The Washington times., 1901-11-25
STOCK MARKET
MEN HOPEFUL.
Developments Of the Past
Week Encouraging.
ALARMING FACTORS DISAPPEARING.
No Expectation of Money Strin-
gency- Complacency the Domi-
nant Note in Discussing Attacks
on the Railway Deal

NEW YORK, Nov 24-Stock market
people generally Will come down to Wall
Street tomorrow morning in a very hope
ful frame of mind regarding the outlook
for the market The developments of the
past week have been OF a most en-
couraging nature for the most part. and
some Of the few alarming features OF the
situation have we'll nigh disappeared in
addition.
Lack Of market response 10 the con-
tinued outflow of gold has been one OF
the cheerful developments, and perhaps
the most interesting feature OF the week.
That New York should export $'.S295 5SS
gold in single day without affecting
monetary conditions beyond a z per cent
rise in call rates is not so strange as is
the complacency with which we have sus-
tained an $1S.00O,gGO loss on the total
movement In other years such an out
flow has been attended with money mar
ket aurries, and at times much depres-
sion.
Notwithstanding a large excess Of ex-
ports shown in the total foreign trade
movement, this country has encountered
uiittances at home. besides urgent calls
for gold from abroad The result has
been movement double the sum named
il early estimates.
The securities returned represent such
an increased valuation as to probably
more than cover the excess due on mer-
cbsndise account The difference has to
be settled for in gold. BY calling in
these shares this country dImlnlshes,
however the invisible balance OF trade
TO the extent Of several millions year
represented by dividend payments to for
eign holders.
Demand sterling was demoralzed yes
terday, quotations varying widely with
different brokers, but in all cases showing
sharp decline of at least Il cent in TIRE
pound from the closing rates on Friday
Gold Shipments Probably Over.
This goes far toward confirming the
orinion held by many conservative houses
that gold shipments to Europe have ceased
fer the present year. AS to this point,
however, there is no absolute certainty,
as the shifting Paris rate may result in
attracting gold to that city later on.
The slump in the exchange rates on
Friday and yesterday is unanimously at
IElUultu ~ Allt L4toNg saNNlliGAaNA NAo4A az S-c
kers' hands in anticipation CT the demand
expected in connection with the British
war loan installment. due December .. II
was said in Wall Street yesterday that
upward of 100000 in bills had been ac-
cumulated for that purpose, and were
pressing for sale in the market at the ex-
pense Of rates.
Surprise at Market Strength.
Another matter OF Importance has been
the strength shown by the market in the
face Of the attacks by the Northwestern
States against the railway deal Compla-
cency is now the dominant note in discuss
ing the affair.
Notwithstanding the very positive ut
terances Of the people most interested in
the deal to the effect that it would be
carried out successfully. it has been con
sidered surprising that even the remote
possibility Of a hitch or delay in the pro-
gramme has not hurt the market more.
Prices have continued to go up.
a third interesting matter came cut at
the end Of tae week and Its effect on the
market has not yet been measured.
The banks make a most gratifying
showing for the week. which, with the end
of the gold movement, seems to promise
well for future plentiful supply OF
money.
Henry CIews on Prosperity.
General business prosperity continues
undated. OF this feature Of the outlook
Henry Clews says:
Confidence is general, consumption is
going on al en- Unprecedented pace, and
new enterprise Is active. We are nov pro-
ducing almost as much pig iron as Eng
land and Germany combined, and yet have
less than two weeks supply Of the article
on hand. The demand for iron has never
been approached, and there are enough
orders in sight to keep cur mills, new and
old fully employed for months 10 come.
THE railroads are still taxed 10 their
utmost with freight. and in some cases
business is actually suffering from a con
gestion OF traffic which the roads cannot
properly handle.
In the Northwest development is go
ing on at a rapid pace; and the only i'm
portant drawback is in last summers
drought district. Both cotton and corn have
been seriously injured in certain sections;
and, while fortunate offsets have some
times appeared, still these losses must
have a deterrent effect The loss OF the
corn crop will b. felt more seriously
after January ! than now. not so severe .
ly perhaps in the loss OF corn shipments
as in the movement Of live stock Never
fheless the Business situation. as a whole
is sound ana satisfactory, and its effect
upon the stock market is to restrain
conspicuous bear tactics
New York Stock Exchange, Nov. 23.
High Low Clos Net
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