Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1903-05-21
CONFIDENCE SHOWN
Conditions in Stock Market Are
Encouraging.
GOLD EXPORTS EXCEEDINGLY LARGE

GOLD EXPORTS EXCEEDINGLY LARGE
Big Subscription to Transvaai Loan |
Shows Abundance of Capital Abroad
Little Change In Crop Situation
Prospects for Bumper Wheat Crop. |
New York, May 1S.-There is a strik.
ing change of feeling on the stock ex-
change. Twelve months ago We were
near the crest of wave of wild spec
ulation. Six months ago we were on
the verge of despair, and in fear of a
crisis or panic. Now we are settling
down to more normal conditions; de-
spondency has ceased, and confidence
should soon commence to regain its
accustomed sway. The reasons for
this are easy to discover; liquidation,
| improved monetary conditions and
brilliant wheat crop prospects being
| the principal causes. The speculative
|
that the market requires further rest
and therefore remain inactive at pres.
ent. The present supply of securities,
| including the new issues, is really all
| the market can stand under existing
conditions. Nevertheless. as just
stated, there has been moderately
| favorable change of temper in Wall
street, which is justified by new con-
| ryhi nh II oil To
yelop on natural lines without artifi-
cial interference should later on lead
to improvement in values.
Some uneasiness was shown at gold
exports, which are usual at this sea-
son. and have not yet been sufficiently
large 20 cause alarm. The European
markets are generally well supplied
with funds; and as the financial situa-
ton in England, France and Germany
is improving rather than otherwise
there seems to be no OCCASION to ex-
pect largo demands upon us for gold.
The enormous applications for the
Transvaal loan, making allowance for
neutrality-suspicious., show a surprising
abundance of capital abroad awaiting
Investment Money is known to be
very plentiful in Paris and the strain
in Germany has been greatly relieved
by the improved industrial situation.
The most likely cause of gold exports
is the falling off in merchandise ex-
ports, which in April left us a trade
, balance OF only 81 100000, against $685.
100000 in April, 1902, and $44,O00,000
, in 1901 This continued shrinking
trade balance is one of the most un
t welcome sians of the times, and can
not he overlooked. For the ten months
Y of the fiscal year the excess of eN-
a norts was the smallest In seyGra
years, being only $3.50 00O,U00, aga1ns
n $43S,C 100 coo in 1901 and $5S4000,000 il
1900. This shifting of the balances i.
g entirely due to heavy importations
+ Our exports are almost up to RECORD
figures, while imports have far sur
i passed all previous levels in conse
a uuence of the great trade activity &.
J. home and Of our temporary inabilit;
2 ito supply the demand for some manu-
featured articles.
In the crop situation there is little
: change The season in very back
ward for cotton, corn and other crops
< which can hardly be considered favor
r able; but it is early. and there is
plenty OF time in which to recover. A
e bumper wheat crop is practically GER
' tain and this is factor of much i'm
4 Iportance, especially to railroads il
|. the wheat belt. some of which have
7 shown an undercurrent of strength
lin the stock market in consequence.
7 The money market is easy, as usua
y this season, when legitimate demands
! are at minimum. The steady eX
pansion in loans during the last few
: weeks Is hardly a welcome feature
IL MI
!, than for the past two years at thi.
;, time, are comparatively low. Still
u THE supply of funds has been some
. what augmented by funding opera
;, lions, and the withdrawal of trust com
E panies from the clearing house agree
!, Iment will prevent the locking up o.
v thirty to forty millions of reserve &C
r count, if all the companies take the
6 same course as it is rumored they will
!. lit will be remembered that about
!, fifteen millions was required on June
q /, which will not now be withdrawn
S Speculation is dormant. Active fluc
l. tuations are mostly confined to special
+ ties and until crops are fully assure,
d it is likely to be simply a trader
g market, making good stock purchas
l. on the sharp declines and equally goo,
sales on CT6 rallies. FROM pTSSS1l
d appearances we are likely to have jus
a such market for some time to come
: until money or crop prospects wal
L rant change of operations. The MAJ
y ket. however is subject to the contro
/ of the big operators. and should thei
), plans or deals call for more activit
such may easily come when at leas
5 expected. Fortunately. there is. les
q reason to apprehend tight money thi
:. fall than there was on January l.
! The attitude of the public toward in
vestmcnts is likely to become NOR
+ hopeful. Thinking powers are now a
= last brought more into use, and pun
chases hereafter will be of an entirel
different character from the reckless
q ly indiscriminate ventures of 1901 an
the early part OF 1902. Such an excl
q else OF judgment will do even NOR
than the Sherman law, to check III
wise combinations, and in it lies tn
If hope for an improved market for star
! dard uninfated securities. That Their
is money waiting safe investment i