Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1906-11-26
Uneasiness in Wall Street Con-
tinues Despite Help From
Western States
CAUTIOUS
BUSINESS
High Plane Of Prices Forces conserv-
atism in Mercantile Dealings = Elk
penses Also Increase and Cause IN
easiness - Anticipating Presidents
Message.

New York, Nov. 26.-4The weekly re-
view of the financial situation and
trade of Henry Clews says:
The money market is ,stlll the chief
subject of concern in Wall street. and
is likely to so continue for several weeks
to come. Both call and time money
have been ruling at very high rates
and no material improvement is ex-
pected until January next Bank re-
serves usually run down during the last
six weeks of the year, and it remains to
be seen whether this movement will be
repeated as usual. The high rates for
money last week attracted consider
able sums from the interior, so that
this week reserves should show some
Improvement, unless demands from
other sources have offset this influx
from the west. An easier state of af-
fairs prevails In the foreign markets,
and there is less talk of further ad-
vance In the Bank of England rate.
Conditions in the stock market are
favorable for moderate fluctuations In
either direction Whatever the natural
conditions may be, 1t should not be
forgotten that stocks are still largely
concentrated in very strong hands. The
large moneyed interests accumulated
heavy lines of stocks during 1903 for
the purpose of checking the downward
movement. The bulk of these stocks
have been steadily held and in many
roc fraooan1niS nrnfitG their
holders have not, however. thus far
realized to any great extent; the fay-
orable conditions of business. and the
unusual prosperity attending the rail-
roads having induced them to hold on
with unusual tenacity, in spite of con-
ditions in the money market and the
fact that prices were already unusually
high.
In general business circles a great
deal Of caution is exhibited. The de-
mand for nearly all kinds of merchan-
disc is active and supplies of the same
are generally much reduced. Values
remain high with no prospects of re-
cession. 1t is this high plane of val
ues however, that is forcing conser-
vatism in mercantile dealings; for the
prudent merchant does not care to be
caught with large stocks of goods on
hand bought at inflated prices. Anoth-
er element of caution in business is the
constant addition to expenses. Raw
materials and finished materials are
high; labor is scarce and higher wages
impose an additional tax and risk in
business ventures. The action of the
railroads In advancing wages to en-
ployes-however pleasant it may have
been to both sides-arrests attention
and causes more or less serious ques-
tioning. Our railroads are now UNI
der obliga tons fer expensive improve
ments, and with The costs Of operating
steadily increasing, these new expen-
ses will inevitably make serious in
road upon net earnings. AT the same
time they are likely to be confronted
with demands for lower freight charg-
es. since shippers thus far have had
no share in railroad prosperity in spite
of their having been it's chief con-,
tributor. Railroad managers have
problems before them, the acuteness
of hwich will be quickly felt when re-
action begins.
Congress opens very shortly and
President Roosevelts message will be
awaited with exceptional interest, al
tho it's general tenor is already anticl-
.pated. The administration is expected
to continue its aggressive policy to-
wards the large corporations which
have been disobeving the law, and
long drawn out legal battle will be the
outcome. The next session of congress
promises to be one of active discussion
but little real action. Cuba, currency,
reform, subsidies, reciprocity tariff
and trusts may all be subjects of ag-
itation, especially the latter, and the
stronger the discussion the less likeli-
hnlM of early agreemeut.