The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1913-03-04

NEW YORK, March /. 1918. Ap-
parensly the stock market has reached
turning point for the better. Doubt
is beginning to moderate. Pessimism
seems to have been overdone. and all
the known unfayorahle conditions
would seem to have been discounted.
The late decline began just before the
election. and has continued with little
interruption until the beginning OF
the week under review. During these
four months prices declined from 10
to Is points. This was equivalent TO
q slow panic. Liquidation has been
widespread. and there are few If any
weak spots remaining in the financial
world.
There is neither over-extension of
credit nor over.expansioa of business.
Our bank reserves have been consid-
erably depleted By gold exports TO
Europe. but currency is returning
freely TO interior reserve points, and
the outward flow of gold cannot CON
tinae much longer In the business
held the position as has frequently
been maintained in these adyices. is
satisfactory. Consumption OF mer-
chandise is going on upon liberal
scale in all parts OF the country.
There has been little or no curtail-
ment of busing on the part of con
sumers, whosw the growth of popu-
lasion are making larger demands up
on producers Wholesale distributors
generally report bare shelves. and
are buying as freely as circumstances
viii permit IN anticipation OF q good
spring trade Manufacturers. too.
are generally busss in some cases ex
cessively So In other words, trade
continues large ID volume. and there
are no indications OF It's cessation.
Last weeks clearing house returns,
for instance. showed gain of IL per
cent over s year ago, and this in
spite of restricted actiyits in financial
circles. In New York the eleariEgs
we're reported IS percent ahead of
last year. in Boston As per cent
ahead, in Philadelphia - percent, in
Chicago IS per cent, in ST Louis ii
per cent and In Baltimore &c per cent.
Such figures cannot be ignored. Rail
road earnings are also making very
satisfactory returns. net and gross
the Union Pacific and Baltimore &
Ohio railroads being conspicuous ex-
amplss In this respect Our foreign
trade continues record breaking in
volume, and there are no signs or
lessensd activity IN sight The only
important direction in which there is
any reaction is IN the iron business,
and this IS largely seasonal. The new
demand for finished steel products is
less urgent than month ago and
slight concessions are occasfonaily,
necessary 10 stimulate orders. There
has been. however. no important
slowing down in the steel trade. and
later OF with the approach Of spring
the resumption OF activity is expected.
The most depressing factor IN the
stock market has been the political
situation The incoming of a new ad-
miHistration necessarily caused seri-
Gus doubts. particularly in view OF
expected antfsarfff and antitrust
Legislation. The new presidents prin-
csples are al-sady vel known Moth
ing new Of importance IS TO be ex-
pecteG from Nr- Wilson in this re-
spec1- HIS application o. these prin-
cIples. hoxsver-in other words. his
policies have not yss been autho-ita-
lively announced Presumably his in
sugaration address on Tuesday next
VII gre rs some clue 10 his future
plans. In-ilatf0as are alrsady in
circulation that no radical movements
wiu be initiated The newspapers
have also been scsivefy guessing as
to the personnel Of his new cabinet.
and ne men TINS far selected ars
likely &c prove satisfactory especially
TIE one for secTsszry Of The treaszry.
as 1 think know waor II is HSeiy
20 be. and Il / an ccrrect he VII be
Z vs-y scesvsahie official n III r.
zpeess and vfli inspire confidence as
a rise adviser Of the president II
would seen therefore. as II the
sock -sarkes lad discounted al M
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