Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1901-07-14
THE CLEARING HOUSE.
VIEWS OF HENRY CLEws.
Special to the Register.


NEW YORK. July ls.-I.iauidation on a
large scale has taken place on the stock
exchange since the holidays. Several cir
cumstances contributed to this end. In
the first place the market was quite ripe
for a reaction. Prices had undergone an
almost uninterrupted advance since the
election In November last, the Northern
Pacific episode excepted. and had reached
a level where some powerful fresh stimu-
lus was necessary to continue the buying
movement. Such stimulus was not forth
coming. Prosperity and large railroad
earnings seemed TO have been fully dis
counted for "a time. Even the oommun-
ity ~ interest idea and its tonic effect
failed to carry values any higher. Large
holders and big operators. satisfied with
the profits OF the lest nine months and
wcaried with such a long spell OF activity,
were willing enough to let the market take
care of itself for period and take them
selves off to the summer resorts for en-
joyment and refrigeration. An argument
of much force, also, with men OF this
class, was the condition of the money
market With surplus reserve down to
about 100000 against si5.5oo,ooo year
ago. and loans expanded TO nearly $780,
600 900 compared with $50. CO., 900 same time
last year, the material for any active bull
campaign was not In sight The crop
movement must be met. and the funds
thus withdrawn do not usually return I'M
I'll October or November. The West. II Is
true. has ample funds. but these are now
largely on deposit in New York, and they
will certainly be withdrawn later on In the
season.
other factors unsettling the stock mar
ket were the steel strike, the threatened
war rates In the West and crop damages.
Only the latter cause was entitled to any
SERIOUS consideration. Strikes and rail-
road wars rarely assume serious proper
tons In prosperous periods. The INJURY
to the corn crop. however, Is much more
important matter. Very likely present re-
ports of damage are much exaggerated,
yet II is certain that serious damage has
been done in Kansas and some other re-
giolls. so that roads dependent upon those
sections must expect to suffer In earn
inps. Kansas is NTH among the great
corn producing States and turned out l0S-
100000 bushels of corn last year. or less
than per cent. of the total crop. Last
year we had drouth scare In July, but re-
suits turned out much better than expect
ed In spite of the damage done, there
fore, It seems probable that we shall have
a crop of at least 1.S00,00o,0o0 bushels,
which at higher prices current will bring
increased prosperity where crops are good,
as a partial offset to losses where crops
are bad A smaller crop Of oats Is expect
ed than last year. but the yield OF this
grain promises above tho average. A
magnificent wheat crop Is practically as
sured of over 7ooo0o,Ooo bushels the heav-
lest on record: and as Europe will be
forced TO make large demands upon our
surplus the beneficial effect OF this upon
Western trade and our foreign trade
balance will be important later on. While
crop damages must be conceded there Is
nothing yet approaching a calamity.
In tho general situation there Is no oc-
cax,ion for uneasiness; on the contrary
there Is much basis for confidence. Gem
eral business is fairly active. in sound
condition, and tho prospects are for good
fall and winter trade. About the only case
of OVERRIDING has been In Wall street. Elk
traordnary and somewhat confusing con-
ditions had carried prices TO an excessively
high level. and since it was found that the