Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1901-09-22

manu- AoI go, r f1~te VI h.o9sa4N
be the most axa.fahle source e. supply.
yet European credlt Is in delicate -
nation ana viii not bear much strata.
especially in Germany. where recovery
from the excuses OF the past few YEAR,
IS very slow. Il Is evident we eznao,
draw large SUMS " gold this season
from any OF the foreign financial mar
kets, so senr ssnguine bulls viii
be obliged 10 he'd themselves in 70
straiat until natural movements br.ng
relief u the New York money marke,
"a contingency that canaoj safely D.
expected until ghe closing manihs OF
the year.
Ihe market seems quite likely to g.
through & period az readjGsrMeut for
few weeks In which stocks OF merit
will hold their own. vale those which
wern pushed to excessive attitudes viii
find their true level Good earnings
and conservative management will pro
baby support the best properties.
What will result from various deals Il
is impossible TO say, as these may be
postponed until the market gets into
more satisfactory shape Should busi-
ness this fall not equal expectations We
may see further declines in some Sc
NuflLAtE. anu tue VIII tN INV
frst to reflect any movement OF this
sort. The recent unfavorable reports
OF Republic Iron and Steel, OF American
Smelling and Refining, OF American
Lnseed and of Standard Rope and
Irvine are suggestive OF caution in that
quarter Il would be difficult. If not
impossible. to lift railroad stocks 60 a
higher level il downward movement
u4a al IN, lnaeaS tpfa oil The inDl
is for a good trading market. There il
no occasion FOR uneasness. but We stem
10 be enduring one OF the temporary
reactions Incidental to any period OF
prolonged prosperity. The latter is by
no means ended.
In foreeastina the highly important
measures Of legislation and administra-
ton that will occupy inc government
during the rsxt three-anda-half years,
rejecting men cannot but have been
deeply impressed with the unusual
magnitude OF the questions awaiting
public deliberation. II Is not mercy
that We are entering upon new CONNER
eta. and political relations with the
outside world and broadening all our
trade interests in Europe Asia and
South America, 1t is also the fact that
political revolutions at home. This
Presidential crisis comes at moment
when we are completing a great revols-
ton. At present that process can only
lie regarded as an experiment whether
destined to success. or failure, or modi-
fication, Ii is impossible 10 say. And
yet the vast amounts invested IN sevel-
al Of our leading ndustrles-valued
nominally at over six billions OF dollars
are committed to these radically new
conditions Our credit Institutions
have been more or .ess committed to
these new organizations, and cannot
escape more or less commitment to the
great experiment. II seems inevitable
that. after the completion OF these. ere
atoms there must come period o.
wAtchfulnass Of their operations, which
may he productive OF caution in making
investments, II not OF boarding OF cap
ital II is also to be considered that
the process OF redistributlng the capt
tai thus transmitted has not by any
means been completed the result be-
ing set OF unsettled and unsettling
orjtons in the market for securities.
These conditions cannot be excluded
/ from consideration in estimating the
| political prospects which the change OF
| Presidents has brought Wider serlous
consideration. Immediate factors airs
! therefore calculated to produce mood
Of cautious reflection, a. disposition tf
mdelate speculation and to encourage
conservative financing in all directions
HENRY CLEWS.