The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1906-12-14


lions for heavy January disbursements
will be in order, and these will cause
temporary disturbance. Our money
market continues to be the key to the
stock exchange situation, and present
abnormal interest rates should be ac-
copied as cautionary signals of the
plainest character. that we are hover
ing over a situation that will invite
trouble unless our financial leaders
show more wisdom than at present
displayed Delay will simply intensi-
fly the liquidation that should now be
permitted in order to facilitate grad
ual readjustment of values.
Presidents Message.
The presidents message caused no
disturbance in financial circles; in fact
it was received with universal favor,
and not deemed too radical" So
much for a change in public opinion
which should not be overlooked. Con-
gress is now at work, but no import
ant legislation is anticipated during this
season. Even currency reform has
almost dropped out Of sight for the
moment, although conditions were
never more favorable for discussion
and action. Among the important
events of the week was the disposal by
the Pennsylvania of it's holdings in
Chesapeake & Ohio, which, coming 50
soon after it's similar action in Nor
folk & Western and Baltimore & Ohio,
excited much comment. Whether this
policy is for the purpose of raising
funds to complete new improvements,
or whether it is in Difference to public
opinion, is not divulged. One thing
is certain, that many of our industrial
leaders are recognizing the force of
an aroused public opinion, and are
adapting their business methods in
stricter conformity Herewith; showing
more respect for the antitrust agita-
ton which has become a dangerous
tool in the hands of skillful politicians.
The decision of the interstate COM
mission to Investigate the Hartman
lines and the anti-railroad agitation in
various state legislatures are signs of
the times. The advance in the New
York Central dividend from to 6
per cent was not favorably commented
upon, inasmuch as it is supposed it
was done for the purpose Of facilitat-
ing another stock issue, which is
shortly to be expected. The stock failed
to respond to the increase in dividends
and is, in fact, selling much lower than
when on a per cent basis. -
Outlook Unchanged.
The general outlook remains I'M
changed. Business is active in all parts
of the country and speculation is fort
rates for money. A check to the mining
speculation was one Of the favorable
features. Prices of commodities are
high and seem likely to so remain, in
view of rapidly increasing costs Of
production. There are, however no
for merchandise, and supplies general
ly are light. Our iron and steel trade
continues to surprise even the most
optimistic by it's activity and strength.
When the limit of activity and ad
vancing prices will be reached, no one
can determine. A good many shrewd
and experienced observers are of the
opinion that we are on the verge of
recession. Some, however, are conf
dent Of another years good business,
and point with satisfaction to the I'M
fulfilled prophecies Of reaction which
have been current for year or two.
In my own opinion if securities and
could only be restored to a
more normal basis, allowing for the
fact that we are now on a higher level
than five years ago, we could feel prac-
tically assured of another twelve
of good business provided no
crop disaster interviewed. So long as
the money situation, however, remains
as it now is, the cautionary signals
must be kept prominently in view. This
is not a good time to run into debt.
"HENRY CLEWS."