The Washington herald., 1908-03-23

prices in the stock market touched It's
high point for the time being a week ago,
and since that time the market has been
in a period of normal reaction, backing
and filing and otherwise Indicating the
progress Of that course OF digestion which
is always noticed after sharp advance
in values.
The rise that has gone on since the first
Of the month has. indeed. been almost
sensational in many ways; and II prices
should fall even more than they have
done. it would not be entirely out OF lire
with precedent in such matters. At the
same time. however. there are no signs
Of decline in sight. and at the end OF the
week the market was again practically
AZ It's highest level, and holding there
very strongly.
There is no doubt that in the last few
weeks there has been more or less buying
Of stocks OF merely speculative order
and It is known that certain number
OF those operators whose daring ventures
in commitments for the decline last year
attracted such wide attention recently
reversed their position in the market and
bought stocks with freedom
One PIunger Sells.
One OF these spectators Of the particu-
larry plunging type sold ont a long line
Of his holdings at whatever price he could
get for them within one or two hours
lime on Wednesday. and 10 this pressure
the quick drop in the market that day
was due. Nevertheless the distinct change
for the better that has come over condi-
lions in the financial district Is gery no
ticeabla. When stocks recede a little, buy
ers o. them increase. The feeling Is gen
eral that the worst part OF the financial
/ depression has been passed and that while
/ full recovery from il may be slow. still
/ the face of the country's business and OF
/ the stock market. too. is definitely turned
toward better things.
As the season advances, the prospect for
the crops this year steadily becomes
/ brighter. II is unquestiOned now that the
winter wheat crop is coming out of the
winter months in an unusually fine state
and that farm work is likely 20 be from
three weeks 70 a month earlier than Il
was last year. Such work & already be-
gun in the Southwest
Money is continually getting easier. the
rates for time funds chipping OF al the
while. One reason for this is. Of course.
/ that the prospect for prolonged ease in
/ time money is such that few borrowers at
least in Wall street, wish 10 lay them
selves under any greater obligations than
are necessary 10 take funds OF this sort.
Get Money as Needed.
They are getting money as they need
/ It. either on call OF for the shorter time
periods, and thus the price Of longtime
accommodation is necessarily weakening.
although admittedly by small gradations
| The same state Of affairs prevails abroad.
the Bank OF England reducing its dis
| count rate last week to 3 pei. cent. and
displaying such a high reserve that
still lower rate win probably soon be
quoted. The relaxation Of the money
markets abroad is due not only to the
slackening Of business there. so far as
home consumption is concerned. but to
the immense let-up IN orders from the
! United States; and this phase Of the sit
uation nss been not a little vexing to
our commercial friends on the other side
Of the Atlantic.
Our people have not only Immensely
reduced their purchases in Europe OF
diamonds and Of all other kinds Of lux
uries and useful articles. but we are sell
ing our goods IN the European markets in
many instances at cut rates. al all events
so that we have practically taken the
markets away in many DEPARTMENTS from
the European producers themselves Nat
uraliy the foreigners are growing over
this. but they cannot help matters and
al bottom they are beginning 20 have a
larger respect than they have had before
for the American people. in that they are
beginning 10 discover that ii Americans
spend money lavishly and perhaps ex-
travagantly. when they feel rich. they
can economic with the same vehemence
when they feel poor.
Can EeonOmize IL Necessary.
When things are booming with them
they are free and It may be, careless
spenders, bur when they shut down spend
ing they do so with a rush and devote
themselves TO saving money with resist
less enthusiasm. There are those who
say that It would be better for US on
the whole if we We're as q nation. less
violent in both these manifestations. Ma
ture. however. has her own ends to sub
serve in the matter and has doubtless
arranged the temper of the American
people to suit them. and one OF these
tilNS Is very clearly the Idct that this
continent of ours. with its vast extent
and illimitable resources. could not have
been developed in the marvellous way
that il has been within so short a space
OF time by slow-going race of men and
women
st the moment these aptitudes are
standing US in this stead, that they have
enabled US 10 raise trade balance in
our favor which was practically nothing
last August to $521. 0C0. 0O0 for the. first
eight months OF the fiscal year, making
almost certain the probability that the
balance in our favor for the year as
whole. viii be much the greatest In cur
history
Things are shaping with US just as they
have at ali times in the past under
similar conditions. The country has set
TO work with might and main to re-
gain its command over the international
markets. and it is manifest. as time
goes on. that the country is doing this at
each recurring period with greater and
greater celebrity.
PIGEON ENLISTS IN NAVY.