Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1903-01-05

months Oh persistent ouu oCFC4C AAdHA
dation have exerted a sharp SOLDERING
effect in Wall street. Enterprises
that would readily have been under
written several times over could not
now obtain even hearing. The con-
yiction that a halt is necessary in fl
nancial operations, and that thor
ough taking of stock must be patient
ly endured is one of the most strik-
ing features OF the day. This ultra
conservative mood which began near
the top, where recent excuses We're
most freely INDUCED, has permeated
through all the various levels. until
now the smallest operator is proud OF
his conservatism. AS a rule, when a
wave of opinion has run to this eX-
IRENE, it is wise to ask if it has not
exhausted itself We have now had d
drop of 20 to 80 points in a majority
of good securities; the speculative ma
MIA has taken place without disaster;
our debt abroad has been materially
reduced and our financial situation is
certainly less threatening if not much
stronger than six months ago. That
such heightened and severe Iiquida-
ton could take place without bringing
serious disaster is remarkable proof
of the soundness of the cOuntry's
trade and industry outside Of Wall
street where the OVERRIDING thus far
has been chiefly confined
Among the favorable conditions out
side of financial circles are these: The
activity of general trade; the prosper
ity Of the labOring classes; the suS-
tanned demand for iron manufactures
showing new development and COLI
struction everywhere; the prospect Of
larger exports Of corn and cotton, and
the continued large gross earnings Of
the railroads, which will soon be
swelled by advanced traffic rates. The
western roads are still OvercrOWded
with traffic. In these respects we en-
ter the new year under favorable cir
cumstances; the probability being that
there will be lessened activity prOvid
ed prices are kept at a reasonable lev
ell and expenses are not unduly i'll
creased. Business profits have already
been seriously threatened by the ad-
Vances in materials and wages, and
further increases in these particulars
would be a menace threatening nation
al prosperity.
The monetary situation will be the.
chief cause of concern during the next
few days. Under present stringent
conditions preparations for January
disbursements are quite likely to
cause temporary inconvenience; but
the formation Of the $5O,OO0,O0O loan
pool will no doubt be ample to pro
vide against any emergency. By the
middle of January local conditions
should begin to improve, as funds will
shortly be returning from the interior
more freely. There is no early pros
pect, however, of easy rates; and the
influx of currency may easily be de-
layed by the activity of trade and
speculation in the west. Another fac
tor that must be reckoned with is the
prospective early issue of large for
eign loans, which would have been
put on the market last autumn but for
the situation in New York, which has
since been partially relieved An i'm
pOrtant transvaal loan is to be ex-
peCted, although this operation may be
largely confined to funding the treas
ury bills issued during the war into
fixed Obligations This transaction,
therefore, is not likely to be SO i'm
portant a factor in the international
money markets as the new French
loan, preparations for which are now
being made, and which is expected
to aggregate between $150,0000 900 and
100000. This suggests a large
withdrawal Of French funds from the
London money market, and, as a con-
siderable Spanish loan in London is to
rates will prevail in London for some
time to come. Whether this will
hasten gold exports from this side or
not remains to be seen. Our debt
abroad has fortunately been much re-
duced; and if Europe would only in
vest in good American railroad securf-
ties with more freedom the advantage
WOuIC De mutual. bT1ClSu TdllrOdQS
now pay such small dividends and are
so obsolete in their methods that
American railroad shares shine in
comparison. The English railroads
will have to be Americanized before
they can again become good invest
mentments. This means enormous
OUTLAWS for Improvements and new
equipment; things which have already
been done by the American roads. The
British investor could do nothing bet
ter than exchange his holdings in OBJ
sOlete, lOw-dividend English railways
for modern moderate dividend-paying
Americans.
A comparatively quiet stock market
is expected until after the holidays
No uneasiness is felt at the monetary
situation, but while the possibility Of
a pinch is so strong the situation is
not favorable to reckless buying of
stocks on margin, The Venezuelan