The Washington times., 1903-12-27
CURRENT NEWS AND GOSSIP
OF INTEREST TO INVESTORS

As bearing upon the future of the ex--
change market. the foreign commerce at
the port Of New York for the week fur
nished some significant facts The i'm
ports fell s2,2s9.9s9 below those Of last
week and $4.Sl5.l14 below those Of last
year. As very large proportion of the
foreign goods received at the ports of
the country are entered at New York a
decrease readily assumes Importance
The exports for the expired portion of
the year rose above $500, OOO. 600 and for
the first time in 1913 the total ran ahead
Of that &C 1901
1t is well wort Hcting that such re-
covery as the market has enioved dur
ing the past quarter of the year took
place Notwithstanding the occurrence of
several matters which, had they taken
place earlier in the year. would be-
yond much doubt have precioitated
panic. Thus. 1t would have been plain
" impossible for the stock market of
July and August to have withstood
without collapse such matters as the
actual and indicated financial difficult
ties IN Baltimore. Pittsburg and St
Louis. not TO speak of others which
were happily averted, and which for
tunately did not become matters of gen
eral knowledge.
A simultaneous break in sterling ex-
cnange and material fan in money
rates such as occurred in the week, are
very rare at Christmastide and certain
~ denote the existence of highly favor
able financial conditions To illustrate
this. it is only necessary to compare the
current situation with that of last year.
This week call money was extremely
easy at an average of 35za4 per cent.
and demand sterling dropped nearly
cent from the recent sharp rally. touch
ing AS at the end. Last year call
money rose to l2d13 per cent. and much
business was done at 10 per cent while
demand sterling ruled at S624 "A. sc. 80.
Here is an extreme difference in favor
OF 1903 over 1902 of more than per cent
in call loans and more than %. cents in
demand sterling.
After the last word has been said with
regard to the various Influences bear
ing upon the market and temporarily in
huencing its course. the fact remains
that the dominant factor at the pres
ent time is The entire absence of any
Ihlns sFen approaching general liquida-
ton. The scarcity OF stocks Offering
80 "~N-N APDAA tAAt AlOoi OF the STOCK eX-
change is. in fact. the most pronounced
feature OF each days dealings. Cen
eral liquidation ceased in September.
and such liquidation as occasionally
broke out since that time was of only
sporadic nature. For some time past
actual liquidation seems to have been
entirely suspended. That being .i1:e it
might be expected that the stock mar
ket would have Telapsed into a virtually
stagnant condition. but. on the con-
trary. each days dealings have shown
a fair amount Of animation. with dis
tinctly upward drift of prices.
There Is plenty to suggest new trials
for the stock market in the months to
come, and To- cast a shadow OF warning
aga inst exuberant speculation at the
present time. But so far as the lmme-
date future is concerned. the facts
plainly Justify an optimistic view. Credit
has been soundiy re-esta blishe0 at home
and abroad The tremendous bulk OF
our foreign indebtedness has changed
into huge balance Of trade IN our ia
vor, with floating obligations entirely
iquidated. Whether or not tile corner