difficulty Of finding sage and prof
liable employment for money that is
really underneath the present strength
of the market Manipulations and
deals of various sorts are simply the
levers by which prices have been lift
ed. They could never have attained
the present high level but for the pro-
lOnged period Of cheap money, and
until this underlying condition is
changed we do not look for any serious
reaction in the stock market.
In other respects the market has
been in very peculiar position, activ-
ity and strength being in spots or con-
fined to certain securities. This is en-
tirely due to the various railroad deals
in progress. The consolidation OF rail-
Tesistbly, the improvement of facul-
ties and economies of operation MAX
ing such transactions imperative Leg
islatiOn may prevent the formal con-
solidatiOn of many of these projects,
but it cannot prevent closer working
arrangements nor is it desirable that
it should. Passengers or freight be-
tween new York and San Francisco
can certainly be transported more
cheaply, more rapidly and more COM
foTtably through q single system OF
railroad with one ticket, one berth
and one car than with a series of
changes. detentions, risks of cOnnec-
lions. etc. 1t is quite safe to say that
the public, much as it hates large rail-
road corporations, would never go
back to the methods of twenty or
twenty-five years ago, when long
journeys meant much discomfort and
deprivation. This movement, however,
towards consolidation has its ups and
downs. Actual combination and pool
ing often being impossible owing to
legal distractions. the community of
interest" idea is being tried. This in
wolves such a distribution of ownership
as can exercise control over the rate
making powers and prevent the demon
alizing cut rate struggles which bank
rupted so large a proportion of rail,
roads during the last decade. This plan
is to be put into effect in the coalers,
and efforts are being made to carry it
out in some form in certain of the
Western and Southwestern lines. The
accomplishment of such plans means
the transfer of large amounts of stock
into the hands of those controlling the
deals, and ii is such operations as these
which have impaired recent strength
into the market. Some negotiations
have not been completed and no means
are yet offered for Judging their sta
bility; but many of the market lead
ers have certainly been discouraging a
vigorous advance for some little time
past, and this accounts for diminished
activity
For the average outsider the market
at present is somewhat dangerous
one; being particularly dependent up
| on manipulations of a few opulent
| men, whose control of the market is
! more complete than usual by reason
of the deals they can make or break as
their interests prompt. The industriaIs
are an element of uncertainty, the
speculation in this quarter being less
| legitimate; and while business contin-
ues large in volume, prices are de-
| Ginning and the profits of 1900 are not
| likely to be repeated in 1901. Now
competition is steadily increasing in
a ind f~;o lr al f1A ~, -
! putting lot Of scattered establish
ments into huge single concerns has
not by any means proved a permanent
| success.
| The money market continues easy
and seems likely to remain so. until
| April settlements become a factor.
| Funds are plentiful, and shipments OF
! gold to Europe have started on a liber-
al scale without causing any concern.
| HENRY CLEWE.