strong and active demand for goods
that has been characteristic of con-,
ditions for some months past. No
indications of serious surplus of pro
duction in any important line or of
refusal on the part of the community
to buy are observable and, on the
other hand there is no condition of
unemployment, while many factories
are booked far ahead, some of them
into next calendar year. Good earn
ings are being reported by most
corporations and some of them are
making record returns. All this
ought to make for prosperous condi
tions on the securities markets, and
would do so were it not for the
money and credit situation which has
developed. In export trade, the latest
returns show a considerable falling
off both of exports and imports for
themonth of April, but the decline
of exports is the more noticeable.
This represents, however, conditions
which appeared some months ago and
were then unofficially taken account
of. The figures of the Governent on
our foreign trade are now about
three months behind time in the
facts they represent. Partly as a
consequence of the shortening of our
export trade balance and partly as
a result of the more hopeful out
look expected with regard to the set
tlement or adjustment of the Ger
man indemnity the foreign exchanges
have held their own remarkably
well despite the depression in stocks
and bonds. Sterling has maintained
a high stable course throughout the
week with little tendency toward
lower levels, while francs and lire
have, during most of the time, ad
vanced notably, the result being to
bring them to a much better general
position at the close of the period.
Market Review and Outlook.
