The copper era., 1910-11-04
Henry CIeWS Thinks Nothing Can Stop
 Upward Trend.

OQmdTu tFSiIu.
 New York.-Recent activity oh the Stock Exchange has been in refresh ing contrast with the staguation of the last few months. The better un- dertone which was intimated in these advices as early as September 10 has at last crystallized into an active demand for stocks at advancing prices. As usual, the initiative was assumed by powerful financial leaders who recognized changed conditions, and each day the buying movement widened with resultant advance of several points in all the leading shares.
 The most important single element of improvement was the positive as- surauce of a bumper corn crop. The value of good harvest is much more highly appreciated in the West than here. As q result of the big corn yield, our Western farmer and mer chants have each put on a spirit ot renewed confidence, so that already the business outlook throughout the great corn belt is showing real inn provement. Pessimism, meyer so deep in the West as in the East, is now rapidly disappearing; for the farmers will be able to meet their oo- ligations, aud land speculation has re- ceived wholesome quietus through the timely efforts exerted by interior bankers. Incoming advices from the West are all of a much more favor able nature than few weeks ago. Corn is lower in price than last year, but this fact will be off set by farmers feeding more corn to cattle. As the latter is bringing high prices, it will prove more profitable to turn corn into meal than into any other market able product.
 All anxiety about the local money market has now disappeared. Tenn porary stringency may occur between now and the first of the year, and the importance of the advance in the Bank of England rate should not be overlooked. It is a warning that must be needed. If all reports are true considerable amounts of Ameri- can finance bills have been placed abroad, and should Europe liquidate American stocks with any freedom we might find ourselves shortly ex- porting gold at a season when imports are customary. On the other hand, 1 poses will soon begin to return from the West, and with lower prices for commodities and the lessened activity of business there should be no scar city of loanable funds. The excess of loans over deposits in some sections of the country is an indication of un- satisfactory conditions which in time will probable right themselves. The fear of local crisis which hung over this market all summer has now en- tirely disappeared. General business continues, quiet, and it will be some weeks, if not several months, before the full effects of a good harvest dis play themselves, especially as the process of readjustment to new con ditions is not entirely completed. After the elections it would not be surprising if a moderate resumption of activity was to occur. The inn provement in the security markets will undoubtedly act as stimulant: and the stock market it should be re- membered has a habit of discounting such recuperations in advance. It is douottul if thr rise in securities has v-c aanrd ,- -u.,n ua ion, bu aft gI- recent rap.d advance A mod .a.. is not u l.o@.y .o be followed laty. ,. by ann. her uuturn. provided la. uresent .ead-.s retain control
 HENRY CTEVS