Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1901-08-04

dangerous work for ordinary specula-
ton. On the other hand. selling the
market might easily be an Improbable
venture. as many of the unfayorable
conditions have been we'll discounted
on the recent decline. and the country
as whole has not received any import
ant check to its general prosperity.
Conceding the disaster to the corn crop.
1t viii be more local than national and
Will be largely offset by satisfactory
crops and conditions in other sections.
Should the weather prove favorable
during the remainder of the season, we
may look for some compensation for
the corn crop. Speculative sentiment
has received a severe shock from the eff
fects of the drouth; yet we see nothing
on which to base a pessimistic view OF
the far future outside OF the serious
damage to the corn crop. August is
generally quiet period on the stock
market, and in the absence of support
lower prices are likely to be made for
the Corner Road stocks. A good deal
depends upon the steel strike, which at
present. dominates the market to a con-
siderable extent.
The action of the unions was a bold
challenge to the most potent corpora
ton in the United States. II yielded
TO, the rights of capital, In dealing with
employees, must have been surrendered
and the industries of the country
thrown into confusion. The action of
the Steel Trust, therefore. needed to be
unfiinching and unmistakable. The I'M
ionists should recede from their de-
mand for the mutual benefit of both
sides. There has been no small mis-
giving as to what may be the outcome
OF the hostility of labor towards this
great corporation; but that distrust is
now eXtinguished; and the great Trust
experiment must conquer its foremost
diiiiculty and forestall its chief peril.
The moral of this victory means the
strengthening of the Trust institutions
at one OF their most distrusted points:
and thereby adds new element of con-
hdenee to the great industrial invest
ments which has been organized within
the last few years.
Much activity Is hardly to be looked
Tor until the settlement of the steel
Aulhe. Inc magnitude of the CORPORA
ton has OF course served TO draw al
most universal attention to the outcome
Oh the debate upon technicalites, which
seems TO be in sight, though at the mo-
ment IN doubt. But more important
ana deterrent factor Is the reported corn
and oat crop damage. Abe street awaits
with some anxiety the government crop
report to be issued on the 10th inst,
when VIII indicate the extent OF the
raYages Oh drouth and heat, especially
at the end OF the hot wave the effects
or which were very severe last Saturday
and Sunday, since my last letter was
Issued. The damage on these two days
alone Is reported as very serious.
Present estimates place the volume of
this years corn crop at barely 1900
1909 bushels and may be less Cot
ton as well has suffered from excessive
heat and drouth. The crop mas been in
a backward condition and below the
average from the start. In the South
| west especially IN portions of Texas,
| the prolonged dry spell Is believed to
have caused considerable damage, but
| tho news from that particular quarter
! within the past few days has been more
| encouraging. Against these factors We
! may set fiattering European trade bal
anee and wonderfully strong treasury
| position; but while uncertainty exists
as regards our great crops, we can only
| expect traders market. Hence | may
! but repeat my advice of the 9th of June,
1 at q time when great bull activity car
| ried prices of stocks to their zenith. AS
| then said: THE present market al
fords great facilities for getting long of
| stocks. as those who now hold them
have them for sale, but those who buy
at the present range Of prices | advise
to get out with great celebrity on the
rallies" The market affords many OPP
portunities for quick and profitable
turns within the limits of good judg-
ment. HENRY CLEWo'