Americus times-recorder., 1919-06-09

theories; and the latest outbreak ot
radicalism in the form of bomt
plots is sure to have the effect OF
awakening the conservative forces OF
the country into greater activity
Abroad there are signs of the radl.
cal elements approaching exhaustion
and there is no need for serious con
Germ regarding the extremists IN tins
country, who will certainly be de-
feated. The labor outlook, though
unsettled, is if anything more salts
factory. Many concessions have
been granted to labor, and the et-
forts to create a better understand
ing and more intimate relations be-
tween capital and labor are already
bearing fruit.
A Bright Outlook.
There has been more Improvement
in the business situation than is gen
orally appreciated. The volume of
business is not only increasing, but
the widespread revival of confidence
is even more noticeable. This is IL
lustrated by an extraordinary in
crease in the number and size of
new interpretations the total re-
ported for May being 900, with a
capitalization of nearly S75O,OOO,-
| coo. This is the largest total on
record, except when the United States
| Steel corporation was created IN
February, 1901. 1t was also $685.
100000 larger than the total for
| April. The principal increases were
in oil, gas, coal, export shipping and
chemical concerns. Apart from these
features the returns indicated a re-
markable recovery cf enterprise. Ad-
vices from the interior report more
activity in building owing to the
pressing demand for housing and of
flee accommodation.
The steel trade, which has been
somewhat of laggard since the ces-
sation of war, is in an optimistic
frame of mind, confidently expecting
large orders ere long. 1t is recog-
nized that good harvests are certain
to create great prosperity through
out the agricultural districts, espec
tally in the great wheat and cotton
belts.
The foreign exchange situation
continues to excite much interest,
owing to the abnormal disparity be-
tween exports and imports. The nee
essities of Europe are extreme, par
ticularly in respect to food. Mean
INV, Ia
gold with which to pay, and enorm-
Ious foreign debts to the United States
are piling up in consequence. The
gold import movement has been re
newed, Great Britain having shippd
about $12,OOO,OO0 via Canada, with
more to come.
More Securities May Come
There is a possibility that further
amounts of foreign owned securities
may come upon this market, though
| for obvious reasons nothing very i'm
portant in this direction is anticipat-
ed. Sterling rates recovered some
what and francs were steadier, but
Italian lire continue very unsettled.
Some idea of the great disparity be
tween the exports and imports with
these countries is shown in the fol
lowing figures: During the first ten
months of the fiscal year our exports
to Italy have been SALT, 900, 900, our
imports SIG, 100000. To France our
exports were $8O5, 100000, our i'm
ports $45,OO0,O00. To Belgium our
exports have been $250,000,00
our imports only little over $780,
600. To Great Britain our exports
have been $1,678,00O,O00, our inn
ports 1928, 100000. No wonder the
foreign exchanges are deranged and
the problem of financing our deb
tors is acute.
A strong undertone prevailed on
the stock exchange, although the ad-
vancing tendency was temporarily
checked by realization and conse-
quent hesitancy. The emphatic war
ming of the Federal Reserve board
against excessive speculation, the
high rates for call money, the strain
ed conditions abroad, the upset in
J foreign exchange, the excessive inla-
tion of values, the decline in buying
power of the dollar and the great
temptation to take on unwise risks
all tended to sober what threatened
to be runaway market. There was
a disposition to liquidate on shares
where the rise had been too rapid,
giving more attention to those hith-
erto neglected, and for various reas-
ons there are not few who would
like to see a fair reaction on the
stock exchange; but with such fav-
orable conditions as exist at least
in this country, there is little encour-
agement for those bearishly inclined
Toward the close of the week the
rise in values was again resumed.