The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1912-07-29
CROPS ARe sGposrEo M GOOD
CONDITION
Review 81 the psss wssk b, Hsnry
Eis~s Rsiiresd ostissk
10 Promising

market The crops continue to make
satisfactory progress. The activity IN
iron In stil exceptional. and the gen
ersl prospects for fall and winter
trade are highly encouragfng. In
spite OF these stimulating facts the
stock market has been inert. partly
because of an entire lack OF leader
ship and partly because there stili re-
mains a series OF uncertainties which
may interfere with a complete restor-
alton OF confidence. Chief OF these Is
the political outlook. Rightly or
wrongly. there IS continued hesitation
pending n results OF the present
campaign. which cannot be definitely
foreseen at the present time. II
would be a mistake to assume that
the hostility TO capital has disappear
ed Though less acute than former
~. It still remains active and con-
tinually shows itself in attempted
Legislative attacks. There Is no GER
tainty that these attacks will not be
renewed In the e Congress. Capt.
tai continues or the defensive against
the demands for higher wages by
labor or h one hand. and against
the demands for restrictive legislation
on the other by the people at large.
The certainty OF renewed tarin agit-
alton next winter. regardless OF which
unity WIFE, ullrttlltt mauN manu-
facturers and merchants alike The
persistent high cost OF living is also
q factor which seriously complexities
the political situation and should NOT
be overlooked. Prices of nearly all
commodities are high and continue
TO show a rising tendency. This slim
ulates social and political ~disauiet.
Some theories held that the large in
crease IN gold production Is respon-
alhlA Thla ~ HnANr .
much exaggerated. A far moro i'm
portant eiement Is the dernngement
between supply and demand OF COM
modities. In nearly all parts OF the
world the demand for various pro-
ducts has Increased faster than sup
ply. Modern methods OF business
have enabled producers 20 combine
the control production and prices
more enectually than ever before.
Trades unions have enabled labor to
DO likewise. and shorter hours and
! higher wages have materially aided to
III prices and the increased cost OF
living. The constant drift OF populat-
ion from the farm to the city the
world over has also been AN important
factor. The changes thus going on
in our economic structure are far
reaching and their outcome cannot yet
he estimated. This alone causes q
feeling of hesitancy on the part NJ
financial and Industrial leaders who
are always considerably Influenced by
long distance views.
The monetary situation IL not en-
tireiy favorable to the stock market.
A steady hardening Of rates Is reason
ably probable owing to increased crop
and trade demands. especially as
prices are hieh. Already there IL an
Increased supply Of commercial paper.
which means more activity in bust
ness. h money situation abroad
requires watching. Berlin has Just
passed through n crisis resulting from
OVERRIDING. and London II now begin
ming to feel the effects Of conge-ted
security issues. The advance I'm for
eiGn exchange in New York
the probability Of gold exports at no
distant date: for London IL quite like
lN 10 take gold from new York to
meet its obligations in South America.
Fearing upon the foreign situation.
the continued decline I'm british COM
suls II significant. British 2iL Der
cent corsols NJ 7@a are about equaI
Z" NA;a for ? per cents. 80 that Il Is
somewhat misleading To saw that
ih"ir price is lower than ~ any tim.
since 1928. Thelowcst price for 2 peP
cents was In IS4S. Many reaaops arc
advanced FOR the extraordinary de-
probation ~ this pdemler security.
u must 10 attributed to tho hIsh rates
~ interest. which are dcprcciafinr All
Government securities. Fear 81 war
with Germany. and the various huns
unitarian and sociaHstic proposals Of
lIoNd-GcorRe have seriously Increas-
81 "a load Of the British taxpayer
ana strained tho national credit. The
mad race between England and Ger
many for naval supremacy must. II
continued. have a telling effect mon
the france 81 both nations. In case
Of war both countries would have 10
pay probably. as high az 3 Der cent
for money. ard the result Of this
would DO disastrous upon british and
German Government securities alike.
Even n no war GCcurs. thorc are soma
authorities who expect that Consols
VII not stop declining until they reach
n 81 per cent basis.
The railroad outlook IL IN some re-
spects moro promising. Gross earn
ings are increasing. and stiH better
returns are 20 be anticipated during
the remainder ~ the wear. Fxperecs.
however. have slso risen very rapidly.
20 that net results are often disap-
pointing 90 stockholders. In the ar
filtration which has been IN progress
this week between the railroads sni
Tho engineers some highly Interesting
material has developed What thu
RESULTS ~ that arbitration may he M
one vet knows. Rut In whichever d.
rection n verdict goes. ~ Will stand
as the only sane and sensible WAY 81
settling such disputes 4 striks would
have cost serious loses on both sides.
not Co speak of the injury 81 public
intsr,sts. and the verdict obtained hv
force never carries with n the more
permanent elfmcnt ~ justice derived
through discussion and arbitration.
10 is quite possible that the stock
market VIII rise 90 n higher lover. 90
pcCially as some % the big operators
are largely Interested on that side
Good crops better trade prospects
and the early adjournment 81 Con-
rcssg are al favorable 60 an upward
movement. provided aGErearive lead
erahip ia forthcoming Tho report u
the Sianlcr Committee Mood cause no
uneaslncss. for there bel not tho remote
cst rhnncc NJ any 81 its provisions
being adopted either hy the house ~
Inc senate 90 this session 81 Congress
and the chances are very slim for the
rext session. There % aiso little or
M chance 90 81 early legislation aria.
inc from tn money trust fnvcatf-
cation. which Tor some months past
has been an element o. Irritation.
Congress vii probably shortly ad-
lnurn. because ifs members are wrarv
and have little desire to take positive
mrffrW nu.m umr nHrrnHN.m 90 CO