The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1903-05-06
WALL STREET CONDITIONS
POINT TO PROSPERITY
Henry CIewS, Veteran FL
nancier, Takes Optimistic
View OF Situation
Correapondenee to usader.

Correspondence TO Leader.
New York, May 5.-Wall street is
IA restfu and generally nopeful
mood. It is not making any superfu-
ots display Of energy just now, many
Of its leading spirits being absent or
inactive at the moment but it is calm
" putting it's furniture in order,
cheerfully accepting the inevitable
and making ready to adjust itself be
forehsnd to the known favorable and
unfavorable situations which may
have to be faced between now and
the close Of The year
Chief Of all inhuencet Is the under
standing that next fall an active mon.
ey market may be encountered With
such contingency prudent men are
careful about entering into distant
financial engagements; bankers are
unwilling to unduly lock up their re-
sources. and all through financial cir
cles spirit of moderation prevails
that promises well for the future and
is the surest safeguard against sub
sequent difficulties. Behind this dis
position to caution there is a feeling
of reasonable confidence. inspired of
course. by the numerous tests values
have successfully endured and by the
probability OF another good business
a .rff
satisfactory.
Bank reserves are rising as usual
at this season. so that if speculative
excesses are prevented easy condi-
tions seem likely to prevail until
crop demands begin The construe-
tion Of trust company reserves will
necessarily make some demands upon
the money market but these have
been so carefully anticipated that no
arrangement should follow. Some
slight uneasiness has been exhibited
over gold exports. though these need
occasion no alarm. Gold usually goes
abroad at this season; but, If the
precious metal is required here it will
probably stay: for our credit abroad Is
Improving and we can undoubtedly
borrow In Paris or elsewhere. if need
ed, without difficulty Fortunately
our exports continue heavy. and the
crop failures in Europe coming when
our own wheat crop promises to be
unusually large make it almost Ger.
tain that we viii enjoy another sea
son Of large exports. There Is, there
fore nothing adverse i'm our inter
national trade or financial relations
70 cause anxiety; and moderate gold
shipments would do 20 harm 50 long
rs bank reserves continue TO rise.
The franchise tax decision of the
court Of appeals had little injurious
effect. This was because the verdict
had been partly anticipated. while
other financial conditions were gener-
ally sound Following so close upon
the decision against the Northern
Securities Co. this was emphatic tes-
timony OF the strength Of the general
market That values have lately met
a whole series OF adverse events
without tiinching can only be explain
ed by the facts that stocks are in
strong hands. that all bad conditions
have been amply discounted by the
fall since last summer. ana by the
continued large volume Of general
business. Nothing but easy money is
now required To allow the pendulum
TO swing in the opposite direction.
Railroad earnings show gratifying in
creases, indicating the growth and
activity OF trade; labor agitation
though stlll prevalent is less rampant
than formerly; the masses are well
employed at good wages. immigration
IS surprising all records there is
plenty OF work in sight for all, and
should the harvest prove satisfactory
one more season Of large business is
almost certain Another good feature
Is she subsidence Of the consolidation
craze in the indusrials Schemes OF
this class now find no encouragement
In Wall street, unless financed on the
soundest and most conservative lines
and even then bankers are more nnA
ious 10 close OUT existing deals than
To enter upon fresh ones II IS quit'
likely that the winding up OF som'
Of The older syndicates will anor,
more relief TO the money market thar
any other source
An things considered, the marke
oners safer and better trading oppo'
fnnilies than usual For some week
10 come good stocks are likely to b
a purchase upon all sharp declines O
equally good sales upon pronounce
ADVANCES. Il Is evident The policy
tue big leaders 10 allow tie mark
10 harden iiaalf by natural rVocess'