Los Angeles herald., 1909-04-08
MARKET TAKES
STRONGER HOLD
CHANGE FOR BETTER BE-
COMES GENERAL
REVIVAL IN TRADE CAUSES up
WARD TENDENCY
Bank cIearings Increase In Percent
age-RaiIroad Traffic Grows.
Crops a Matter of Earn.
est Solicltude

Henry CLOVIS Co., New York, in their
latest market letter say
The stock market appears to be rousng
itself from the dormant condition into which
it had fallen for the past month or two
The rest cure has been beneficial, and the
result is that the market finds itself in a
sounder and stronger position than at any
time during the current year. Unfavoraple
conditions have been amply discounted, and
whatever changes have taken place are gem
orally for the better That there has been
a turn in the tide of market sentiment there
can be question, and it is now expressing
itself in more vigorous action. causes LOT
improvement are visible and perfectly natu-
raj. A change Of greatest consequence is
the reviving tendency OF trade, This Is
particularly noticeable in the iron and steel
industry. where reductions In prices and
reimbursement of wages have laid the basis
for fresh onward movement. For some
time past railroads have been quietly hgur-
ing in the steel market for the placing OF
orders. while owners Of projected buildings
have also been securing estimates upon I'M
portant contracts. The result Is that IN
March a very encouraging amount OF or
ders we're placed for structural material.
OF course, the approach OF spring, ana the
consequent starting of outdoor operations
has had much to do with this recovery out
as just said the most important element
has been the readjustment of values, and
feeling that in many cases prices or raw ma
terials had temporarily at least reached the
lowest possible point.
1hSNAi dSi'S
Trade reports from various parts of the
country are also more encouraging, and
suggest a moderate revival in trade 1t
must be remembered that in many cases or
ders have been held back owing to various
uncertainties and that shelves i'll conse-
quence have become more or less bare or
stock. The result is an accumulation OF
orders, which necessarily affords signs OF
improved activity.
"A glance at clearing house returns in
leading cities of the United States last week
shows that bank clearings were more than
IA per cent In excess of year ago the
gain being well distributed in all sections
Of the country. In the previous week the
increase in clearings was II per cent, every
section Of the country participating in the
improvement. 1t is also worthy or note
that the gross clearings in the third week
of March were considerably larger than In
any of the three preceding years; even IN
9O6 when speculation wos so much more
active than now. Railroad earnings are
also making more gratifying reports, forty
Ave roads in the second week of March
showing a gain of nearly per cent over
wear ago. while forty-four roads in the hrSt
week of March showed a gain OF nearly 10
per cent last year. when the roads
were beginning to recover from the euects
OF the panic.
I'm any event. the stock market cannot
now be much influenced by tariff considera-
tons: no injury is likely to be inflicted that
has not been already discouneto' ana tne
injury from tariff delay will now fall upon
the industries most closely dependent upon
high tariff rates. AS market influence
the tariff will hereafter be of minor conse-
quence.
Crops Solicit Interest
THE crops are already a matter of earn
est solicitude As frequently stated in these
advices, the country is in great need OF
larger crops. We not only need them on
behalf of our people to give them an
abundance of food at lower prices but we
also need them for the sake of stimulating
exports. Our shipments of domestic pro-
duce for the last few months have been
steadily declining, owing to relative scarcity
and high prices. Meanwhile. our imports
have continued to increase, partly because
of reduced supplies and partly because of
better demand for raw materials in domestic
industry and partly owing to expected tariff
increases. The result has been an increased
unfavorable balance of trade, which accounts
for the recent large effluX of gold. We
have now returned practically all the Sl10,-
0OO, 900 OF gold brought here after the panic.
For the time being further large shipments
are probably at an end. unless to Argentina
on London account. Under ordinary cir
cumstances the season for gold exports
should be about over. but it remains to be
seen what the effect will be of continued
adverse trade balance