The morning journal-courier. (New Haven, Conn.) 1907-1913, 1908-05-18
MONEY AND TRADE
Monetary Markets Clear Out
look Stock Markets Slim
ulating Factor.
BUSINESS OFF so PER CENT.
Prosperity Leagues Scheme TO Re-
store Confidence rs Henry
Clcws Sees II.


New York, May 1.-THE stock
market continues TO show a strong
undertone. The situation is evidently
completely dominated by group of
strong capitalists who have an unlim-
tied supply of cheap money at their
command II Is perfectly pla also
that the parties are determu TO
lift IN the market to a still higher
level; presumably for two purposes,
first, the distribution of securities ac-
cumulated at a much lower level, and
second. the financing OF new or ma
turing issues during the remainder of
the year In the four months since
January | about $3.50, 100000 new Sc
curlties have been issued, which was
only 5000, 900 less than the same
period last year, which between $780,
100000 and s300,000O00 additional
obligations will have to be financed
before the close of the current year.
Whether this means another attack of
financial Indigestion or not during the
crop moving period depends largely
on the course of business affairs.
Certainly the country is not accumu-
lating new supply of capital out Of
earnings as rapidly as usual.
The outlook for the stock market
Is not without some very encourag-
ing features Tho monetary future,
for instance, Is clear Of all important
trouble for some months to come,
Funds are superabundant and likely to
so remain owing to our imperfect
system for contraction of the cur
rency. Rates of interest are low in
consequence, and will probably re-
main low until crop moving begins In
August. such conditions arc inila-
tionary and, Of course, stimulate gold
shipments: 100000 900 having already
| gone back since the panic. This
movement causes no uneasiness IN
monetary circles; in fact, we could
easily spare the $t00,000,000 import
ed here during the panic without dis
| turbance Perhaps the most unpleas-
| ant feature In tho money market Is
the rapidly growing government def
| cit. which will compel o large with
drawal Of public funds in depository
! banks. However, as already stated
the money market has a clearer out
look than usual for three months
! ahead. and this Is the most stimulat-
! ing factor In stock market operations
The business situation continues
very unsatisfactory, On every side
complaints are heard of the shrink
age in the volume Of trade, and facts
are multiplying which prove tho
cause Of complaint. 1t Is all very wei
and even very proper to cultivate
cheerful spirit in the face Of adverse
ty. Certainly that will be vastly moro
helpful than lingering weakly upon
the Encouraging side of affairs. Blu
facts cannot be ignored; business !!
exceedingly dull,and anywhere from
20 to 80 per cent than year ago
Buyers cannot be induced to pur
chase merchandise, because they Hnt
consumption shrinking and prices fall
ing II our good friends of the Pros
perity league viii give the unemploy
ed a Job, and prove TO buyers owl
satisfaction that bottom has beel
reached, and that henceforth deman'
will improve, they will do vastly NOR
toward bringing about recuperatiol
than all the sunshine talk imagn
able. or course, the mental attitud
In business, or what has always bee1
STYLED coincidence" Is an importan
factor in business; and without
progress Is impossible, But after all
prosperity viii only return as tn