Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1901-10-13

VIEWS OF HENRY CLEWS.
Special to the Register.

was suddenly lifted out of its pessimis-
tic mood by renewed reports of pro-
gress in the vast railroad combinations
which We're calculated TO have a slim
ulating influence upon values and spec
ulation. These plans were interrupted
last spring and summer by a series of
familiar drawbacks, as we'll as by the
fact that prices were then too high to
permit of any further successful up
ward manipulation The large interests
then in control accepted the situation;
they stood together in preventing any
rapid decline, and finally awaited them
selves as far as practicable OF the adj
Vantages of lower prices. Stocks are
now more highly concentrated than in
any previous period of our financial
history; the big men having aCcumulat-
ed them for the sole purpose OF carry
ing out their vast schemes of cOmbina-
ton which seem to be an irresistible
outcome of modern tendencies 1t is
folly to underrate the Importance of
such transactions. They will unques-
tionably add to the stability and prof
itableness of railroad investments, and
they may be used To nfuse fresh life
into the speculative situation; but out
sidcrs must accept the various reports
with caution, and expectations of pro-
longed bull movement based on these
developments do not seem justitiable
when such large amounts of stocks are
held awaiting buyers, rs is now the
case. Whether 1t is the plan or not of
the market leaders TO inaugurate new
upward movement remains to be seen.
Recent market operations suggested
that some parties were enaeayorlng to
accumulate stocks as eheaply as pos
sible and If this means the entry OF a
new bull element into the market we
may expect increased activity Just
now the situation is considerably mix
ed Prices have declined 10 to 30
points since last May. and not "a few
are of opinion that the effects of the
| corn crop loss and fears of tight money
have been about discounted. that rail
road earnings are likely to continue at
a high level, and that there is no good
reason for allowing pessimism to eat
away prices any longer. On the other
/ hand. there are good many who cling
to the conservative position. pointing
to the poor earnings of many OF the In
dustrials and the possibility of trade
/ reaction, to say nothing of their I'M
willingness to assist in carrying a bur-
den of high priced stocks which the
bearers are anxious to distribute
| Which of these two sets of opinion
would prevail, If the market We're left
to itself, it Is difficult to say. At lie
moment il is of more consequence to
watch the operations of the market
leaders. II these are on the long side
we may look for a more active market
in which we should advise profit taking
on all sharp advances.
The monetary situation shows i'm
| provement in some respects. Crop de-
mands have about reached the maxi
mum, and within three or four weeks
the return movement of currency
shuld begin, though one or two unfay-
orable bank statements in the interim
should cause no surprise. Money rates
are relatively easy and loanable funds
| seem ample for present requirements;
three months of liquidation in the
stock market having contributed ma
| terially towards ayerting stringency
during the crop moving period. 1t is
well to bear in mind, however, that
| little relief can be obtained from gold
imports in the event of rates working
upwards here. The outlook for the local
! money market, however, is more as
! surfing than for the past two months
and continued ease may be expected
unless speculation interferes. Quite
! possibly the new Great Northern
| Northern Pacific arrangements when
completed will release large sums
which have been locked up in that
scheme for the last six months, and
| if so this will add materially to the
ease in money. This latter deal will
undoubtedly be relief to the inter
ests who have been carrying these
stocks for SO long period, but for the
present we refrain from expressing any
very positive opinion as to its effect
upon the market. Manipulation may
carry values higher in consequence of
! these plans. but we fail to see any
| genuine bull argument in these devel-
| opments. The sentiment of the street
is now bullish, partly as a result of
| this transaction and partly as a reac-
| ton from the downward movement of
\ the last few months. We reiterate the
| opinion, however, that this is only a
| good trading market. Buy when very
weak and sell when very strong.
HENRY CLEWS.