Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1905-02-16
GOOD MARKET CONDITIONS.

In spite of doleful representations
and pessimistic views of the market,
that have been going the rounds since
before the presidential election, there
is no Indication OF fulfllment of
these gloomy talks. Henry Clews in his
weekly letter, says the stock market Is
and has been uniformly active and
strong, that money is abundant and
good dividend prospects bring it into
circulation. Mr.. Clews says:
Call things considered, the stock
market situation is remarkable.
In spite of high prices there is an al
most extraordinary absence of bear
ish tendencies which is readily ac-
counted for by the satisfactory condi-
ton Of business in all parts of the
country. AS a result capital is stead
lily flowing into Wall street and there
seeking employment. Good bonds gen
orally receive the preference among
investing classes; and stocks OF which
there is no increase in the supply and
which are firmly held are readily ma
nipulated by professional operators,
aided of course by the influ-
ences named above. In case
of the coalers activity was legi-
timately stimulated by the unusual
prosperity of these companies aris-
Ing from the heavy demand for coal
at profitable prices. The promptness
with which new bond issues have been
taken is very. striking and is due to- the
large amount Of capital seeking a sure
If low, return. Most of these new Is
sues have been for the purpose of TAX
ing UP notes issued year or two ago
when the market would not take any
more new fotations. while a portion
have been for refunding maturing
loans; these developments proving
very fortunate for the railroad COM
panies. Meanwhile the eagerness Of
investors for bonds to the neglect Of
stocks is almost running into a fad,
especially as the lack of attention to
some of the older low interest bear
ing issues shows the need Of closer dis
elimination among bond buyers"
That the large shipments of gold
from this country recently have not
reacted upon the American market as
they might have been expected to do,
is evidenced by the substantial condi-
ton shown by Mr. Clews' letter as
well as by the reports of the mercan-
tile agencies. Regarding this phase
of the market Mr.. Clews says:
about $7O,00D,0OO of gold have
been shipped from this country within
the last five months without exerting
any detrimental effect on this market.
In fact, as it has gone largely to
strengthen weak spots abroad, the eff
fux has been an indirect benefit. More
than half of this amount has gone to
Paris, presumably to fortify French
banks in financing the new Russian
loan of 200,000,O00 roubles, for which
plans have already been completed.
Hopes for peace are running very low
just now Notwithstanding various ru.
mors to the contrary. Russia, though
sorely tried, is w no means near the
point Of exhaustion. Though driven
back ANONYMOUSLY, she is not van
quished, and the task will become
more difficult for Japan. Russian
pride and prestige are too much at
stake to indulge in over-sanguine
hopes Of an early peace. The begin
ming of spring promises to see the cam
paign opened on a still more vigorous
scale in spite Of the fact that destiny
promises ultimate Japanese success