Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-05-18
The FINANCIAL REVIEW
Feeling on the Stock Exchange
Settling Down to More
Normal Conditions
BUMPER WHEAT CROP CERTAIN
The Crop Situation Reveals Little
Gauge, the Outlook for Cotton, Corn
and Some Other Crops Being Still Un
.forabIe-Money Market Easy and
Speculation Lisht-European Markets

New York, May 1S.-Henry Clews, in
his Weekly Financial Review. says:
There is a striking change of feeling
on the stock exchange. Twelve months
tago we were near the crest of a wave Of
wild speculation. Six months ago we
were on the verge of despair, and in
| fear of u crisis or panic. Now we are
settling down to more normal condi-
tions; dependency has ceased and con-
ndence 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 Lead
ers, however, apparently realize that the
market requires further rest and there.
| fore remain inactive at present. 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
| ~
| by new conditions, and which if allowed
10 develop on natural lines without ar
liticial interference should later on lead
to improvement in values.
Some uneasiness was shown at gold
exports, which are usual at this season,
and have not yet been sufficiently large
to cause alarm. The European markets
are generally we'll supplied with funds;
and as the financial situation in En-
gland, France and Germany Is improv
ing rather than otherwise there seems
to be no occasion to expect large de-
mands upon us for gold. The enormous
applications for the Transvaal Loaf,
making allowance for 'over-subscrip-
tons, show surprising abundance of
capital abroad awaiting investment.
Money is known to De very plentiful in
Paris, and the strain in Germany has
been greatly relieved by the improved
industrial situation.
In the crop situation there is lit.'e
change. The season is very backward
for cotton. cor. ana other crops. which
can hardly be considered favorable; but
it is early, and there is plenty of time
In which to recover. A bumper wheat
crop is practically certain and this IS 1.
factor of much importan5 e. especially to
railroads in the wheat belt, some OF
which have shown an undercurrent of
strength in tie stock market in conse-
quence.
The money market is easy. as usual
this season. when legitimate demands
are at minimum. The steady expan-
sion in loans during the last few weeks
is hardly welcome feature, and the
bank reserves, tho larger than for the
past two years at this time, are COM
paratively low Still, the supply of
funds has been somewhat augmented
by funding operations, and the with
drawal of trust companies from the
clearing house agreement will prevent
the locking up of thirty to forty mills
ions for reserve account, If all the COM
panies take the same course as 1t is
rumored they will. 1t will be remem-
bered that about fifteen millions was
required on June /, which will not nov
be withdrawn.
Speculation is dormant Active fluc-g
tuations are mostly confined to special
ties and until crops are fully assured it
Is likely to be simply a traders mar
ket, making good stocks purchase on
the sharp declines and equally good
sales on the rallies.