The Evening statesman. [volume] (Walla Walla, Wash.) 1903-1910, 1909-04-07
STOCK MARKET HAS
PROFITED BY REST

will probably revise the bill in form
Likely to more reasonably satisfy
the public demand, and if so there will
be some chance for prompter solu-
ton of the problem than was at one
| time expected The senate bill will
| probably be offered as an amendment
of the house bill and then go to a con-
| ference committee, and emerge in a
form somewhat approaching compile
| tion In any event the stock market
cannot now be much influenced by
| tariff cOnsidera ions: no injury is like
| ly to be inflicted that has not been al
ready discounted, and the injury from
tariff delay viii now fall upon the in
dustries most closely dependent upon
tariff rates. AS a market influence the
tariff will hereafter be of minor con-
sequence.
The crops are already a matter of
earnest solicitude, AS fire IIently stated
in these advices, the country is in great
need of larger crops. We no. only need
them on behalf of our own people to
give them an abundance of food at
lower prices, but We also need them
for the sake of stimulating eXpOr, :.
Our shipments of domestic produce
for the last few months have been
steadily declining, owing to relative
scarcity and high prices. Meanwhile,
our imports have continued TO increase
party because of reduced supplies and
partly because of a better demand for
raw materials in domestic industry
and partly owing to expected tariff in
creases. The result has been an in
creased unfavorabe balance of traffic.
which accounts for the recent large
-efflux of gold. We have now returned
practically all the $110,000,0 900 Of gold
brought here after the panic. For the
time being further large shipments are
probably at an end unless to Argen-
tina on London account Under or
binary circumstances the season for
gold exports should be about over, but
it remains 20 be seen what the effect
viii be of a continued adverse trade
balance Some important new securi y
issues are in prospect for Union Pa
cific, Southern Pacific. ST. Paul, N. Y.
Central, Erie and several other i'm
pOrtant systems, which are likely TO
be in the market before long, and as
considerable of these will be placed
abroad the supply of finance bills con-
4
any deficiency in our exports.
In the money market easy conditions
remaip, not only at home, but abroad.
The first of April was passed entirely
free of the stringency which in former
years used 10 regularly occur at this
period. Should speculation and trade
become more active the tendency
would, of course, be toward firmer
rather than easier rates. The condition
of the public treasury is also a mat er
of some concern, it is expected that
during the next three months, there
will be deficit of at least 100000, 900
which will have to be made good by
upon either the sc, 900, 900 in
depository banks. or the fifty odd mill
lion dollars now in the treasury. In
either case it means that the secretary
of the treasury will be obliged to do
some skiliful plotting. There is no need
of apprehension, however, in this re-
spect, since the secretary may, if he
SO desires, issue any portion of the
$45, 100000 Panama bonds which have
been authorized. The needs of the
treasury are likely to be a more i'm
portant element in the money market !
than they have been for some time |
past. An increase in impor. a tons |
should help government revenue, and |,
internal revenue should also benefit ere !,
long from improved trade conditions |
The treasury's real embarrassment is |
more due to an extravagant congress |
than to any temporary deficiency in |
revenue i
The GU look for the stock market ]
suggests increased activity. Many abb
sentees are now returning, feeling in