The Clarksburg telegram. [volume] (Clarksburg, W. Va.) 1874-1926, 1910-12-29
(By Henry CIews.l

what better tone has been maintain
led in the security markets duruing
the last week. and this in spite OF
the inactivity which usually devel-
ops during the holiday season. The
main cause for the betterment has
been the investment situation. This
IS probably more satisfactory than
at any time for several months. The
decline in prices has brought many
securities to a level that now offers
more reasonable returns. Money is
easy, and the low rates obtained for
loanable funds naturally divert al
tentton 10 Understanding secut-
tiles. For this reason the, bond out
lock is much brighter and there Is
already larger inquiry for desira-
ble issues.
The January disbursements Will
be larger than usual, being esti-
mated as high as $226,OOO.oOO; and
"a fair proportion OF this sum always
seeks reinvestment in Wall street
Another encouraging feature is the
better demand for American invest
ments OF European buyers. There
have been fairly liberal sales of
bonds 10 Europe during the last few
days, and International banking
houses report conditions as favorable
TO the further placing of good, is
sues. Many of our best railroad
stocks are now selling at prices
which yield to per cent, COM
pared with 4 to percent when they
We're at the top level. On bonds
the returns are also one-half Of one
Iper cent better than formerly. All
conditions point to continued ease
In money for some time to come. it
Is possible that the year end pay
ment may cause a temporary furry,
but no change OF consequence IN
monetary conditions seems probable
between the middle OF January,
when funds return, and the first of
April. This means period of at
least two and a half months OF moa-
etary quiet; indeed we may be
facing glut of idle money.
Whether rates will decline sufficient
ly to permit gold exports remains to
be seen.
Our foreign trade is gradually as
Stunning more normal proportions,
because imports have been falling
and exports rising. In November our
exports were $2O6,OO0,OOO, or over
S12 100000 in excess OF last year.
Our imports for the month were
$3.50. 100000. or about $4,000, 900
less than year ago. This left an
excess of exports for the month OF
nearly $76,OOO,OOO, compared with
s58, 100000 a year ago. 1t should
not be forgotten, however, that the
large excess in exports was due TO
the rushing forward of cotton in an
ticipation Of trouble over the cotton
bill of lading controversy. In all
probability, therefore, cotton ship
ments will figure lightly in forth
coming returns. especially as Lam
cashire is already we'll provided
with cotton. The downward ten
dency OF commodities and slack
trade will, however, tend to stlmu-
late exports AID discourage imports.
As already stated, We are at present
selling securities to Europe with
more freedom than usual, and these
facts should tend 10 prevent any
premature or excessive gold efHux
during the early months OF 1911.
The monetary situation abroad is
also favorable The Bank OF Eng
land is expected to reduce its dis
count rate. So, too, is the Imperial
Bank of Germany. In Paris money
is abundant, and the year closes
with the worlds money markets in
very good form,
American requirements for new
capital are still very pressing, and
unless all signs are mistaken, the
next few weeks will witness cons.d
cradle offerings OF new securities.
Our railroads are especially in need
of funds to carry out projected i'm
provements and will If possible make
large demands upon new capital
supplies. Their ability to finance
new undertakings is largely depend
ent upon the treatment they receive
at the hands OF the Interstate Com
merce Commission. Fortunately
there is every reason to believe that
they will receive fair consideration
and be allowed to make some ad-
yauces in rates The situation OF
The railroads is anything but salts
factory. Traffic is already beginning
10 decline and some OF the western
roads are curtaiiing their service
Ionforcing various economies. In
view OF the heavy increase OF ex.