The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1910-03-22
REACTION
IN STOCK VALUES

is is beginning to. work out it's own So
luton by checking consumption. The
prospects are that a very large acreage
will this year be devoted to the raising
of food and other agricultural products;
and every farmer will INCREASE his out
put to the fullest capacity in orGc- 20
get advantage of present unusual
profits. This means a good demand for
agricultural machinery, fertilizers, etc.
What with the chance of increased
supplies of foodstuffs before many
months and the economies which in
many cases necessity will enforce, it
cal crisis was at or near its apex, and
that before long we shall see a better
relation between supply and demand
that will at least afford some relief
from present circumstances. The
winter has been a favorable one for
crops, and conditions for large har-
vest are certainly better than year
ago. The monetary situation will also
soon work out it's own relief Funds
which are now being sent to the inte-
rior will be returned by the middle of
April, and from thence on we should
have period of comparative ease un-
til the regular harvest requirements be-
gin to assert themselves.
Our foreign trade situation continues
very unsatisfactory In February the
experts amounted to 1925, 900. 900, the
smallest in that month since 1906. Our
imports in the same month were $129,-
100000, the largest February on record.
The net result was an excess of i'm
ports of over 100000 compared with
an excess of exports last year of ST.
100000, and an excess of $4,000, 900 in
1908. This persistent deficiency of ex-
ports is, of course, explained by the
abnormally high level of agricultural
products, which restraints exports,
while high prices and trade activity
naturally stimulate imports. The bal
ance which has been running against
quidated by some means. 1t is hoped,
however, that securities will go abroad
in large amounts and thus lessen the
future of gold shipments
We will have to send gold to Europe
when interest rates here decline, but
the loss of a moderate amount would
cause no uneasiness for the reason that
we are a large producer of gold and al
ready possess a good supply of the pre-
cious metal A continued efflux Of gold,
however, would be regarded as an I'M
favorable indication, inasmuch as it |
would tend to weaken bank reserves
the basis of credit.
Stock exchange values are likely to
be unsettled until preparations for
April settlements are completed and |
money begins to grow easier. The
large output of new securities is, of |
adverse to the stock market,
the fact that such large sums
have been so promptly absorbed shows
on the part of bankers in
the financial situation, and should ul-
timately be reflected favorably for in
vestments generally. These disburse-
nents also meanj a goo ddemand fOri
abor and liberal orders for railroad
The present unsettled tend
ancies in the market can only be re-
yarded as temporary With the ap-
)roach of spring, and a consequent re-
sumption of commercial and agricul
.ural operations; and with the return
II absentees, invigorated by a season
If rest, We look for a renewed upward
movement on the stock exchange. That
however,, will not begin until the re-
urn of crop money starts back to this
center after the middle of April