Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1901-09-08
VIEWS OF HENRY CLEWS.

NEW YORK. September There Ia
a decided difference OF opinion about
the future OF the stock market. A
great deal OF talk is heard about inn
portant pending deals and the deter
mination of the big holders to put the
market h.gher. These rumors may and
may not be true. That negotiations OF
great Importance are still going on Is
very likely, because some Of the plans
inaugurated last, spring were materi-
ally checked by the Northern Pacific
crash, by the steel strike and by the
corr crop damage. Presumably these
negotiations will soon be pushed to
completion because of the financial ad-
vantage to the participating corpora
tons; and, when conditions permit.
the securities of these corporations
will reflect such advantages in prob
ably higher prices. Until the com
munity Of interest idea has been ex-
tended to all thesraiIroads Of the coun-
try, we may expect to hear of such
movements, and no doubt speculation
will eventually be greatly stimulated
thereby. Moreover, the railroads en-
tering such arrangements are reaping
the benefit of better rates, which in
many cases are yielding much larger
gross earnings in spite of frequent
losses in tonnage. 1t must be admit
ted that railroad prosperity is upon a
substantial basis, and that with the
possibility of ruinous competition
largely eliminated. the stability Of rail-
road investments has been greatly en-
HANGED. Good railroad earnings are
one OF the most satisfactory features Of
the times. Net earnings do not always
meet expectations, because of the in
creased regular expenses and the ex-
traordiuary OUTLAWS for improvements
and rolling stock, which are being
met out of current earnings. These
extraordinary expenses, however, will
not continue. and managers will easily
have it in their power to maintain net
earnings at a level that will insure
steady dividends.
The currency movement is not by
any means at its height, and rising re-
serves can hardly be expected before
the end OF October. The treasury con-
tinues TO absorb funds very freely, and
Secretary Gage is disposed to pursue a
cODStGNdtlFc Hpoity III ~ Pui'hopC VI
bonds. Scarce money is a much
greater impeachment to a bull market
than high money, and it is scarcity
that the bull leaders would have to
contend against. Some relief will of
course be had in case OF necessity from
gold imports. We could draw con-
siderably upon Paris; exchange being
already about a point from the import
ing point. We are also receiving mod
crate sums from the Klondike. though
not sufficient to make any material i'm
preston upon the money market. 1t
must be remembered that prices are
high and that larger sums are needed
to move the same amounts of pro-
ducts or securities. No prolonged bull
movement can be expected until easier
conditions prevail in the money mar
ket. and this can only be accomplished
by eth er further liquidation in stocks
or waiting until the crop demands
nave been satisfied. The crop situa-
ton is decidedly better than one
month ago and corn seems to have
made considerable gain in condition;
SO thai estimates Of yield have been
further raised 1t is late corn. how
ever, that is depended upon for re-
covery and early frost would be very
injurious. With late frost the corn