Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-02-02
But Signs Point to Higher
Prices in the Near Future
in Wall Street
GENERAL FINANCIAL CONDITION
The Money strinsency Has Wholly
Disappeared and the Rates Are Low
err at Prcsent-Ease in Money Con-
ditions Came Earlier Than Was An
ticipated by the New York Brokers.

New York, FeD. Ut can not Ue SdAa
yet that the market has moved out OF
the rut Of dullness in which it has trav-
eled for the greater part of the present
month; but signs of that movement are
apparent, and they point to higher
rather than lower prices. There are a
few matters that are stir to be cleared
up The Venezuelan wrangle, the slight
ly threatening aspect Of labor troubles
in certain parts of the west. the appar-
ent lack of public interest in specula-
tion-these are about all the argument
that the bears in Wall street can mus
ter.
But the first fact that is impressed
upon the mind of any one attempting
anything like broad survey Of the
condition Of affairs in the financial
community at this time is that the
money difficulty has wholly disappear
ed. With the banks contending with
each other for the privilege of loaning
funds at 3 per cent, with time money
offered for all periods at from AZ to AZ
per cent, and these rates softening
daily, with the bank position at it's full
normal strength, and money pouring
into this city from all parts of the
country, there is obviously no question.
that the supply of funds for speculation
and investments is not only equal to the
demand for them, but is greater than
the demand.
The government has begun to take In
y,,nro1y a cra{p ho 1r,ffocf ,oid 4,,pop TIM
ports continue large, and provision
must be made for the remittance to
France OF the payments to the Panama
canal stockholders. But these qualify
ing factors are not serious. Money is
abundant and is likely to be abundant
until the list OF April, when rates for its
use may tighten little. Then it will
become abundant again. That is the
word of the best judges.
The present ease in money conditions
has come a little earlier than was ex-
pected. Wise men looked for 1t about
March /, when the cattle that have
been feeding upon western farms would
begin to appear in the warket; but 1t Is
here now, and 1t will be surprising If
spectators do not make the most of it.
help If 1t turns out to be a permanent
affair is the change for the better in the
foreign exchange market. Two months
ago nine out of ten of the professional
observers of fluctuations of sterling ex-
change predicted that at the present
time, when the money stringency would
probably be partially alleviated, we
would be shipping gold. 1t was argued
that we could then do so without diff
Guilty, and that the fall in money rates
would force sterling to the gold ship
ping point any way.
Money Is now far easier than any one
expected, but sterling, instead of hover
ing around the gold-export figure, is
fully a cent in the pound away from It.,
and Is constantly receding. One ex-
sylvania railroad loan was placed to
considerable extent on the other side Of
the water, and that this brought large
of exchange into the market. A
small amount of the Pennsylvania loan
has probably been taken by foreign
houses. but only small amount. The
real reason for the weakness in sterling
Is declared to be, by those most COM
petent to speak. that we have paid off
more of our foreign indebtedness than
any one imagines; that for four months
back our foreign borrowings have not
increased, and that in the
our excess trade balance of
nearly $500 900 900 for 1902-even tho
It was 5000, 600, 900 less than the year be.
fore-has come to our aid.