The Washington times., 1903-05-03
OUTLOOK HOPEFUL
FOR STOCK MARKET
Conservatism Appears to Be
Dominating Influence.
A SPIRIT OF MODERATION
Nothing Adverse in Financial Relations
and No Need for Anxiety on Ac-
count of Gold Shipments.
A SPIRIT OF MODERATION

NEW YORK, May wall Street is
In restful and generally hopeful mood.
1t is not making any superfiuous display
of energy just now, many of it's leading
spirits being absent or inactive at the
moment. but it is calmly putting its fur
niture, in order cheerfuIly accepting the
inevitable and making ready TO adjust
itself beforehand TO the known favorable
and unfavorable situations which may
have to be faced between now and the
close of the year.
Chief of all influences is the under
standing that next fall an active money
market may be encountered. With such
contingency prudent men are careful
about entering into, distant financial en-
gagements. bankers are unwilling to un-
duly lock up their resources, and all
through financial circles spirit of mod
Grafton prevails that promises well for
the future and is the surest safeguard
against subsequent difficulties. Behind
this disposition 10 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 sea-
son should the harvest turn out salts
factory.
Bank Reserves Rising.
Bank reserves are rising as usual at
this season. so that if speculative ex-
cesses are prevented, easy conditions
seem likely to prevail until crop de-
mands begin. The construction of trust
company reserves will necessarily make
some demands upon the money market,
but these have been so carefully antici-
pated that no arrangement should fol-
low Some slight uneasiness has been
exhibited over gold exports, though
these need occasion no alarm. Gold US
ually 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 needed
without difficulty. Fortunately our ex-
ports continue heavy. and the crop fail
ures in Europe coming when our own
wheat crop promises to be unusually
large make it almost certain that We
will enjoy another season of large ex-
pOElS HtI Z IL, lLSl ClOA LOIHlHS du-
verse in our international trade or f1nan-
ciaI relations to cause anxiety; and mod
crate gold shipments would do no harm
| so long a. bank reserves continue TO
rise.
Strength of the Market.
The franchise tax decision of the court
Of appeals had little injurious effect
] ba hoH
| partly anticipated, while other financial
conditions were generally sound. Fol-
lowing so close upon the decision
against the Northern Securities Com
pany, this was emphatic testimony of
The strength of the general market.
That values have lately met a whole
series of adverse events without finch
ing can only be explained by the facts
that stocks are in strong hands, that
all bad conditions have been amply dis
counted by the fall since last summer,
and by the continued large volume OF
general business. Nothing but easy
money is now required to allow the
pendulum TO swing in the opposite di-
| rcction.
Railroad earnings show gratifying in
-reases, indicating the growth and &C
witty OF trade; labor agitation. though
i'll prevalent. is less rampant than
,rmerly; the masses are we'll employ
at good wages; immigration is sur
issing ali records; there is plenty OF
ork in sight for all, and should the
lrvest prove satisfactory one more
,oSoD of largo husinaSS iS almost car-
in