Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1919-06-10

confidence is even more noticeable. This is
Illustrated by an extraordinary increase in
the number and size of new interpretations;
the total reported for May being 900, with
capitalize ton Of nearly $Tj0000, 900. This
is the largest total on record, except when
the United States Steel corporate was ere
ated in February, 1901. 1t was also $685.
900, 900 larger than the total for April The
principal increases were in oils gas, COAL
export, shipping and chemical concerns
Apart from these features the returns indi-
Advices from the interior report more ac
tivity in building owing to the pressing de-
mand for housing and office accommodation.
The steel trade, which has been somewhat
of a laggard since the ceSsat ton Of war. is
in an optimistic frame of mind confidently
expecting an influx of orders ere long. 1t is
recognized that good barvests are certain to
create great prosperity throughout the agri-
cultural districts, especially in the great
wheat and cotton belts Tho foreign ex-
change situation continues to excite much
interest owing to the abnormal disparity be-
tween exports and imports The necessities
of Europe are extreme, particularly in re-
spect to food Meanwhile Europe has neither
goods nod gold with which to pay, and enor-
nous foreign debts to the United States are
piling up in consequence. The gold import
movement has been renewed, Great Britain
having shipped about S12, 900 900 via Canada.
with more to come. There is possibility
that further amounts of foreign owner Sc
curities may come upon this market. though
for obvious reasons nothing very important
IN this direction is anticipated Sterling
ties recovered somewhat and francs were
steadier, bpt Italian lire continue very un-
settled. Some idea of the great disparit
between the exports and imports with these
countries is shown in the following figures
During the first ten months OF the fiscal
year our exports to Italy have been S417.-
600, 900, our imports SIG, ZOO. 600. To France
our exports were $500 ,000 our imports
$40 O0O, geo: To Belgium our exports have
been $3.50, 000, GOO, our imports only little
over 100000 To Great Britain our exports
have been $1,G7S, 900, 600, our imports S123
100000. No wonder the foreign exchanges
are deranged, and the problem of financing
our debtors is acute.
Strong but Unsettled Market
strong undertone prevailed on the stock
exchange, although the advancing tendency
was temporarily checked by realiza ton and
consequent hesitancy. The emphatic warn
Ing of the federal reserve board against ex-
cessiYe speculation. the high rates for all
money, the strained conditions abroad the
upset in foreign exchange, the excessive
power of the dollar and the great tempta ion
to take on unwise risks all tended to sober
what threa tened to be n runaway market.
There was a disposition to lquidate on
shares where the rise has been too rapid.
giving more attention to those hitherto neg
lected, and for various reasons there are not
few who would like to see fair reaction
on the stock exchange; but with such ia
Vorable conditions as exist, at least in This
country, there is little engagement for
those beariShly inclined. Toward the close
of the week the rise in values was again re-
sumed.