The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1909-06-09
SECURITIES AT
RECORD MARKS

check imports, and are more likely to
diminish than to expand public rev.
enue. The deficit for the current fis-
cal year will now be reduced to prob
ably 100000 900, but treasury funds
are ALREADY much depleted, and July
will be month of large expenditures );
SO that before long a further import
ant reduction of public deposits must
be anticipated
The crop outlook thus far is as sat-
isfactory as could be expected The
season is late and a comparatively
small crop of wheat must be expected
owing to reduced acreage, which sug-
gests continued high prices for that
staple and relatively small exports
next winter. The loss in wheat, how
ever is likely to be more than compen-
sated for by a big corn crop. Should
the latter escape early frosts, it is
not unreasonable to expect a bumper
yield of about 100000, 900 bushels.
Plenty of cotton is also in prospect at
good prices. In view of the high prices
for all farm products, it is quite GER
tain that the agricultural classes will
enjoy another very profitable harvest,
which nothing short of unusual dis
aster can prevent.
On the stock exchange a confident
undertone prevails. Were it not that
values are already upon such a very
high level there is no doubt that the
market would have seen a more de-
cided upward movement There is a
feeling, however, that the many fav-
orable outside conditions have been
quite thoroughly discounted, and that
any further advance will simply afford
an opportunity for foreign and big in
side selling. This should induce a very
conservative feeling throughout the
market. Railroad shares are firmly
held, especially in view of the salts
factory condition of railroad affairs
in general Public hostility to railroad
corporations is abatirg; traffic is in
creasng; freight rates are frequently
higher than a year ago; many i'm
portant economics have been intro
duced; consequently the outlook is 70,
better net results than for the past
two years. On the other hand, a great
deal of new railroad financing is in
prospect partly for the purpose oil
providing naw capital and partly for
rounding operations. In the Industrial
shares there has been more or less ac
uNlty and these have enioved
marked advance, as a result of indus
trial expansion. This was particularly
true of steel issues; and the placing
OF an important block of United States
steel in Paris is a departure of much
slghlheance. The French are an ex-
NeeuillSly thrifty and saving people
and in probably no other country of
equal size is there so large an amount
OF capital open for better investment
french investors have, however hith-
erto viewed American securities with
suspicion, and the restrictions on
trading therein are so onerous as to
nave made it almost impossible for
our securities to find anv imnortant
iodgment in that country. Should the
prSssnt move be successful. IT would
certainly open very important new
supply of capital for American enter
prise Marginal transactions should he
conducted with particular caution es-
pecialiy in stocks which have had a
phenomenal rise, Selling short is also
dangerous operation in face or so
much optimism and cheap money