Pine Bluff daily graphic., 1906-03-28

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 es.y.-.--~...-- ---., .,sp44..,- .4., sums still locked up in various forms of business enterprise Some relief has been obtained by q transfer of credits to Europe, and also by renew ed importatiCns of gold The latter would not have been possible had it not been for the improved outlook cf the Morocco question. European money markets are still extremely sensitive concerning this discussion. and any favorable developments would quickly lead to an extension Of foreign aid to our money market. 1t must. however. be remembered that large Russian borrowings. which were shut off three months age when the climax, are still to he financed. and ad ditional loans will no doubt be made as soon as the Russian situation jus tifies and foreign bankers are willing to undertake the same. The placing O. such a loan would. of course, tend to discourage gold shipments in this direction. April dividends disburse- ments should be heavier than usual f good business means anything. and it remains to be seen what effect these will have upon the money and security markets. To the latter they should be distinctly beneficial. Our crop situation is entirely satisfactory. no serious damage having been done to the winter wheat crop. Very soon blowing and planting will commence, and then the progress of the crops will be a important factor in stock market prospects. It is quite likely that the crops will be watched with much more interest than usual. The country is still enjoying a period of extraordinary business activity.
 The greatest obstacle to stock mark ct activity at the present time is the undercurrent of mistfust, which tions and has been steadily growing, owing to the present campaign against corporate and other abuses. This agitation, together with the hos tile attitude of labor, is creating an undereurrent of uneasiness which un- less checked may easily assume more serious proportions. Not only the heads of great corporations but eur leading politicians are feeling the effects of excessive and very frequent ly unjust criticism and the need is apparent of a saner and less radical movement to counteract these excess es There is danger of criticism go- ing to the extreme and creating an entirely unjust and uncalled for de- gree of pessimism. A great deal of righteous indignation is being excited by the exposure of corporate mis. deeds, and unfortunately this is be- ing used by those of socialistic ten dencies to create dissatisfaction with the present social order. The agsres- sive and somewhat threatening atti- tude of labor. as implied in the ad- dress recently presented to President Roosevelt may cOmplicate the situa- tion. It appears We are rapidly drift ing, into new political era, where many of the social and economic the ores of the day must meet in open conflict in the halls of congress or else be settled through the ballot box. This is long-distance view. but it is one, nevertheless, which affects the movements of the largest holders of securities, and accounts in no small degree for their comparative apathy on the bull side when surface condi- tions in the majority of cases are so entirely satisfactory. Already there are signs of sharp political agitation. which is likely to become more acute as the period of congressional nomi- nations approaches prior to the fall elections.
 HENiY CLEWS.
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