Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-11-30
'|H[ STOCK MARKET
Wall Street Conditions Liken-
ed to That of a Slowly Con-
valescing Patient
SECURITY MARKET IMPROVED
Greater Confidence Expressed in Values
of Industrial, Shares, While Railroad
Securities Are Earning More Than
Their Market Quotations Would In
dictate.

New York, Nov. 30.-The analogy o:
| has passed the crisis of a long ana
/ dangerous illness still seems to be the
one that best fits the stock market,
1 We must guard against excess, be
careful in every way of our steps, look
for frequent setbacks and reactions,
land rot be discouraged when they
| come, but still feel reasonably assured
| that the worst of our troubles is over
and that the time will arrive when we
will see that what has oecurred-as is
| sometimes, but not always, the case
with bodily iliness-has eft us in bet
| ter health than we We're before.
Taking a little backward survey Of
| the market, 1t does certainly seem that
| its course for the last two months has
| been one of convalescence, and from
1.-The point of view, too, OF those who
study the market in mere mathe-
matical way, paying attention to the
changing quotations only with little or
no regard for developments affecting
intrinsic values, the path followed by
prices has been interesting. The grea,
decline, lasting more than year. cul-
minated in semt-panic, prices max
| ing low records; then came quick re-
covery, some stocks rallying In few
days SIS share-this happening last
Angus next followed a slowly sag
ging movement, In which prices fell
on the average little below their Au-
gust level.
| The money question continued to be
last week. as 1t has been all along. the
real governing feature OF the situation.
| Once or twice. when some OF the more
venturesome spectators tried to push
quotations along too rapidly, the frown
of an per cent call money rate damp
cned their enthusiasm. The time Is not
| yet for market fireworks.
But, nevertheless. the substantial
reason for the recent residence OF the
market and for the greater confidence
! in values displayed by spectators and
| investors is the spreading belief that
what is known In Wall street as easy
money" Is comparatively near at hand.
| This aas been accentuatnd, Of course,
| by clear signs that money sent away
last month for crop moving is return
ing hither. Chicago banks were heavy
| lenders of money on the stock ex-
change turnout last week. and only a
cursory glance at the premiums paid
| in the western cities on domestic bills
due in New York Is needed to show
any. one how things are going.
| Moreover. altho a large quantity OF
long sterling-its total running as high
as $25,000,0O0, according to some esti-
mates-has been purchased by our
bankers, the pressure Of cotton and
other bills in the foreign exchange
market he's bsen such as to keep de-
mand sterling at the point OF gold Inn
ports.
The lessened requirements for money
for business enterprises In the east
have also exercised decided inf1u-
ence. All our bankers seem to agree
that In January, at the farthest money
will become abundant in Wall street,
and that this abundance will not soon
disappear. 1t is. therefore, clear that
good railway stocks, yielding per
cent and bound in all fair probability
to continue yielding this return. are
more desirable as investments than
they once were. The security market
shows its appreciation Of the fact.