Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1901-10-20
STOCKS,
VIEWS OF HENRY CLEWS.

NEW YORK, October 19.-Specula-
tive sentiment on the Stock Exchange
seems a good deal confused. There Is
less harmony and less prosperity than
six or twelve months ago, yet not
enough discord and not enough trade
reaction to probably cause much further
recession in values for the present as
against the strong force of manipula-
ton in the opposite direction. Conse-
quentiy in the midst of this uncertainty
strong interests have taken advantage
of improved prospects in the money
markets to infuse fresh activity and
strength into stocks. They have met
with some success in special stocks;
sufficient perhaps to stimulate further
efforts in the same direction in other
properties provided no untoward cir
cumstances interfere. Thus far the
trading has been chiefly professional,
the public being wary and taking little
interest in the movements of the great
operators. The latter certainly have
wonderful control of the market, so
long as they agree; but in the efforts
to harmonic or consolidate great rail-
road systems many stocks have been
overbought; there has been too great
Capitalization of holdings, and the pro-
blem now is how to return these secur-
tiles of unquestioned value to the
strong boxes of investors while they
are held at Control values. 1t is an
open secret that some of these deals
have been held up for various rea-
sons; and no doubt the leading promo
tiers would gladly see them consummat-
ed In order to create market for the
load of securities which they are now
carrying How much of the reported
friction is true and how much is put
out for the purpose of influencing pric-
es II is hard to determine; but 1t is GER
tain that for some time to come the ac-
tive railroad shares will be dominated
by these negotiations and that prices
will rise or fall according to the pros
poets of their completion. II outside
conditions are favorable it is quite
likely that the big holders will sue
coed in lifting the market to higher
level; if they prove unfavorable we
must expect further liquidation. In Ell
Their case we may look for variety of
rumors put out for stock joDbing pur-
poses.
The principal outside influences to
be considered are monetary prospects
and general trade conditions. Local
monetary conditions should soon i'm
prove as we are near the period when
funds withdrawn for crop moving pur-
poses will begin to return. AS to home
trade that is in eminently sound con-
dition. There has been no overexpan-
sion of credits or buying in general
business, and our merchants have GER
tainly not been swept off their feet in
the wave of speculation which surged
through Wall street some months ago.
This was shown by the steadness with
which the shock from President Nc
Kinley's death was received in bust
ness circles, where no such defensive
arrangements were possible as those
carried through by New York bankers.
OF course. the latter sustained the mer-
chant: yet 1t is noticeable that there
was little or no curtailment of buying
after the sad event. The loss of the
corn crop and its effect upon live stock
will of course enforce economy in GER
tain districts, but this drawback is not
general. and there are other sections
enjoying unusual prosperity as re-
suit of a good wheat crop and great.
industrial activity. The worst that can
be said about general trade is that pro-
fits are not so large as in the boom
year: still large and satisfactory fall
trade is in sight and there is little
good reason for being over-pessimistic.
The iron trade continues TO show ex-
traordinarv prosperity. and there are
number of industries that could relin-
auish goodly share of present profits
ard yet be doing handsomely. II Is
both unreasonable and undesirable to
expect the boom of 1900 to continue in