The Washington times., 1903-01-18
FINANCES OF THE WEEK
REVIEWED BY CLENS
Market Controlled by Con-
sentative Interests.

NEW YORK. Jan 17--Henry CIews'
weekly financial review says.
The stock market is pursuing
somewhat uncertain course A decided
~ better undertone prevails owing to
improved monetary conditions, but all
attempts to create any general upward
aggressive speculative movement meet
with only limited success
The real powers in the market seem
averse to encouraging any violent bull
speculation at present. They seem
equally averse to permitting a decline
OF any. consequence, but perfectly willing
to permit fucruattng market in which
values viii gradually find their natural
level
This firm but conservative control OF
the market by powerful interests is the
striking feature, and in some respects
/ it appears TO be a natural outgrowth Of
The policy of concentration which has
been going on for the past few years.
Whatever may be said Of the vast com
Dinations recently created. so long as
maintained they certainly possess i'm
meuse steadying powers and are a posi-
+ though incapable OF preventing ordinary
/ ups and downs
/ AS to the monetary prospects, the
/ Indications are for lower rates than
/ prevailed during the last three months
OF 1902 Until the crop demands assert
/ themselves there appear TO be no shoals
ahead save the April settlements and the
/ July disbursements. For the next nine
months there should be fairly clear sail
. ing. If speculation is kept within rea-
sonable limits Nevertheless .ie sup
ply of loanablc funds is not likely TO
/ prove oYerabundant
The demand for capital from new en-
/ terprises is enormous. and the ineIas-
ITCHY of our currency system tends to
/ encourage firm rates. Two very signif-
cant events have recently occurred-the
. floating Of S25 600 900 of one-y year notes
at per cent by Lake Shore, indorsed by
/ New York Central and the large issue
of Pennsylvania equipment notes on a
I AZ per cent basis. Both Of these cor
porations possess the highest credit.
and are considered towers of financial
/ strength. yet they are paying fully
per cent more for money than they
would have done twelve months ago.
THE fact is there are immense
amounts of corporation paper held by
strong institutions, and, in view of the
big deals contemplated or in progress.
there is little probability Of any super
abundance of funds for some time ahead.
/ Bank reserves should show a steady rise
during the next few weeks. and the ten
dency ought to be toward easier rates;
but it is plain there viii be little TO
/ spare for eXtravagaut speculation.
In other respects the stock market
situation Is improving Railroad earu-
iugs continue 10 show gratifying gains.
traffic is still phenOmenaHy heavy. and.
in spite of the great additions TO rolling
stock the railroads remain unable TO
I properly handle the enormous amount OF
/ freight pressing upon them. Nor is any
Iet-up in sight. All this means that he
Industrial activities Of the country are
unchecked.
Consumption is going along at high
water mark stimulated, OF course, by
the active employment Of labor at cool
. wages Production also, as rule. is be-
ing carried on up TO the fullest limit ia
fact. the whole country Is steauiug az
high pressure with Industrial develop
ment. the only sources of complaint be
ing the declining profits Of business AMI
the late OvereZpausiOn in the financial
markets From the latter trouble we
( are now fortunately recovering
Some Improvement can also be noted
in the foreign markets. France has
shown uneasiness owing to internal pc
iitical troubles. but there has been e
partial recovery in Germany from the
. industrial depression of 1901 and 19e2
and in Great Britain a much more con
fdent temper is displayed. Prostitution
following the Boer war is gradually dis
appearing. and British enterprises shows
( symptoms Of revival