The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1909-02-15
Henry CleWS Views Business
New York Expert Looks Upon the Transactions of the Past
Week. and Makes Interesting Observations.

New York. Feb. 15.-Extreme quiet
ness pervades all lines of business, and
there are no symptoms of early recov-
cry. Many of the big financial lead
ers are absent, and in general there is
a disposition to await the turn Of
events.
Confidence has been unsettled by va
rious means. Much concern is shown
over the tariff situation; for, though
no injurious changes are anticipated,
the prospects of delay cause postpone
ment of many negotiations. The num-
erous attacks upon large industrial
corporations is also unsettled. Pub
lie utilities securities are especially
affected by these movements, which.
however much they may be justified,
inevitably injure stocks which have
been selling unusually high on account
of monopoly profits. Regulation Of
these public utilities must be expected
in future, and the fact that such regu-
lation is not always fairly and judi
ciously applied naturally excites more
or less distrust of the securities at
lected chiefly because prices ruled SO
high as to practically stop investment
buying. To some extent, also, the le-
gal restrictions which are being Wig
orously applied to railroad manage
mentexerted an unfavorable influence
but the small returns upon the present
market prices have unQuestionably
been the chief deterrent to buyers.
Bonds received special preference for
time, partly because with present
easy money the returns seemed fairly
attractive, and the chances of loss
through depreciation were much less
than in stocks. This investment de-
mand for bonds, however, appears to
have been fairly satisfied and though
recent large issues were readily sub
scribed for they have not been we'll dis
tributed, but remain in the hands OF
dealers. In many cases the public
buying power has been exhausted, and
time will be required for the accumu-
lation of a fresh supply Of capital from
savings and profits. In few cases de-
mand might no doubt be accelerater
by slight concession. but abundance
Of easy money tends to the support of
values generally.
The prospect of an early adjustment
of the tariff problem is now more re-
mote than at any time since the move
ment for revision began. Already
there is a sharp conflict with powerful
interests that spells nothing but de-
lay. AS has been aptly said the tariff
is simply question of profit and
this being true it follows that each in
terest will fight to the utmost for ev-
cry advantage. Such differences can
not from their very nature be settled
| by any commission. Advice from all
disinterested bodies will be spurned.
and it is only through the test of bat
tie on the floor of congress that solu-
ton will be found. Neither the poll
ticians nor the people will surrender
their say about the tariff. and there is
no good reason why they should. Talk
of commission somes chiefly from
those who wish to strengthen their in
fluence in tariff making for themselves
and is politically impracticable. The
WAYS and means committee has taken
a mass of testimony that may enable
il to frame some sort of a measure for
congress; but congress will as likely as
not disregard its recommendations.
and the present outlook is for hot
and long debate in both the house and
senate. lasting possible into the early
summer months. The settlement of the
tariff. moreover. is greatly compli-
Gated by the governments need of rev.
enue. by the necessities OF our depend
encies, the Philippines, Cuba and Por-
| q Rico, and n our reciprocity ~