The Paducah evening sun., 1910-03-07
IMPROVEMENT is
NOW THE TENDENCY
UNDERTONE OF MARKET II
STRONGER.
Conditions in Money Market Are Sat
isfactory and Outlook for
Easy Rates.
MARKET OUTLOOK PROMISING.

Il
Another week of comparative quiet
has passed, during which the tenden-
cies on the Stock Exchange were
visibly toward improvement. The
lundertone is stronger. and confidence
is rising. At the same time there
are enough uncertainties to prevent
Iany premature upward movement
labor troubles are creating a good
deal of uneasiness in corporation cir
lcles. especially as the season Is ap-
preaching when restlessness OF this
character is usually most active. In
a number of cases concessions have
been made TO employees. but the vio-
lence shown in Philadelphia natural
ly arouses fears Of possible disturb
ances elsewhere. II Is not forgotten
also that the Standard oil and To-
bacco cases are still before the su-
lpreme court, and that a decision may
be anticipated at almost any time In
the next few months. There Is less
fear OF a drastic opinion than a few
months ago. but these two cases are
in any event important elements OF
uncertainty. Some further hesita-
tlon has been induced by sensational
reports OF damage TO the winter
wheat crop, but as these prove to
have been much exaggerated they
may be dismissed; II being too sOon
TO form any reliable idea as TO the
condition OF the winter wheat crop.
When Il comes TO considering the
favorable features the balance ap-
pears to be largely on the side Of the
latter. The political skies are
Frightening, and unreasonlng hostil-
ity to corporations Is slowly abatlng.
Business conditions are generally sat
isfactory. although there Is some
slight cessation OF activity In certain
lines. as Is usual at this period OF the
year before the spring trade sets In.
Dry goods buyers are especially con
servative for the reason that distrlb-
uters refuse to stock up freely at
present high prices. Both cotton and
WOODEN goods have shown a slight
weakening In values. which II need
hardly be said is unsatisfactory to
manufacturers. especially in view OF
the present small marking between
raw materials and finished product
and the prospect OF labor difficulties.
In the iron trade. however. the bet
ter trade observed a week ago con-
tlnues. The railroads are already ap-
pearing as more active buyers, and
with the disappearance Of winter con-
struction work will revive and result
in a better demand for all kinds OF
building materials. There Is little
doubt that the iron trade has turned
the corner aud will enjoy several
months OF continued activity.
Money.
In the money market conditions
are also satisfactory, and aside from
the usual temporary stringeucy about
the first OF April the outlook is for
continued easy rates until changed
conditions assert themselves The
foreign mouey markets are also easy
and in sound condition, all OF which
will powerfully tend TO encourage
worldwide recovery Our foreign trade
is still a source of some dlssatisiac-
ton because OF large imports and
small exports, and this situation Is
not likely TO be corrected while the
price level In the United States IL 80
much above that abroad. Either
foreign prices must rise to a closer
parity with ours, or our prices must
recede. which Is hardly to be expect |
ed until an abundance takes the place
OF scarcity. This condition In our
foreign trade suggests the probability
OF large gold exports during the com
ing spring, the only check to which
VIII be foreign purchases Of American
securities. Fortunately, conditions
are somewhat favorable IN this re-
spect. Money abroad. as Just said,
is easy Notwithstanding this weeks
loss OF gold to the Bank of England.
and the disposition toward American
securities Is distinctly more satlsfac-
tory since the January decline. There |
is a good demand OF bonds both at
home and abroad, and the improve
ment In this respect must be accepted
as a better Indication for stocks.
About 5000 900 new issues have
been announced this week and more /
are pending, including a block OF
New York city fours. The treasury
situation Is better than at one time
anticipated. Customs receipts have
been heavy and returns from the |
corporation tax are likely TO exceed |
early estimates. This delays an issue I
OF government loan, though should 1
the corporation tax be declared un-
constitutional the treasury would be /
snort the amount collected. Our rail-
roads are enjoying a large traffic;
the results for January proving much I
Oetter than expected. II this condi-
ton OF affairs continues II will tend |
to onset The disquiet caused by de-
mands for higher wages. The with
dnawal OF the leading Rockefeller in
terests from their various activities
is not likely TO have anv material eff |