The Brandon news. (Brandon, Miss.) 1892-1961, 1902-11-06
CONSIDERABLE
IMPROVEMENT
THE MONETARY SITUATION Is
rIUCH BETTER.
HENRY CLEWS' VIEWS

Wall Street Unquestionably the
Bluest Spot In the
Country.
New York, Nov. Sin his Weekly
Financial Review today Henry Clews
says:
Favorable developments in the stock
market have been few and had little
effect. There has been considerable
improvement in the monetary situa-
ton, but values fail to respond. Not
even the cessation Of the coal strike
exerted any stimulus; and the entire
[ market has displayed a sluggish.
downward tendency in marked con-
trast with the bouyant expectations
that were based upon our good harvest
only few weeks ago. What is the
reason for this change of sentiment?
Why is Wall street today unquestion-
aoly the bluest spot in the United
States? Are the apprehensions which
now find expression real or fanoied !;
or are our people at last awake to the
fact that the pace of the last five or
six years has been too rapid? High
money rates and the wisely conserva-
tive attitude Of New York bankers
have brought unruly speoulators to
their senses; diminished profits on
railroads and indstrials have stopped
| the enthusiasm induced by continued
reports of big earnings; the aggressive
attitude Of labor is beginning to check
| new enterprise and create talk of
necessary retrenchment; high prices
OF materials compel postponement Of
contracts; signs Of reaction in the
iron trade, the recognized busin ess
barometer, are already at hand; stocks
yielded such small returns at the
| high level that they became profita-
BILE sale while good interest rates pre-
v4led; our favorable foreign trade
balance is steadily declining; gold
| exports are threatened, and grow
| ing impression exists that the crest of
the boom has been reached and that q
partial reaction at least is due.
Added to these naturally adverse
developments is the approach of q
doubtful election that may easily pro-
ject some unpleasant surprises. New
issues are at work among the masses ;
issues of social and economic order
that have thus far been tenderly left
alone by the politicians. Previously
the differences between capital and
labor have fortunately been kept out Of
politics; but the coal strike greatly
accumulated these difficulties, and the
fear that they may result disadvanta-
geously to the party in power is part
~ responsible for local depression.
Whichever party wins at the coming
election, it is certain that the newly
arising conditions will compel the
consideration of great deal of new
legislation affecting corporations in
short, we are entering new era in
which the just relations between capt.
tai and labor will have to be adjusted
without infringing upon the rights Of
the public at large. Wise legislation
will be needed to preserve stability.
This, however. is question for the
distant future.
The Immediate outlook is for good
traders market. Quite bearish fol-
lowing has been created, but it lacks
leaders, and no aggressive policy can
be looked for in that quarter while
stocks are SO strongly concentrated
and we'll backed as they now are.
The big holders being in very con-
sentative mood appear quite willing
to permit downward drift, and no
change seems likely until the new
year or anticipation of January dis
brsements is at hand. An oversold
condition of the market, on sstbe other
hand, might eaisly tempt punishment
to over-venturesome bears. A rather
severe strain has been imposed in
some quarters by the recent decline,
and it is not certain that liquidation
is complete. The failure of the mar
ket to respond to rising bank aver
ages and easy money is significant.
There. is osreal distrust, but caution
is still observed in high orioles.
Throughout the West business pros
perity appears uninterrupted. There
the benefits of large crops are being
already experienced. Unfortunately
prices Of agricultural products are
held SO high as to delay exports and
thus increase the possibility Of gold
shipme nts. It seems impossible,
however, for the outward movement
of produce to be restrained indeh-
nitely when Europe is ready to buy
our corn, cotton or wheat at moder-
40 concessions The axcASSivAlv Inv